Leibovitz Deadline Passes, Nothing Happens
With the close of September 8, 2009, Annie Leibovitz saw her deadline with Art Capital Group pass. The famous photographer could now lose her photo archive and New York real estate holdings. Yet, both sides are staying tight-lipped on what comes next. Matthew Hiltzik, a spokesman for Leibovitz, says, "Annie is continuing to work to resolve this matter with Art Capital, according to a report by NPR. Montieth M. Illingworth, who is the spokesman for Art Capital Group, told me by e-mail today that there is "nothing to report right now."
What remains are choices ... all of them belonging to Art Capital Group. The art finance institution could allow Leibovitz to renegotiate, extend the loan's timeframe or take a portion or all of the collateral. The estimated value of all the collateral posted is between $80 million and $90 million, though the artistic and real estate assets may not sell as easily as some expect.
It seems as though Art Capital Group is approaching the situation delicately, as it wants to avoid the messiness of bankruptcy proceedings. The answers may come at the next court date, scheduled for October 2, 2009, unless the parties can come to an agreement before then.
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