Leibovitz: Better off Bankrupt
Filed under: Art
Now that she's staring down a $24 million lawsuit, Annie Leibovitz is running out of choices. With Art Capital Group claiming the rights to her photo archive, real estate and other assets posted as collateral, some experts say bankruptcy would buy her some time to find a new plan. But, it would come at the cost of privacy, as the photographers finances would be thrust into the public eye.
Neither Leibovitz's attorneys nor financial advisers returned Bloomberg News' calls for comment, but experts suggest that desperate times call for desperate measures. Filing for protection would push litigation into the future and secure the artist a bit of leverage. Hell, maybe it would buy her some time to see if Miley Cyrus wants to get naked again. I don't know if that would be worth $24 million, but I'm sure it would help Leibovitz to chip away at the debt.
Industry insiders seem to call Art Capital Group a capital source of last resort, though that's probably a bit unfair. If you're pledging collateral or are otherwise transacting in an illiquid market, common sense is necessary. And, let's face it, if traditional banks played in this space, Leibovitz may not have been hit with such tough terms. But, it's hard to believe she didn't know the rules of the game.
Mum's the word for now on Leibovitz's future. One thing is certain, however: she didn't spend the money on makeup.
[Thanks, Jason, for the makeup crack]
