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MONDAY, NOVEMBER 23, 2009
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Leibovitz's $24M Deadline Looms Tuesday

Photographer may be forced to file for bankruptcy

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(Newser) – Annie Leibovitz's $24 million question looms Tuesday, the AP reports: Will the photographer of the stars be able to repay a $24 million loan or lose the rights to her catalog of iconic photographs. With such a staggering amount due in only a few days, Leibovitz’s best option may be to file for bankruptcy, legal experts say. A bankruptcy filing would suspend the suit filed by creditor Art Capital Group for failing to cooperate with repayment.

Actress Jessica Biel is portrayed as Pocahontas in an image titled
Actress Jessica Biel is portrayed as Pocahontas in an image titled "Where Dreams Run Free," created by photographer Annie Leibovitz.   (AP Photo/Disney Resorts, Annie Leibovitz, File)
In this Oct. 9, 2007 file photo, photographer Annie Leibovitz speaks about her portrait of Queen Elizabeth II at her gallery exhibition, Annie Leibovitz: A Photographer's Life, 1990-2005.
In this Oct. 9, 2007 file photo, photographer Annie Leibovitz speaks about her portrait of Queen Elizabeth II at her gallery exhibition, Annie Leibovitz: A Photographer's Life, 1990-2005.   (AP Photo/Jacquelyn Martin, File)
In this Jan. 15, 2009 file photo, photographer Annie Leibovitz is pictured during a photo shoot while on assignment for Vanity Fair magazine in Washington.
In this Jan. 15, 2009 file photo, photographer Annie Leibovitz is pictured during a photo shoot while on assignment for Vanity Fair magazine in Washington.   (AP Photo/Charles Dharapak, File)
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youngblood
Sep 6, 09 2:29 PM CDT
She went to ACG to borrowed the Millions, She obviously lived way beyond her means and now what happens if she declares ba-ba-ba-bankruptcy? Does it mean that the loan company gets screwed out of it's millions of dollars it loaned her. If you don't have the money don't borrow it Annie. Reply
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IN RESPONSE:
ickjui
Sep 7, 09 9:05 AM CDT
She did not live beyond her means. Leibovit's debt came from her stubborn refusal to have her pictures be sub-par. She spent millions over the years buying all kinds of props and scenery and accessories just to make her pictures as incredible as they are.
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