Results tagged “collateral”

Celebrity photographer Annie Leibovitz, who had been facing a lawsuit because she failed to pay back a $24 million loan, worked out a deal with her creditor, which will allow her to buy back control of her photographs and pay back the money under new terms. Originally, Leibovitz had signed over the rights to all her photographs (past and future), as well as her three West Village townhomes and Rhinebeck estate, as collateral for the loan, which was supposed to have been paid back on Tuesday. It's unclear when the loan will be repaid at this time, but Art Capital is now letting "Ms. Leibovitz...retain control of those assets within the context of the loan agreement which shall prevail until satisfied." In a statement, the photographer said, “In these challenging times I am appreciative to Art Capital for all they have done to resolve this matter and for their cooperation and continued support. I also want to thank my family, friends, and colleagues for being there for me and look forward to concentrating on my work"—and maybe selling off some of that real estate.