Sued by a New York finance company that lent her $24 million and now claims she breached the contract, Annie Leibovitz might find that her best course is to consider bankruptcy court, according to at least one expert.
The suit has brought to light the celebrity photographer’s financial difficulties, including tax liens, mortgages, and unpaid bills, which compelled her last year to borrow the money from Art Capital Group, which makes loans using art as collateral. Its suit alleges that she refused to cooperate in the sale of the copyrights to her photographs and won’t give real estate agents access to her properties for sale. But filing for bankruptcy would automatically postpone all litigation against her while she considers her alternatives, and would also place her finances under the protection of a federal judge, one bankruptcy expert says. A spokesman for Leibovitz declined to comment on the option. The photographer faces a September 8 deadline to repay the loan with interest and other expenses, the suit says.
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