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Part Owner of $24 Million Loan, Goldman Offers to Help Leibovitz

Published: August 19, 2009
NEW YORK—In the latest twist involving Annie Leibovitz’s financial troubles, Goldman Sachs says it owns part of the $24 million loan that has brought a breach-of-contract lawsuit against the celebrity photographer. At the same time, Goldman says it wants to work with her to “resolve her financing needs,” although there are suggestions of a disagreement or miscommunication between Goldman and the suing creditor.

Leibovitz is being sued by Art Capital Group, a New York finance company that lent her the money and now claims she reneged on the deal, which would allow the company to sell the photographs and real estate she had pledged to back the sum. A Goldman spokesman says it has proposed to Art Capital “that we terminate the current loan agreement with their affiliate so that we can work directly with Ms. Leibovitz.” But an Art Capital spokesman denies such a proposal has been made. Goldman isn’t saying how much of Leibovitz’s loan it owns, or whether it would buy out its share or pick up the entire amount, which includes interest and fees.

Read more at Bloomberg.

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