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The lawsuit over a $24 million loan filed by Art Capital Group against acclaimed photographer Annie Leibovitz has been settled, according to a statement from spokespeople ACG and Leibovitz.
But answers regarding the exact terms of the settlement remain unclear.
While both sides confirmed that their new agreement "extends the maturity date for the $24 million loan" issued by ACG to Leibovitz, the lender's spokesman Montieth M. Illingworth declined to provide details on when the renegotiated loan now becomes due.
Illingworth also told FindLaw that he "can't answer" whether any of Leibovitz's properties are being sold as part of the settlement agreement.
E-mail messages and a phone call to Leibovitz's spokesman Matthew Hiltzik were not returned.
In the December 17, 2008 'Sales Agreement' (see below) made amongst the parties to renegotiate the terms of a $22 million loan that Leibovitz obtained from ACG six months earlier, and resulted in the loan being increased to $24 million. Leibovitz agreed to authorize ACG to act as her "exclusive agent" to find buyers for her art and property loan collateral:
A prepared statement form the parties says that "Ms. Leibovitz has also purchased from Art Capital its rights to act as exclusive agent in the sale of her real property and copyrights."
The fact that both parties released a statement acknowledging that ACG "purchased" exclusive agency rights to sell her homes and art suggests that the lender may start trying to sell some of Leibovitz's loan collateral.
Here is the prepared statement issued on behalf of the photographer
"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," Ms. Leibovitz said. "I also want to thank my family, friends, and colleagues for being there for me and look forward to concentrating on my work."
A statement issued by ACG CEO Ian Peck, said:
"We're gratified to be able to further assist Ms. Leibovitz to achieve financial stability and proud to have been of such value to her at this juncture in her life and career."
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