Annie Leibovitz Near Bankruptcy

<p >Leibovitz risks losing the copyright to the images — and her entire life's work — if she doesn't pay back a $24 million loan by Tuesday. Art Capital Group, a New York company that issues short-term loans against fine and decorative arts and real estate, sued her in late July for breach of contract.</p>

<p >"We have clear contractual rights and will protect them in any scenario," said ACG spokesman Montieth Illingworth on Friday. "Our preference is for this to be resolved."<br>

Some experts say filing for bankruptcy reorganization could be the best option for Leibovitz, 59, who has put up as collateral her three historic Greenwich Village townhouses, an upstate property and work. She bought two of the townhouses in 2002, embarking on extensive renovations to combine them into one property.</p>

It's a shame , after working so hard and accomplishing so much she should be enjoying the fruits of her labors . Instead she could be spending the rest of her life dealing with legal problems.

<p>Good photographers don't necessarily make good property developers. The blame must also rest with those who advised her.<br>

The golden rule in property investment is never go below 30% equity in case the arse drops out of the market, and never give a lien over any other assets than the subject property. If you can't do that then you can't afford it.<br>

Years ago she also should have put the copyright to her image portfolio in a trust to protect her IP. Again, she was badly advised. Or did she take advice at all? Some people think they know everything.<br>

All is not lost. Its not as if she can't just stick to her knitting and resume the mantle of honoured photographic genuis. All she needs is some gear and a studio somewhere. I wonder if she is humble enough.</p>

<p>My grandfather was in the same position. He made millions from taking portraits of soldiers and their lovers in WW1. He lost it all in real estate in the 20s. Then along came WW2 and he did the same. Megabucks. Then in the 50s his studio, with a majority of his archive was burnt down, uninsured. So at age 65 he just started again, and was successful a third time. After that, his 50 a day smoking habit got him. But he lived an unreal life and bounced back three times doing what made him famous. I envy him.</p>

<p>Annie'll be ok. I might just write her a letter.</p>

<p>What about her Green Gables estate ? Can she put it as a collateral of upon her loans ?<br>

Her three houses in the Greenwich Village and upstate property while I can't afford another roll of film !<br>

Hey, you know what guys..? Let's do some chippin'. A buck or two from every one of us will put her back into these three houses of her and an upstate property.<br>

Steven... Write her a letter and tell her about these 50 cigarettes per day. It obviously helped your grandfather making millions out of the extremely rich soldiers and their lovers in the trenches of both WWs.<br>

I won't be sleeping tonight - that's for sure. My heart is broken. Since Mike Tyson had lost his millions - I wasn't THAT depressed. Poor Annie...<br>

Three townhouses in the Greenwich Village. Did I mention that upstate real estate ?</p>

<p>I feel sorry for her, but my heart is not broken. No one forced her to sign the papers.<br>

I did some research and she's got into a number of tight spots, not just this one. Quite a few people are after her. So, sorry to say, where there's smoke....</p>

<p>Mike Tyson is a hood.</p>

<p>The soldiers were not rich, but there were a million of them. And though my grandfather was great photographer, he was also a cranky little so and so. I would hate to have worked for him. He had an ego as big as a house. But the images.....(sigh).<br>

I think, no matter how successful you are, you have to be big enough to stay humble and stick to what you do well. That lesson is about to come home to roost for our Annie.</p>

<p>I'm still cryin'... Night after night...</p>

<p>..................</p>

<p>"Annie Saved" said the headline: (<a href="http://www.huffingtonpost.com/2009/09/11/annie-leibovitz-settles-w_n_283759.html">link</a> )</p>

<p>at least it's a reprieve.</p>

<p>How come so many rich and famous lose everything. Is it their smart lawyers who run away with it all?</p>

<p>More often investment advisors and relatives than lawyers, I'd think.</p>

<p>The rich and famous often end up in that situation suddenly. Going from being a "normal" person to suddenly having fame and an enterage of admirers really affects you. You end up in a totally unreal world, and once there, real world rules don't seem to apply to you any more. There's more than one good documentary film or book on Andy Warhol that will show you exactly what happens. One day, you're a normal person, the next day, restaurants are putting you at the best table and feeding you for free because it's good for their ambiance, that agent you hardly ever see has told you he's hired you a financial adviser that you hardly ever see, and you're told you're worth $50 million. If you go to an event in your field, you get mobbed. You sort of snap. Next thing you know, you're living the life of a child on a $100 million ranch you call "Neverland".</p>

<p>My wife Chris and I love the work of master glass artist Paul Stankard (the Ansel Adams of glass paperweights). But upon actually getting to spend a bit of time with the great man, Chris decided he's a real jerk. I had to point out to her what parts of it were from. I have just enough noteriaty that people do things like finding out where I live and sending me boxes of cookies, Amazin gift certificates, and at certain photographic events I have been mobbed by up to a dozen people. It really creeps me out. If I were getting that kind of attention 24/7, I'd snap like a rotten twig.</p>

<p>So, I'm not amazed at how much trouble celebrities get into...</p>

<p>I'm more amazed at how little they get into, considering how much effort the rest of the world is putting into driving them nuts. Put people up on pedistals, and they're going to fall off, every now and then.</p>

<p><em>I have just enough noteriaty that people do things like finding out where I live and sending me boxes of cookies</em><br>

<em></em><br>

LOL, Joseph, you da man! I've never heard of you. What do you do?</p>