Savings Experiment: Snow Removal
Why Your 2012 Tax Bill May Jump By $8,000
Art Capital Group and Annie Leibovitz have moved on from each other. Last week, the photographer found something of an angel in private equity firm Colony Capital LLC.
Leibovitz owed $24 million to the art investment bank last September, when she restructured her debt for terms that were not disclosed. The private equity firm, which worked with Michael Jackson in the past, settled the debt to Art Capital Group on March 8, 2010, and announced a "new partnership" with Leibovitz. None of the terms are being disclosed ... as usual.
The new loan, like the old loan, is being collateralized by the photographer's archive of 100,000 photos, 1 million negatives, three Manhattan brownstones and a 228-acre estate in Rhinebeck, New York.
Richard Nanula of Colony told Bloomberg News, "We think it's an opportunity for her and, to some extent, for us." He continued, "She's got valuable real estate and an incredibly valuable catalogue. We want to get her liquid again and focused on her business. We want her to continue taking her pictures. We believe in her future."
According to reports back in September, when Leibovitz and Art Capital Group were headed toward litigation, Goldman Sachs (GS) was among the participants in the loans to Leibovitz.
Goldman Earnings Sink After Buffett Dividend
Johnson & Johnson's Income Falls 23%
Burberry Shares Leap on Sales Update
Reader Comments (Page 1 of 1)
3-15-2010 @ 7:22AM
JudeThom said...
She's rich, she's ugly, she's talented.
3-27-2010 @ 2:13AM
sherardssdf said...
I have a great idea that when launched will be in high demand. If I start out with my current budget, my inventory will not match the demand. I would like to talk to a venture capital company or angel investment company to see if they would agree; preferably something familiar with pop culture and urban clothing.