Annie Leibovitz sued for breach of contract

Art Capital Group Inc has sued photographer Annie Leibovitz for violating the terms of the agreement. The company had lent her $24million.

The loan was made against the value of her entire collection and her properties. The lawsuit was filed in New York State Supreme Court and the company has asked a judge to compel Leibovitz to cooperate with the person assigned to sell her copyrights and organize the sale of her properties, so Leibovitz can pay back the loan. A spokesman for the photographer has called the allegations "false and untrue." The lawsuit says Leibovitz approached Art Capital in June 2008 about her "dire financial condition." The original loan of $22 million loan was obtained from American Photography, which is held by Art Capital Group. The loan was, later, increased to $24 million. Leibovitz is being accused of "boldly deceptive conduct" and the lawsuit seeks to compel her to grant real estate agents access to homes in Manhattan and in Rhinebeck, New York, so they can be sold and the money used to repay the loan. "In connection with the negotiation of this $22 million credit facility, Leibovitz discussed and acknowledged that Leibovitz's fine art, intellectual property and real estate assets, all collateral for the loan, would likely need to be sold ... as part of the process of Leibovitz's financial restructuring," the lawsuit said. Over the the last two years, Leibovitz has faced tax liens of $1.4 million, in addition to two lawsuits claiming she has not paid more than $700,000 in bills for photography services. “The mind that can take these extraordinary pictures is not necessarily the same mind that is a perfect money manager,” said Graydon Carter, the editor of Vanity Fair. Leibovitz has refused to meet with parties interested in buying her collection of photographs and has refused access to her properties and thus is in breach of her contract. Leibovitz's spokesman said the lawsuit "is part of Art Capital's continued harassment and attention-getting efforts." "There has been tension and dispute since the beginning," the statement said. "For now, her attention remains on her photography and on continuing to organize her finances."