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.

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

A statement issued by ACG CEO Ian Peck, said:

  • Annie Leibovitz
  • Annie Leibovitz and Lender Focus on Legal Negotiations, by Joel Zand, FindLaw (Sept. 9, 2009)
  • Legal Lens on Annie Leibovitz Loan Due Today, by Joel Zand, FindLaw (Sept. 8, 2009)
  • Annie Leibovitz faces loan, Reuters (Sept. 8, 2009)
  • Annie Leibovitz: Subprime Borrower, by Feliz Salmon, Reuters (Jul. 30, 2009)
  • How Could This Happen to Annie Leibovitz? The $24 Million Question, New York Magazine, (Aug. 16, 2009)

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