Felix Salmon

Annie Leibovitz’s new creditors

By Felix Salmon
March 9, 2010

Well done to Annie Leibovitz, who has managed to extricate herself from her unpleasant embrace with the aggressive and litigious Art Capital Group. Her new sole creditor — and we can only guess at how much the principal amount she owes has risen to at this point — is Colony Capital, the $30 billion private-equity shop which normally has its eye on much bigger deals.

Chances are that Colony is not going to find Leibovitz particularly easy to work with: no one else ever has. But they’re also unlikely to start foreclosing on her assets in the way that Art Capital is prone to do. Technically, this is a debt deal: Colony has bought Art Capital’s loan. But my guess is that Colony is looking at it more like an equity deal: they expect to work with Leibovitz to start generating an income stream for both of them which is going to last more or less indefinitely.

So fingers crossed on this one — but it certainly seems as though Leibovitz had much better advice this time round than she did when she was put into the Art Capital deal initially. Here’s hoping it works out.

3 comments so far | RSS Comments RSS

I can’t say I have much sympathy for someone who managed her more than abundant wealth so poorly that she felt it necessary to turn to the likes of AC to begin with.

Posted by Mega | Report as abusive

That’s right out of the Sopranos, Mega. “Degenerate borrower.”

Posted by UncleBillly1 | Report as abusive

All she needs to do is publish her autobiography for a few million upfront and everything will be peachy

Posted by STORY-BURN | Report as abusive

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