For those of you who wondered why Annie Leibovitz would lend her talents to the Disney Parks marketing campaign these last few years, we now know the answer -- she needed the money. Leibotivz had a $24 million loan that was due this week and her ability to repay it immediately was in question. It looks like whether she loses the rights to her work, she put that up as collateral for the loan, or is able to retain some or all through bankruptcy proceedings is now up to the courts.
Allen Salkin's July article has a few ideas on how this could have happened. In the meantime, stay tuned, we may shortly be seeing Leibovitz's famous works for sale as postcards, or worse.
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