The spokesman said that the Annie Leibovitz celebrity photographer is to try to resolve things with your bank in New York even though the deadline for her to repay a loan of $ 24 million.

The lender, Art Capital Group, sued the 59 year old in July Leibovitz. He alleged that he violated an agreement that authorized to act as agent in the sale of his photography and real estate.

11:59 pm The deadline passed Tuesday without any party saying what would happen. Leibovitz risk losing lucrative copyrights to their pictures if not repay the loan.

On Wednesday, the spokesman, Matthew Hiltzik Leibovitz said: “Annie is to keep working to resolve this issue with the article Capital.

THIS IS AN UPDATE TO LAST MINUTE NEWS. Check back soon for more information. Previous article from the AP is down.

NEW YORK (AP) – The deadline for celebrity photographer Annie Leibovitz for a loan of 24 million U.S. dollars on Tuesday night passed without news of any of the parties involved.

Leibovitz was in danger of losing lucrative copyrights to their pictures if not repay the loan. The deadline was 11:59 pm on Tuesday, but it was unclear what would happen once it happened.

The lender, Art Capital Group, sued the 59-year-old Leibovitz in July, alleging that he violated an agreement that authorized to act as agent in the sale of his photography and real estate.

Art Capital, a Manhattan-based company that issues short-term loans against decorative art and real estate.

Art Spokesmen capital and Leibovitz said both sides were trying to resolve the situation. Art Capital declined to comment further Tuesday night and asks Leibovitz were not immediately returned.

In 2008, the famous photographer put three houses as collateral urban Manhattan, a property of the state of New York and the copyright for each photo you have ever taken – or will take – to secure the loan with Article capital.

Leibovitz said the company needed the money to tackle a “serious financial condition of its obligations under mortgages, tax liens and unpaid bills to service providers and other creditors.”

Art consolidated capital all its loans in September 2008. The lawsuit alleged that Leibovitz had violated a December 2008 sales agreement with the company, the Capital Arts grant the right to sell the collateral before the loan was due. The suit states that refused to allow real estate experts in their homes to assess their value and blocked the company from selling his photographs.

Art Capital has estimated the value of the portfolio of Leibovitz at $ 40 million, and realtors say their New York properties are worth about $ 40 million.

Under the sales agreement with Leibovitz, the company receives 10 percent commission on the sale of real estate Leibovitz and 15 percent in the sale of its portfolio.

Leibovitz would pay the rest after the loan of $ 24 million, interest and other charges. If you default, the company receives a commission of 12 percent net after paying about 13 percent of the fees and expenses.

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