So much happened this week. Let's pause to reflect before you get blitzed on your summer drink of choice.

Über-photographer Annie Leibovitz was forced to mortgage the rights to all her photographs last year in exchange for $15 million, and she's been the target of multiple creditor lawsuits for not paying bills. Now a source tells Gawker that one of them is preparing to force her into bankruptcy.

There's a new Hamptons venue you'll want to add to the list of places to stay miles away from this summer. Actually, it's not new. It Dune in Southampton, which is sporting a new name this season—"The Axe Lounge"—as part of a silly marketing scheme concocted by, yes, Axe. The stunt is the brainchild of Mike Heller, the nightlife promoter-turned-entertainment marketer whose stellar resume includes putting a smoke-free tobacco product called Ariva in the hands of Lindsay Lohan and connecting America's Next Top Model's CariDee English with Raptiva, which is apparently a psoriasis medication of some sort. (He's the one crouching down in the photo, by the way.)

Fleet Week is in full swing here in New York City, in honor of Memorial Day and all. I'm blowing off seventh and eighth and going to see the new Christian Slater, but I figured I'd leave with a sexy (um, sorta) sailor photo gallery. Happy Patriotism, everyone!

Julia Allison was paid in cash to blog about her trip Sea World, the "lifecasting" celebrity wannabe has belatedly disclosed. So how have the first few days of the trip gone? Allison, who announced her trip with five exclamation marks, seems belatedly conflicted.

The New York Times' Charlie Savage can write a whole book about The Presidency, but he can't figure out how to operate a lapel mic. This proves that New York Times people always think they're so smart, but they're not.

The annual El Museo del Barrio gala took place at Cipriani 42nd on Wednesday night. As Governor David Paterson and wife Michelle Paterson entered, a mariachi band serenaded him with "Happy Birthday"—in Spanish, of course—since it also happened to be Paterson's 55th birthday. Joining in on the sing-along: Carolina Herrera, Yaz and Valentin Hernandez, Emilio Estefan, Narciso Rodriguez, Jason Wu, John Leguizamo, Ruben Toledo and Isabel Toledo, Simon Doonan, Gillian and Sylvester Miniter, Meredith Melling Burke, Brian Reyes, Angel Sanchez, Carmen Slade, Geoffrey Bradfield, Tommy Tune, Ines Gomez, Candy Pratts Price, and a Gloria Estefan lookalike who performed for the crowd since the real Gloria couldn't make it. [PMc, WWD, Style, NYO, P6]

[Jim Behrle presents Kreepie Kats Klassic! Happy Armistice Day!]

We know it's a holiday weekend, but you're still on TV, Good Morning America. Don't just put funny headphones on and concentrate on thinking about blowing balls, or whatever the hell is going on here.

[The actress receives an honorary doctorate from her alma mater, Julliard, today; image via Getty]

Since the long weekend's coming up, let's learn about the latest news on dangerous illegal drugs, shall we? Yes. It's international: Special K is everywhere in Asia, "legal highs" are threatened in Britain, and in British Columbia, kids are joining the Crystal Meth Society!:

According to the National Enquirer's sister publication, RadarOnline.com, Gisele Bundchen is with child. She doesn't look like she's carrying Tom Brady's spawn, at least judging by recent photos. But digging through celebrities' trash for their used home pregnancy kits can occasionally pay off, so who knows. You're more than welcome to speculate for yourself after looking at a few pics of the supermodel below.

As previously reported in tell-all novel form, superproducer Brian Grazer has split from his wife of 11 years, The Starter Wife author Gigi Levangie. Well now the divorce is final and, because of an ironclad prenup, ol' Grazerhead wasn't taken to the cleaners.

Hey, state legislators: when the gay marriage bill comes up for a vote, you might want to show up for work. "'A few people who would have voted for it were not present,'" Watters said. It failed by two votes. [Globe]

Last night, New York Times LA bureau chief Jennifer Steinhauer had a party for her new book at the home of Sony Pictures CEO Michael Lynton. The additional drama: Her husband Edward Wyatt covers television for the Times! So what happened?

Yesterday, we decided to pay another visit to Jesse Watters, the Fox News ambush artist we've been trying to talk to for a couple weeks now, and who still refuses to answer our questions. The nerve!

The most cathartic part of our week is here. We have to read all the awful unapproved comments all week. You don't. Well, you didn't. Now you have to read five of the worst:

Bloomberg has distributed a policy to newsroom staff on blogging, Twittering and Facebook updating. And in keeping with the company's tyrannical management culture, the rules are far more authoritarian than similar admonitions recently dispensed at the Wall Street Journal, New York Times and elsewhere.

• Want to buy Playboy? Mail a check for $300 million to Hugh Hefner. [NYP]
• A look at the "highlights, lowlights and sidelights" from upfront week. [NYT]
• The Cannes Film Festival didn't stir up as much buzz as in years past, although industry types are hoping/praying that the worst is over. [WSJ]
• Tyra Banks will have 12 hours of airtime a week on the CW this fall; if she "gets hit by a car this year, the CW will have to go out of business." [NYP]
• Bruce will be the last act at Giants Stadium before it's demolished. [AP]
• T+L's new pro-travel ad campaign suggests people "please go away." [WWD]
• Vintage Books is promoting Netherland with a blurb by Barack Obama. [NYO]
• Jon Peters' tell-all about Hollywood sure sounds interesting! [DHD]