Reed's band provided the backdrop to the drug-hazed 1960s New York hipster scene led by Andy Warhol.
"I read that script," Reed told the New York Daily News. "It's one of the most disgusting, foul things I've seen -- by any illiterate retard -- in a long time. There's no limit to how low some people will go to write something to make money."
Hickenlooper, currently shooting "Factory Girl" in Louisiana, told the Daily News even bad publicity is good publicity, adding money certainly is not his motivation.
"I adore Lou Reed," the director said. "I love him for hating my project, which can only bring it more attention. But nobody is making big money on it. We're all working for scale to tell a complex story about a wonderful young woman."
2014: The Year in Music [PHOTOS]