It is a crying shame, but it is true, or, wait, is it?
Joe Francis, the man famous for persuading drunk coeds (sometimes, even with no concern if they are underage) to flash their "assets" for a camera has had the company he founded in 1997 file for Chapter 11 bankruptcy.
However, according to a "Girls Gone Wild" spokesman, the company may still rebound.
"The move is strictly an effort to 'restructure its legal affairs.' [Don't worry] 'Girls Gone Wild' remains strong as a company and strong financially," reported salon.com.
The legal matter has to do with $10.3 million that Francis owes to Steve Wynn's Las Vegas resort for a $2 million gamble debt he incurred during a February 2007 trip to Wynn's resort, according to Yahoo.
In 2012, the Wynn Las Vegas was awarded a $7.5 million judgment for defamation after Francis claimed the casino tycoon threatened to kill him. A jury later awarded Wynn an additional $20 million for punitive damages for slander, stated Yahoo.
Speaking to "US Weekly" on Thursday, Feb. 28, the company said "yesterday several of the U.S. operating entities for Girls Gone Wild joined the ranks of companies like American Airlines and General Motors having sought reorganization under Chapter 11 of the United States Bankruptcy code.
Wynn's lawyers criticized Francis' extravagant lifestyle, according to "The Wall Street Journal." "Francis claims to know nothing about his finances, despite living a luxurious lifestyle that includes living in a multi-million dollar home in Bel Air, regular use of a multi-million dollar estate in Mexico, while regularly being seen at expensive restaurants and clubs."
Francis, for his part, tells "US Weekly:" "I was not involved in the bankruptcy filing and my personal finances are not affected at all."
Another blood-boiling debt that Francis is hoping to erase: "Girls Gone Wild" parent company GGW Brands LLC also owes Tamara Favazza, a woman who successfully sued the company after an employee lifted her tank top against her will, $6 million in damages related to the assault, according to salon.com.
This article is copyrighted by Travelers Today, the travel news leader
