Girls Gone Wild goes bankrupt

But founder Joe Francis says he isn't losing his shirt in his nasty fight with casino owner Steve Wynn.

By Kim Peterson Feb 28, 2013 3:23PM
The Girls Gone Wild franchise has filed for bankruptcy.

Founder Joe Francis (pictured) has put the franchise into bankruptcy to protect it from the long arms of casino mogul Steve Wynn, CEO of Wynn Resorts (WYNN). Wynn was none too happy after a wild weekend in 2007 in which Francis allegedly ran up a $2 million debt at Wynn's Las Vegas resort.

The disagreement between the two escalated into a slander suit that Wynn filed -- and won -- against Francis. A judge last April awarded $7.5 million to Wynn and his resort, Bloomberg reported.

Instead of targeting Francis for collection, Wynn's lawyers began looking at the Girls Gone Wild assets, The Wall Street Journal reports. And that's when Francis decided to submit Girls Gone Wild for bankruptcy protection. The bankruptcy filing said that Girls Gone Wild had $16.3 million in debt and less than $50,000 in assets.

But Girls Gone Wild isn't going away, nor is its unseemly practice of persuading drunken women to take off their clothes for the cameras. Francis seems to be moving pots of money around and taking advantage of the legal system to avoid payment.

Francis has been in financial hot water before. He pleaded guilty in 2009 to filing false tax returns after spending 301 days in jail. He told TMZ that the bankruptcy filing will have no impact on his personal wealth.


More on moneyNOW



242Comments
Feb 28, 2013 4:45PM
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Disgusting women exploited to the max show.  Good riddances to all his whores!!
Feb 28, 2013 4:44PM
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I'm sure the idiot has millions stashed somewhere...

 

Feb 28, 2013 4:43PM
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Why so muuch hate against this guy.

Isn,t it the American way.

Feb 28, 2013 4:40PM
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Common sense says when a person enters this type of profession most usually fall to themselves.

Feb 28, 2013 4:38PM
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I think the whole thing is a bunch of crap. No one with millions that can't control it and use it wisely for the good of others should be glorified in the news. Too bad the bankruptcy doesn't take him right under but it won't. Not like a common folk who looses all in one. Girls Gone Wild...trash!!!! Nothing but trash and exploitation.

 

Feb 28, 2013 4:37PM
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"From the "couldn't happen soon enough" category comes this news Thursday: The Girls Gone Wild franchise has filed for bankruptcy."

 

What's with the editorializing?

Feb 28, 2013 4:37PM
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In coming attractions presents :

 

"Debt Collectors Gone Wild" Directed by Steve Wynn

 

Just when you thought it was safe to screw a creditor...

Feb 28, 2013 4:36PM
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Look out, if this gets any seedier Donald Trump is going to try and get in on it.
Feb 28, 2013 4:35PM
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Piracy is the more likely culprit of long term failure...not a sudden boost of morality in America.
Feb 28, 2013 4:33PM
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too bad there are more dirtbags out there.  At least there is one down
Feb 28, 2013 4:30PM
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I am not a fan of GGW or Francis, but when did this become an op ed page?  Oh, that's right.  That is all MSN does anymore.
Feb 28, 2013 4:28PM
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get em boys put him out of work make him the bum that he is 
Feb 28, 2013 4:27PM
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THIS IS FREAKIN DIRT BAG..... He is nobody wanna be....

Feb 28, 2013 4:26PM
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Where is a firing squad when you need one?
Feb 28, 2013 4:08PM
Feb 28, 2013 3:40PM
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Not a big Wynn fan but I hope he crushes this scumbag into the dirt.....
Feb 28, 2013 3:39PM
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What`s the world coming to when "girls gone wild ' goes bankrupt?
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