'Girls Gone Wild' files for bankruptcy over debts
LOS ANGELES (AP) - The company behind the "Girls Gone Wild" video empire has filed for bankruptcy in a move it says is an effort to restructure its legal affairs after several disputed court judgments.
GGW Brands LLC and several subsidiaries filed for Chapter 11 bankruptcy on Wednesday in Los Angeles, listing more than $16 million in disputed claims.
The largest claim is $10.3 million that Wynn Resorts Limited is seeking from the company for judgments entered against "Girls Gone Wild" founder Joe Francis over a gambling debt and statements he has made about the casino and its founder, Steve Wynn.
The figure does not include a $19 million judgment Wynn won against Francis in a slander trial last year. The case, which centered on Francis' claims that Wynn threatened to kill him over the gambling debt, is being appealed.
Francis no longer GGW Brands, which has made a fortune selling videos and magazines of young women flashing their breasts. Subsidiary companies GGW Magazine and GGW Events have also filed for bankruptcy. Bankruptcy proceedings generally halt efforts to collect judgments in other courts.
"Girls Gone Wild remains strong as a company and strong financially," the company said in a statement, likening itself to other businesses such as American Airlines and General Motors that have filed for bankruptcy to restructure. "The only reason Girls Gone Wild has elected to file for this reorganization is to re-structure its frivolous and burdensome legal affairs."
The second largest claim listed in the proceedings is a nearly $5.8 million judgment a St. Louis woman won against Francis last year in a Missouri court. Tamara Favazza sued after she learned she had been featured on a "Girls Gone Wild" DVD over an incident when she was a 20-year-old college student and someone lifted her tank top at a bar and flashed a camera.
Francis and his company, Mantra Films, are seeking to have the judgment overturned in federal court.
The bankruptcy filing also lists unspecified legal fees in the Wynn and Favazza cases.
GGW Brands LLC and several subsidiaries filed for Chapter 11 bankruptcy on Wednesday in Los Angeles, listing more than $16 million in disputed claims.
The largest claim is $10.3 million that Wynn Resorts Limited is seeking from the company for judgments entered against "Girls Gone Wild" founder Joe Francis over a gambling debt and statements he has made about the casino and its founder, Steve Wynn.
The figure does not include a $19 million judgment Wynn won against Francis in a slander trial last year. The case, which centered on Francis' claims that Wynn threatened to kill him over the gambling debt, is being appealed.
Francis no longer GGW Brands, which has made a fortune selling videos and magazines of young women flashing their breasts. Subsidiary companies GGW Magazine and GGW Events have also filed for bankruptcy. Bankruptcy proceedings generally halt efforts to collect judgments in other courts.
"Girls Gone Wild remains strong as a company and strong financially," the company said in a statement, likening itself to other businesses such as American Airlines and General Motors that have filed for bankruptcy to restructure. "The only reason Girls Gone Wild has elected to file for this reorganization is to re-structure its frivolous and burdensome legal affairs."
The second largest claim listed in the proceedings is a nearly $5.8 million judgment a St. Louis woman won against Francis last year in a Missouri court. Tamara Favazza sued after she learned she had been featured on a "Girls Gone Wild" DVD over an incident when she was a 20-year-old college student and someone lifted her tank top at a bar and flashed a camera.
Francis and his company, Mantra Films, are seeking to have the judgment overturned in federal court.
The bankruptcy filing also lists unspecified legal fees in the Wynn and Favazza cases.
They don't call them Limited Liability Corporations for nothing people...
Man those movies are so great
Why should be be surprised? Afterall, he was morally banckrupt first!
United States............................ Â The Country of "File Bankruptcy to protect your assets and move on".
"Girls Gone Wild remains strong as a company and strong financially," the company said in a statement, likening itself to other businesses such as American Airlines and General Motors that have filed for bankruptcy to restructure. "The only reason Girls Gone Wild has elected to file for this reorganization is to re-structure its frivolous and burdensome legal affairs."
NO they filed Bankruptcy to weaze their way out of paying their court ordered restitution ! Â What a bunch of crap !!!
Sounds to me like Steve Wynn owns this Francis punk... submit you sleazy little weazel!
@ScoondogWhich one? Both guys are sleazy!
As our country sits on the precipice of financial gloom, and with the possibility of another Depression looming, I asked myself why anyone thought this was news. And then I realized that putting this rufie-spewing mutt [Francis] out of business is just a sign that not only is there a God, but also that God loves us.
@svensson Holy crap you are so far off base it's pathetic!
The U.S. is in a full-swing financial recovery and the more you dorks keep reciting the Fox News doom and gloom, the further behind you'll be.
Get with it!