Joe Francis’ baby, Girls Gone Wild has seen its own share of troubles since its inception in 1997. In the latest string of misfortunes, the company filed for Chapter 11 bankruptcy protection this week, according to a Feb. 28 Us Weekly report. In effort to keep companies like Steve Wynn’s Las Vegas resort from collecting on Francis’ gambling debts, the company filed for bankruptcy protection.
The New York Daily News reports that GGW Brands LLC and some of its subsidiaries filed for bankruptcy protection on Wednesday in Los Angeles, listing more than $16 million in disputed claims.
According to Us Weekly, the bankruptcy filing stems in part, from a disputed $2 million gambling debt Francis incurred during a February 2007 trip to Wynn's resort, according to court documents. The Wynn Las Vegas reportedly has a $10.3 million judgment against the company. Last year the Wynn Las Vegas was awarded a $7.5 million judgment for defamation after Francis accused Steve Wynn of threats to his life. A jury later awarded Wynn an additional $20 million for punitive damages for slander.
In a statement to Us Weekly on Feb. 28, Girls Gone Wild said the company remains strong, but needed to restructure its “frivolous and burdensome legal affairs.”
Francis told Us Weekly that he was involved in the bankruptcy filing and highlighted that his finances were not affected.
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