Girls Gone Wild bankruptcy hearings could begin soon for owner Joe Francis. Girls Gone Wild has sought Chapter 11 bankruptcy protection in California, setting the stage for the company to avoid losing assets. According to a report from Thursday (Feb. 28), this is a strategic move by the company to help pay for a lawsuit.
Steve Wynn's Las Vegas resort is seeking $10.3 million from the company and could have secured assets to pay off the debt. It all came about from a trip that Francis took there in 2007 where he reportedly incurred a $2 million gambling debt. Rather than simply pay the debt, Francis took to the press and even claimed that the casino owner had threatened to kill him.
The case ended up going to court and Wynn Las Vegas was awarded a $7.5 million judgment for defamation as well as an additional $20 million for punitive damages and slander at a later date. This isn't the only debt that Francis and his company are facing, but just one of several that could be settled under bankruptcy hearings.
This Girls gone Wild bankruptcy news may surprise many people, especially since it had seemed like the company was doing exceptionally well. Still, there probably won't be many tears shed about a soft-core porn proprietor's company being forced into bankruptcy court.
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