Nbadan
02-28-2013, 08:05 PM
Girls Gone Wild files for bankruptcy
Source: CNN Money
Talk about a soft economy...
Girls Gone Wild, the softcore video empire founded by Joseph Francis, has filed for bankruptcy after accruing millions of dollars in debt, mostly to casino mogul Steve Wynn.
The various incarnations of Girls Gone Wild, including GGW Brands LLC, GGW Direct LLC, GGW Events LLC and GGW Magazines LLC, filed for Chapter 11 bankruptcy protection Wednesday in U.S. Bankruptcy Court for the Central District of California in Los Angeles.
In documents filed with the court, GGW manager Chris Dale said the company has less than $50,000 in assets and fewer than 50 creditors. The debtor checked the box claiming "there will be no funds available for distribution to unsecured creditors."
Read more: http://money.cnn.com/2013/02/28/news/companies/girls-gone-wild/
Last year, Wynn and his company won a slander lawsuit against Joe Francis, founder of the “Girls Gone Wild” franchise, which features college-age women in reality TV-style shows focused on drinking, stripping and sex.
“The court finds that Francis made a knowing and intentional false and defamatory statement,” a Nevada judge ruled in April in awarding $7.5 million to Wynn and Wynn Las Vegas. Francis lied when he claimed he had proof that Wynn tricked high-end gamblers, the judge ruled.
Source: CNN Money
Talk about a soft economy...
Girls Gone Wild, the softcore video empire founded by Joseph Francis, has filed for bankruptcy after accruing millions of dollars in debt, mostly to casino mogul Steve Wynn.
The various incarnations of Girls Gone Wild, including GGW Brands LLC, GGW Direct LLC, GGW Events LLC and GGW Magazines LLC, filed for Chapter 11 bankruptcy protection Wednesday in U.S. Bankruptcy Court for the Central District of California in Los Angeles.
In documents filed with the court, GGW manager Chris Dale said the company has less than $50,000 in assets and fewer than 50 creditors. The debtor checked the box claiming "there will be no funds available for distribution to unsecured creditors."
Read more: http://money.cnn.com/2013/02/28/news/companies/girls-gone-wild/
Last year, Wynn and his company won a slander lawsuit against Joe Francis, founder of the “Girls Gone Wild” franchise, which features college-age women in reality TV-style shows focused on drinking, stripping and sex.
“The court finds that Francis made a knowing and intentional false and defamatory statement,” a Nevada judge ruled in April in awarding $7.5 million to Wynn and Wynn Las Vegas. Francis lied when he claimed he had proof that Wynn tricked high-end gamblers, the judge ruled.