Girls Gone Bankrupt: The company that brought you “Girls Gone Wild” has filed for bankruptcy in order to protect itself from a $10.3 million debt claimed by Steve Wynn’s Wynn Las Vegas LLC.
Steve Wynn won a slander lawsuit against Joe Francis, the founder of GGW, last year, crippling the company’s finances.
“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.
The company said it had about $16.3 million in debt and less than $50,000 in assets.
The franchise died with the VHS market, and with streaming video online, the market for the videos has virtually dissipated.
Hugh Everett | Elite.
