Girls Gone Bankrupt
 

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."
The biggest claim was for $10.3 million from Wynn Las Vegas. Total debts exceed $16 million.



http://money.cnn.com/2013/02/28/news...rls-gone-wild/

Damn so Joe was a big time gambler huh. Ouch!