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Joe Francis takes 'Girls Gone Wild' companies into bankruptcy to keep from paying Steve Wynn

Joe knows how to hold onto his ill-gotten riched.

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Joe knows how to hold onto his ill-gotten riched.

28

February

Notorious smut peddler Joe Francis has a brilliant idea to keep his Girls Gone Wild empire out of Steve Wynn's clutches following a multimillion award in a defamation suit against Francis: Joe just put his empire of barely legal flesh into bankruptcy. Just in time for spring break, too!

The Wall Street Journal reports that Francis put GGW Brands LLC and its affiliates into Chapter 11 protection Wednesday in California, listing a $10.3 million debt as disputed. Wynne as awarded $7.5 million by a jury in 2012 after suing Francis first for an outstanding $2 million gambling debt, then for defamation after Francis told the court that the casino-resort owner deceived its customers. Francis also said that Wynn "said he would hit me in the back of the head with a shovel and bury me in a hole in the desert" for not paying his debt, so Francis required a restraining order.

The Wynn Resort recently went after the company in order to collect on its award. “Francis has effectively evaded meaningful collection by making it appear that he has virtually no income or assets, despite his publicly lavish lifestyle,” Wynn's lawsuit read. “Wynn has confirmed what it has long suspected, namely that Francis has avoided Wynn’s collection efforts by, among other things, not taking any income and using accounts held by various entities that do business under his ‘Girls Gone Wild’ brand to pay all his personal expenses.”

The point of all this is likely so Francis can have the collection case moved to California, where a new judge will have to sort it all out. If Steve wants help tracking down where Francis is hiding out in the meantime, we're sure there are a lot of irate fathers out there willing to help.



[Last modified: Thursday, February 28, 2013 6:20pm]

    

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