Girls Gone Wild Has Gone Bankrupt

Photo (cc) by lewisha1990

The company behind the infamous franchise Girls Gone Wild filed for bankruptcy protection last week.

GGW Brands has $16 million in debt and less than $50,000 in assets, according to the filing. The company’s executive assistant told Bloomberg the company’s filing was “to restructure its frivolous and burdensome legal affairs.”

Yeah, it’s a burdensome sum: a $10.3-million debt to Vegas casino owner Steve Wynn, and a $5.8 million claim from Tamara Favazza. But frivolous?

That’s for yet another judge to decide. Favazza sued the company founder Joe Francis in 2008, when she argued that somebody exposed her breasts in a bar without permission for filming of a Girls Gone Wild Sorority Orgy scene. She won a judgment. Wynn likewise won a slander case against the company.

Francis’ name is not in the bankruptcy filing, but he has substantial assets that could cover the debts. Favazza claims he owns a 1971 Gulfstream jet worth over $2 million, a $10 million mansion in California and a $30 million one in Mexico. The brand trademarks are probably still worth something, too.

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