Girls Gone Filed

Tyler Durden's picture

You know America is in trouble when a company that does nothing but create TV-style shows of college-age women in next-to-no clothes goes bankrupt but sure enough the company behind the "Girls Gone Wild" videos filed Chapter 11 today to protect itself from $10.3 million debt claimed by Steve Wynn’s Wynn Las Vegas LLC (after losing a slander lawsuit suggesting Wynn knowingly tricked high-end gamblers) and a $5.8 million award won by a woman who says the company used naked images of her without permission in the “Girls Gone Wild Sorority Orgy” DVD series. The bankruptcy enables the company "to restructure its frivolous and burdensome legal affairs," and just like GM and UA (the company states reassuringly) it will be business-as-usual for Girls Gone Wild. In perhaps the clearest analog for America, the company had $16.3mm in debt and $50k in assets - now that is leverage-able wealth-effect.

Via Bloomberg,

The company behind the “Girls Gone Wild” videos filed for bankruptcy to protect itself from a $10.3 million debt claimed by Steve Wynn’s Wynn Las Vegas LLC and a $5.8 million award won by a woman who says the company used naked images of her without permission.

 

Last year, Wynn and his company won a slander lawsuit against Joe Francis, founder of the “Girls Gone Wild” franchise,

 

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Francis lied when he claimed he had proof that Wynn tricked high-end gamblers, the judge ruled.

 

GGW Brands LLC said it had about $16.3 million in debt and less than $50,000 in assets.

 

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GGW Brands filed for bankruptcy “to restructure its frivolous and burdensome legal affairs,”

 

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“This Chapter 11 filing will not affect any of Girls Gone Wild’s domestic or international operations,” according to the statement. “Just like American Airlines and General Motors, it will be business as usual for Girls Gone Wild.”

 

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Favazza sued Francis in 2008, claiming someone exposed her breasts while filming in a bar in St. Louis for the “Girls Gone Wild Sorority Orgy” DVD series, according to court documents.

 

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