“Girls Gone Wild” Business Model May Not Be So Hot…Company Files For Bankruptcy

GGW Brands LLC and its subsidiaries are filing for bankruptcy after judgments were entered against "Girls Gone Wild" founder Joe Francis and his company, Mantra Films.

Wynn Resorts Limited, founded by Steve Wynn, won a $19 million judgment against Francis in a slander trial.  The company is also seeking an additional ten million from Francis for a gambling debt Francis allegedly owes Wynn and for statements Francis is said to have made against Wynn.

In a written statement GGW Brands says, "The only reason Girls Gone Wild has elected to file for this reorganization is to re-structure its frivolous and burdensome legal affairs."

The company is citing a total of more than $16 million in claims against GGW.  In addition to those made by Steve Wynn, a claim of about $5.8 million is being sought by Tamara Favazza who is suing the company over an incident that took place when she was twenty years old.  Someone lifted her shirt and took a picture.  It was featured on a "Girls Gone Wild" DVD without Favazza's permission.

Francis is appealing the court's rulings in the Wynn and Favazza cases.