'Girls Gone Wild' porn company files for Chapter 11 bankruptcy protection

"Girls Gone Wild," the video series that features usually college-aged girls taking their clothes off in exchange for money, or a free T-shirt, has filed for bankruptcy, the  Wall Street Journal reports. However, that doesn't mean the company is in trouble just yet. The filing is a move to keep the company safe from the outcome of a lawsuit against founder Joe Francis.

Francis is at the center of a legal battle with a Las Vegas resort, owned by Steve Wynn. Francis racked up a $2 million gambling debt in 2007, and was later sued by the resort for defamation. According to the suit, they were seeking the judgement "stemming from Francis's public attack falsely accusing Wynn of deceiving customers." The resort was awarded $7.5 million.

Recently, attorneys for the Wynn resort attempted to target the assets of "Girls Gone Wild," prompting Francis to file for Chapter 11 bankruptcy protection for the companies that control "GGW." Now, those efforts have been stopped, as the case moved to the U.S. Bankruptcy Court, where a new judge will make a decision.
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