‘Girls Gone Wild’ Going Bankrupt

by Nate Wooley | March 1, 2013 10:15 am

lawbook gavel 'Girls Gone Wild' Going Bankrupt[1]The company behind the popular porn series “Girls Gone Wild” has filed for bankruptcy in California.

GGW Brands and several of its subsidiaries made the filing in Los Angeles on Wednesday due to a series of legal setbacks and judgements, the Associated Press reports[2].

The firm is adamant that the filing does not mean it is going out of business. It insists the move is intended to restructure itself to deal with its legal issues.

“Girls Gone Wild remains strong as a company and strong financially. 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 said in a statement.

With more than $16 million in judgments against it, the company has incentive to try to find ways to smooth things out. Most of the judgments are being appealed.

Founder Joe Francis, who is no longer in charge of the company, is also being sued in his individual capacity for another $19 million.

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Endnotes:
  1. [Image]: http://investorplace.com/wp-content/uploads/2012/08/lawbook-gavel.jpg
  2. the Associated Press reports: http://hosted.ap.org/dynamic/stories/U/US_GIRLS_GONE_WILD_BANKRUPTCY?SITE=AP&SECTION=HOME&TEMPLATE=DEFAULT&CTIME=2013-02-28-20-05-34
  3. The New Owner of Hostess’ Wonder Bread Will Be …: http://investorplace.com/2013/02/the-new-owner-of-hostess-wonder-bread-will-be/
  4. Casey Anthony $800K in Debt, Files for Bankruptcy: http://investorplace.com/2013/01/casey-anthony-800k-in-debt-files-for-bankruptcy/
  5. Video Game Maker Atari Files for Bankruptcy: http://investorplace.com/2013/01/video-game-maker-atari-files-for-bankruptcy/

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