Girls Gone Bankrupt
Senior Editor, CNBC.com
Girls Gone Wild's parent company filed for Chapter 11 bankruptcy today.
I know what you are thinking. Oh no! Red blooded American boys have suddenly lost their taste for girls going wild. What will become of our perishing Republic?
Let me reassure you that this is not the case. The Girls Gone Wild business is still alive and, well, kicking isn't the right word. Maybe flashing?
As it turns out, the bankruptcy is the latest move in a fight between Joe Francis and Steve Wynn, the casino mogul.
Briefly, Wynn said Francis skipped out on a $2 million gambling debt at one of his casinos. Francis said Wynn threatened to bury him in the desert. Wynn denied making the threat and sued Francis. The courts gave Wynn a huge award but Wynn hasn't been able to collect because Francis claims he doesn't have the money to pay.
So Wynn's lawyers were considering going after the assets of Francis' business, the Girls Gone Wild franchise. The bankruptcy is a way to keep those assets out of Wynn's hands.
I hope this news has restored your faith in America.
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