Originally posted on The Sports Bank  |  Last updated 3/1/13
The semi-popular Girls Gone Wild franchise is now bankrupt. And with Girls Gone Wild bankrupt, let’s all remember that they exposed us all to many boobs that were “too big to fail.” I wonder if they will be given a government handout, like the auto industry or the big banks. Let’s see vital manufacturing of our primary means of transport? yes. Cadre of exceedingly crooked and rich people who control credit, the lifeblood of our economy? Yes. A sleazy, felonious child exploitative entrepreneur hiring hillbillies to videotape and post videos of drunk, dumber hillbillies showing their boobies? Sorry No bailout. With Girls Gone Wild bankrupt and Playboy being a franchise in decline (well, all media centered around a magazine are hurting) you gotta wonder about the future of the soft core industry. How will GGW get out of this chapter 11 restructuring? With Mardi Gras beads and t-shirts? The corporation claims that it’ll be business as usual with Girls Gone Wild bankrupt in chapter 11. After all this isn’t chapter 13 bankruptcy- that’s liquidation. This is chapter 11, which revolves around restructuring and protection from creditors. Founder Joe Francis and his spokespeople don’t seem worried. Francis is divested from the company and has weathered his own self-inflicted financial storms before. From Salon: Although no longer owned by Francis, at least one of the company’s major debts is a $10.3 million defamation settlement that Francis personally owed to Las Vegas casino owner Steve Wynn. After incurring more than $2 million in gambling losses, Francis told tabloid site TMZ that Wynn had threatened to kill him after he failed to pay up: “Wynn threatened to kill me. He said he would hit me in the back of the head with a shovel and bury me in a hole in the desert,” he told cameras. A jury ruled that the soft-porn mogul’s false death threat allegations defamed Wynn, ordering Francis to pay $20 million in damages. In the past Francis plead guilty to exploiting minors and paid a fine of $500,000. He plead ‘no contest,’ and served a year in jail, for charges of child abuse and prostitution; which required a $1.5 million bond posting. He was once rumored to be dating Paris Hilton, how fitting. And yeah, he’s a real stand-up guy you’d like to bring home to meet your parents. And I’m sure everyone is rooting for GGW to pull themselves out of this one Paul M. Banks is CEO of The Sports Bank.net, a Google News site generating millions of unique visitors. He’s also a regular contributor to Chicago Now, Walter Football.com, Yardbarker, and Fox Sports A Fulbright scholar, published author and MBA, Banks has appeared on live radio all over the world; he’s also a member of the Football Writers Association of America, U.S. Basketball Writers Association, and Society of Professional Journalists. The President of the United States follows him on Twitter (@Paul_M_BanksTSB) You should too The post Girls Gone Wild bankrupt, but restructuring, not liquidating appeared first on The Sports Bank.Net.
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