14 DAY TRIAL // Joe Francis and his Girls Gone Wild empire are in some financial trouble, it has emerged: Francis has filed bankruptcy papers for GGW but he insists that it’s just a technicality until they manage to come up with a plan.
“Lawyers for GGW filed docs yesterday in U.S. Bankruptcy Court, which gives the company protection from creditors while it comes up with a plan to handle all its debts,” TMZ writes.
“According to the docs, there are 3 subsidiaries of GGW filing for Chapter 11 – GGW Magazine, GGW Events, and GGW Direct,” the same media outlet says.
In the documents, Francis argues, through his lawyers, that the move isn’t something that other major companies have not done before. But business will be as usual, he adds.
On the same note, his personal wealth is not affected by the filing for Chapter 11. You know, just in case there still were some people out there who didn’t utterly hate him – Francis is one of the most controversial figures in showbiz, and that includes the industry niche he’s working in.