Business, Finance & Economics

'Girls Gone Wild' bankrupt

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'Girls Gone Wild' founder Joe Francis presents an award during the 29th annual Adult Video News Awards Show at The Joint inside the Hard Rock Hotel & Casino January 21, 2012 in Las Vegas, Nevada.

Credit:

Ethan Miller

Girls Gone Wild founder Joe Francis has put his empire of naked drunk girl footage into bankruptcy protection, the Wall Street Journal reported. He's getting sued, but not by the young women whom he's creeped on with a camera. Instead, he's been facing a multimillion-dollar lawsuit from Las Vegas resort owner Steve Wynn, who charges that Francis failed to pay a $2 million gambling debt to the hotel during a 2007 trip.

But that debt has ballooned as Wynn started going after Francis in court.

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In September, Wynn  won a $20 million lawsuit against Francis for slander after he claimed the Las Vegas casino mogul threatened to kill him over the debt.

The bankruptcy case doesn't actually mention the lawsuit,  Bloomberg news reported. But the bankruptcy filing prevents Wynn from collecting the debt and will make a bankruptcy judge the new referee in the litigation, the WSJ explains. The company said it had about $16.3 million in debt and less than $50,000 in assets.