Girls Gone Wild created by Joe Francis is filing for Chapter 11 reorganization, but good ‘ole Joe wants us all to know — he’s not going broke.
The entrepreneur became a multimillionaire by getting girls to flash their boobs and he now lives in a $30 million mansion near Puerto Vallarta, Mexico and has at least one private jet along with many other adult toys.
But Joe tells us he had to clean up some out legal stuff with Girls Gone Wild saying his company’s filing is no different than American Airlines and General Motors, both of which have filed for Chapter 11 bankruptcy.
GGW released a statement to RumorFix saying, “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.”
Translation: the Steven Wynn lawsuit.
We’ve been told that the bankruptcy filing is not going to affect Girls Gone Wild’s domestic or international operations and — as we said — Joe’s wallet.