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Girls Gone Wild Files Chapter 11 Bankruptcy

Girls Gone Wild, the notorious company behind strategic fleshy camera shots of women's breasts, is suffering from today's economic conditions and several civil disputes. The organization filed for Chapter 11 Bankruptcy on Wednesday, February 27, 2013.

Girls Gone Wild founder Joe Francis offered an official statement regarding the company's "frivolous and burdensome legal affairs" citing the need for his company to "reorganize." The filing is hot on the fire of several very high profile lawsuits involving multimillion dollar debts, the responsibility to pay out many legal awards, and other financial issues. Insiders have suggested after Francis pays the required $13 million dollars in jury awards and $2 million dollars in legal debts, his assets will be below $50,000 dollars. And Francis still owes Steve Wynn, Las Vegas casino magnate over $10 million dollars for a gambling debt and $7.5 million dollar slander award. Additionally, many women featured in the Girls Gone Wild videos have filed suit for the use of their image and exposed forms in the alcohol fueled parties, clubs, events, or intimate moments caught on camera.

Ouch.

The good news is the bankruptcy filing will protect the Girls Gone Wild Magazine and Girls Gone Wild Events so that they can still operate unaffected by the legal proceedings.

The company's videos feature college-age women drinking, exposing themselves or having sex, usually at parties, clubs and events. The organization quipped regarding the ruling: "Just like American Airlines and General Motors, it will be business as usual for Girls Gone Wild."

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