Joe Francis, the founder of Girls Gone Wild, has filed for Chapter 11 bankruptcy seeking a reorganization of his holdings much like American Airlines and GM. Francis is in a long dispute with Steve Wynn, a casino mogul who has filed a lawsuit against Francis over a large sum on money.

The dispute is over $10.3 million dollars, which includes $2 million in gambling debts that were incurred in 2007. Another $7.5 million comes from a defamation of character suit won by Wynn after the Girls Gone Wild founder falsely accused Wynn of deceiving his customers. At Girls Gone Wild, it’s business as usual though, since the lawsuits filed are against Francis personally and not against GGW.

abcnews.com