The infamous company behind the “Girls Gone Wild” franchise has finally lost its pull on the pornography market and have filed for bankruptcy as of about…a day ago. Or have they?

The company that made “Girls Gone Wild” famous, GGW Brands LLC (yes, it nameditself company after the films it made) filed for Chapter 11 late Wednesday afternoon in Los Angeles…but with $16 million in disputed claims. Wait…what?

In case you have no idea what disputed claims are, they happen when the person who owes money and the person who is owed money don’t agree on the numbers presented. In this case, $10 million of the disputed claim is GGW fighting against Wynn Resorts Limited, a pretty big casino and hotel. Wynn says that Joe Francis, the founder of Girls Gone Wild, owes more than $10 million in a gambling debt to the casino and the founder of said casino, Steve Wynn.

I can understand a couple thousand, you know… it’s easy to drop money at a casino, and it’s easy to drop it in large amounts. But what the HELL, Joe? How did you seriously drop TEN MILLION DOLLARS at a single casino? And what the HELL, Wynn? How could you LET him? That gigantic figure doesn’t even include the $19 million that Wynn won when he sued Francis for slander last year. Francis claimed some crap about Wynn threatening to kill him over the debt he owed and lost like the miserable, poor soul he is.

Our buddy Joe isn’t even involved with “Girls Gone Wild” anymore, and the poor company is still getting screwed for his dumb actions at some casino. GGW’s actually going strong in several areas, including in their magazine and events subsidiaries, so don’t worry, gentlemen. Your boobie flashes aren’t going anywhere just yet.

“‘Girls Gone Wild‘ remains strong as a company and strong financially,” said the company’s new CEO in a statement. “The only reason ‘Girls Gone Wild‘ has elected to file for this reorganization is to re-structure its frivolous and burdensome legal affairs.”

This move isn’t uncommon, as American Airlines and GM have done the same thing to get all of their crap in order so they can start making money again. Usually when a company files bankruptcy, other judgments in other courts for collection cease. Basically, this means Wynn is screwed out of his $10 million, at least for now.

But you know how I said only $10 million is from Wynn, and GGW filed for some $16 million in disputed claims? Yeah, $5.8 million of that is a settlement that some chick won last year against Francis in court. The woman sued Francis, when he still owned the company, when she found out that she had been featured on a DVD when her roommate lifted her top and flashed her breasts for a very happy camera. Francis is busy trying to hide his piss-poor move and is disputing this claim in court.

Even if GGW has to pay out the $16 million, it’ll still be around for their next round of tits and tonic coming to a bar near you. It’s even planning on a new series here soon, but I won’t spoil the details of that for you (especially since no details have been released, and I really can’t spoil it for you at all).

[Image via Flickr/lewisha1990]