Joe Francis, Girls Gone Wild FounderLas Vegas, NV- The man who brought the world risqué videos of girls exposing their breasts and getting into naked and drunken mischief is now in financial trouble. Joe Francis owner of the “Girls Gone Wild” franchise filed for Chapter 11 bankruptcy protection yesterday in California.

In light of a multi-million dollar lawsuit owed to billionaire resort mogul Steve Wynn, Francis decided to enter his GGW Brands and related franchises into debt protection. In their filing, according to the Wall Street Journal, GWW LLC listed their debts at $10.3 million with assets totaling $50,000.

But fans of the soft porn franchise, which includes videos and magazines, won’t be deprived since the company intends to conduct business as usual and pointed out the bankruptcy filing wouldn’t affect Francis’s personal wealth.

Francis’s financial trouble started last year when a Nevada judges ordered him to pay Steve Wynn, billionaire owner of Wynn Resorts, $20 million for slander.

The dispute between Wynn and Francis began in 2007 when Francis racked up a $2 million gambling debt during a multiple-day binge.

In 2008, Wynn sued Francis in an attempt to recoup the gambling debt, which ignited a war between the two men. Following the lawsuit Francis accused Wynn of employing hookers and using deceptive practices to keep customers gambling, according to the Los Angeles Times.

Shortly after those comments, Wynn filed a defamation suit against Francis, but that wasn’t enough to silence the video mogul, instead it incited a bitter feud.

In a 2010 trial over the gambling debt, Francis told the court that Wynn threatened to kill him and bury his body in the desert in emails to music producer Quincy Jones, who is a mutual friend. Jones denied that Wynn threatened to kill Francis.

Francis repeated the claim to TMZ and Good Morning America, the Los Angeles Times reported. Those comments resulted in an additional defamation suit.

Francis was ordered to pay his gambling debt, and the first defamation suit resulted in a $7.5 million judgment. Last April, a judge hearing the second defamation suit awarded Wynn $20 million. It total Francis owes Wynn close to $30 million.

Once Wynn’s attorneys realized their collections tactics against Francis were futile, they shifted strategies and targeted GWW LLC, according to the Wall Street Journal.

In their lawsuit, Wynn’s attorneys wrote, “Wynn has confirmed what it has long suspected, namely that Francis has avoided Wynn’s collection efforts by, among other things, not taking any income and using accounts held by various entities that do business under his ‘Girls Gone Wild’ brand to pay all his personal expenses,” according  to the WSJ.

The Chapter 11 filing will essentially put a halt all of Wynn’s collection efforts, leaving the debt in the hands of a bankruptcy court judge. Often a bankruptcy filing can reduce settlement debts to pennies on the dollar.

This is not an unusual move for businesses or individuals facing debt from a large settlement. This is the same move Lenny Dykstra made when he declared bankruptcy last year.