The parent company of porn proprietor Joe Francis's "Girls Gone Wild" franchise has declared bankruptcy in federal court in California. GGW Brands LLC has assets of less than $50,000 and owes creditors more than $16 million, according to court documents filed this week.
What that means for Tamarra Favazza, a St. Louis woman who won a $5.7 million judgment against Francis last summer is unclear. Though it will likely make it even more difficult to collect the sum. Last year, Favazza complained in federal court in St. Louis that Francis was hiding his assets to avoid the paying the judgment.
In the federal complaint filed last June, Favazza's attorneys argue that Francis has created multiple alter egos and shell companies in an attempt to fraudulently transfer assets and evade creditors. What's more, they say Francis is loaded and not the pauper he claims to be. Among his assets hidden away, says Favazza's lawyers, are:
- a $2 million jet that seats 22 people
- a $10 million house in Bel Air, California
- a $30 million beachfront mansion in Punta Mita, Mexico
- one or more vehicles valued at more than $100,000
