(NEWSER– In what may be a perfect example of "what goes around comes around," Girls Gone Wild has filed for bankruptcy. Founder Joe Francis put his 16-year-old empire under bankruptcy protection yesterday in an effort to keep Las Vegas resort owner Steve Wynn from grabbing any of those assets, the Wall Street Journal reports.

Francis owes Wynn millions for slandering him, and that was after he racked up a $2 million gambling debt in 2007. In total, the company's $10.3 million debt to Wynn was listed as its biggest; all told, it says it has roughly $16.3 million in debt and less than $50,000 in assets, reports Bloomberg.

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