'Girls Gone Wild' Files for Bankruptcy

The story behind the man who created an empire off of spring break debauchery.
6:04 | 03/04/13

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Transcript for 'Girls Gone Wild' Files for Bankruptcy
Well not since the invention of the frozen Margarita -- a business model taken advantage of spring break in such an eye opening way. Girls gone wild took these skin flashing antics of judgment challenge co -- Capture them on video and then sold them on late night infomercials. The idea enough to create a multi million dollar empire but that franchise recently filed. For Chapter Eleven bankruptcy thanks in part -- the very expensive legal battles of the man behind the debauchery. Here's ABC's nick -- Joseph Francis is looking like -- He made millions with his young women in these. Cameras Joseph -- suspended -- and girls gone walk and which just filed for bankruptcy in an LA courtroom why. Because Vegas big -- Steve -- wanted to 500 richest man on our planet wants is money thank god it. And Joseph Francis this smut peddler whose Steve -- casino owner a -- thirteen million dollars. -- cold -- seen it is an understatement the guys -- over two billion he's mister Vegas and beyond demand. It's a wild west -- truly stranger than fiction a five year legal clash of the titans complete with what a jury -- to be false accusations. Of -- merger. They. It's stated that he was gonna get hit me in the back of the head with a shovel and bury me in the desert. It's hard to believe. That anybody sitting in that room. Could come to any other conclusion. Than Joseph Francis is a liar the Joseph Francis of desperate out of vicious -- Joseph Francis who lives that private jet and Bel Air mansion kind of lifestyle is no stranger. In the house and number of women featured in the films Pepsi cola and old have lost. Last year a woman from Saint Louis won five point 77 million dollars she claimed a contractor working for a company controlled by girls gone wild. -- -- -- -- Exposing her friends. Francis has in the past also pled guilty to filing false returns and bribery but Joseph Francis troubles that Steve Wynn began back in two -- seven. But and Francis and a network. Over a hundred million bucks off the back of girls gone wild their basic and knows that have young women who are -- Drinking alcohol flash -- of their bodies and clubs at parties and on the we go out. And we -- girls going wild. Taylor today -- seven Francis apparently racked up two million dollar gambling debt -- wins amendments Vegas hot spots. And didn't pay up the following year a court ordered Francis. He still passed then came the warm words San Francis is claimant to doesn't end -- -- mutual -- music producer Quincy Jones. Have told him that Steve Wynn had emailed Jones saying win wanted to. -- -- -- I was afraid for my life he made it very clear that he wanted to kill he -- you murder people. A big part of -- Genovese crime. Steve -- sued for defamation Quincy Jones music legend who worked with Frank Sinatra who produced. That same Quincy Jones took the stand. First describing wins -- France's dynamic. My withdrawal. I understood -- Throne room and in a moment road. And -- at crucial question did you ever hear. Steve -- Threatened to kill Joseph Francis. No absolutely not. And Jones testifies he never sold any such an email for Joseph Francis game over. The jury finds process slandered win and -- eventually is awarded nineteen million dollars in damages Francis is appealing. But differences is a -- he once spent 339. Days in jail on seventy or so charges relating. To a girls gone wild mission to Panama City, Florida. They didn't want tan. And -- was so there's -- -- issue and basically. Our community. In two with the editor -- soft porn movie. They are very good. At giving young people who. Or perhaps have -- to do things that or. At best risk. Or more appropriately. Just illegal and ST. France has won the legal right to shoot in the city but the -- -- katic. -- -- -- Eventually a judge threw -- all eight of the charges Bronx has pled no contest. Charges that the cameraman filmed 217 year old women performing sex in -- -- -- just illegal convenience Francis told us that the time. I am a 100% innocent. Anything. That I just what that Francis says the girls lied about their -- and signed release forms and anyway prices claims he wasn't even there. Back then and to detonate Francis told Nightline he doesn't have a problem paying Lowell. Here's how he -- had a problem being an easy target have a public being a likable person. That lawyers think I'll get this guy in front of the jury and -- people being jealous of him process hasn't declared personal background. -- and girls gone wild is still in existence that website still they aren't. Steve -- representatives. Say the corporate bankruptcy twist makes no difference today. They are still chasing their money. Against Francis Preston and -- wild west saga. Goes on and -- -- for Nightline in Los Angeles.

This transcript has been automatically generated and may not be 100% accurate.

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