12-28-2009, 12:05 PM
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Purveyor, Fine Asian Porn
Industry Role:
Join Date: Jul 2004
Location: San Francisco Bay Area
Posts: 38,323
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Quote:
Joe Francis, the entrepreneur behind the deplorable Girls Gone Wild videos, filed for bankruptcy due to the IRS? withdrawal of $100 million dollars and tax levy of $33 million more.
The shock wasn?t due to the bankruptcy bombshell, or that Joe Francis had become ensnared in legal woes?he has more than he can afford to keep track of. The shocking part was that Joe Francis had made enough money over the course of three years?three pivotal years for Girls Gone Wild, 2001, 2002 and 2003. These three unpaid tax years totaled 133 million in taxes, the tip of the iceberg on a stack of hundreds of millions more, all from exploiting vulnerable drunk ?wild? women.
The IRS withdrew $100 million from several different bank accounts, then placed a lien on the $33 million they are yet to procure. Joe Francis? decision to file for bankruptcy will delay the tax lien but will by no means erase it. Most tax debtors filing for bankruptcy file Chapter 13 bankruptcy that helps map out the debt over a five year repayment plan; Joe Francis quite obviously is not like most tax debtors and his 33 million dollar debt will be treated like the debt of a business, in a Chapter 11 bankruptcy.
The worst part for Joe Francis is that his tax debt would have gone unnoticed, or even rendered uncollectable as tax debt does after ten years, if not for his continued tax delinquency.
Joe Francis filed a fraudulent tax return with a comparatively negligent $250,000 penalty. Now his tax debt has him knee-deep in a hundred million dollar bankruptcy, a bit of karmic retribution for a repeat criminal offender.
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Not sure how Joe Francis is going to pay Steve Wynn back now... 
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