Could it be that the market for the 'soft porn' industry has taken a downturn, enough so that Joe Francis, Owner/Producer of the 'Girl Gone Wild' videos has had to file for bankruptcy? Not hardly!

Most everyone knows who Joe Francis is. At the very least you might be familiar with the 'Girls Gone Wild' infomercials that run on late night TV. You know, the videos where some guys videotape intoxicated girls taking their clothes off during college spring break, and then take the footage, produce videos, and make millions of dollars from it.

Well, when you run the in the circles of Francis, you're bound to run into trouble once in a while--and you better believe he's had lots of it including jail time. But his trouble this time comes by the name of Steve Wynn, a casino mogul who claims that Francis owes him a lot of money, and he wants it back.

But the troubles for Francis doesn't stop there. ABC news has the exclusive: