Miss Universe firm — led by a man who pretends to be a woman — files for bankruptcy just days before competition

The Thai firm that owns the Miss Universe Organization has filed for bankruptcy just days before the 2023 competition is set to begin.

About a year ago, media company JKN Global Group purchased the Miss Universe Organization for $20 million. At the time, JKN CEO Anne Jakapong Jakrajutatip, a 44-year-old man who purports to be a woman, promised extensive changes to the organization to make it more inclusive.

"We are incredibly honored to be acquiring the Miss Universe Organization and working with its visionary leadership team," Jakrajutatip said in a statement at the time. "... We seek not only to continue its legacy of providing a platform to passionate individuals from diverse backgrounds, cultures, and traditions, but also to evolve the brand for the next generation."

"The Miss Universe Organization is an international, inclusive organization that celebrates women of all backgrounds, cultures, and traditions, and exists to advocate for a future forged by women and good for all," a JKN press release added.

However, JKN has struggled financially ever since the acquisition. The price of its shares has fallen 80% over the last year, the BBC reported, and the company missed a hefty $12 million payment on September 1.

On Thursday, JKN submitted a petition for "business rehabilitation" to a bankruptcy court in Thailand, claiming that it had a "liquidity problem." The court ultimately granted the petition.

Still, as CNN noted, filing for bankruptcy does not necessarily mean that a company is on the brink of financial collapse. "Many major firms have used bankruptcy filings as a tool to shed debt and costs they can no longer afford," the outlet explained.

A statement on the JKN website confirmed that the 2023 Miss Universe pageant will go on this Saturday in El Salvador as scheduled. "In response to the recent news, JKN Global Group has recently announced its strategic corporate financial management plan to cope with the current financial situation. We are confident that the new plan will support all of the company's business operations, including Miss Universe," the statement claimed.

"A top notch experience provided to our fans will remain our top priorities."

This year's pageant will feature two male contestants posing as female: Marina Machete, representing Portugal, and Rikkie Valerie Kolle, representing the Netherlands. Spain had a male representative named Ángela Ponce at the 2018 Miss Universe pageant, but he did not qualify for the finals.

Between Ponce, Machete, Krolle, and Jakrajutatip, so-called trans-identifying men continue to infiltrate renowned international beauty competitions that, until recently, were the exclusive province of women. "Trans women are women, full stop," the Miss Universe Organization said last month. "We are here to celebrate women, full stop. This has been true for more than a decade, and we’re proud to have made this change very early on, compared to other programs."

This year's pageant is also open to married women and women who are mothers.

Jakrajutatip has been described as "the first woman owner of the Miss Universe Organization." He has also described himself as a "mom of two." "I'm always woman," he once said in a video. He claimed he plans to tell his children, "Mommy was a man before."

The Craziest Video You'll See Today: New Owner of Miss Universe's Speech | DM CLIPS | Rubin Report

Former President Donald Trump ran the Miss Universe Organization from 1996 until 2015.

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