I get why Larry Flynt is doing this, and like most of his stunts, I find it amusing. But he didn't need to partner up with Joe Francis, other than just to make himself look strangely classy by comparison.
Larry Flynt is just showing everyone how ridiculous these bailouts have gotten. He's not ACTUALLY asking for a bail out, just rubbing it off in everyones faces.
I hope to christ that's the truth. Maybe it's a little bit of both - he's making a joke with the actual (although slim) possibility of someone taking pity and giving him money.