Author Topic: Judge Rules In Favor Of Black Enterprise, The Source Gets New Owners (Read 229 times)

Mr. Humonculous · « **on:** March 23, 2006, 06:44:48 PM »

Judge Rules In Favor Of Black Enterprise, The Source Gets New Owners
By Christine S. Kim

A final decision has been made by the Supreme Court of the State of New York in favor of the takeover of The Source magazine by Black Enterprise/Greenwich Street Corporate Growth Partners.

As of today (March 23), Textron Financial, the company's senior leader, is free to sell the portion of the company that Dave Mays owns.

In his ruling, Judge Richard B. Lowe III stated that "the contracts and agreements are clear, unequivocal and unambiguous and should be enforced."

According to the ruling, Mays willingly signed contracts giving BE/Greenwich Street Partners the right to take control if he defaulted on debt obligations. By not fulfilling these obligations Mays lost control of the company and along with full ownership.

"Mays and Raymond 'Benzino' Scott have consistently made false statements over the last two months about their continuing control of The Source," said Jeremy Miller, President and CEO of The Source magazine. "These rumors and lies have been and continue to be false. We are looking forward to finally being able to move forward without distractions."

In the April issue that will hit newsstands next week, The Source will exclusively explain exactly why Mays and Benzino were ousted.

Mays has the right take the ruling to trial, but his remaining shares would still be auctioned off.

http://www.allhiphop.com/hiphopnews/?ID=5492

jeromechickenbone · « **Reply #1 on:** March 23, 2006, 06:59:42 PM »

Thats pretty good news. The Source has a serious problem in that they don't have a lot credibility anymore, which is rule #1 in being a news magazine. There was a time that The Source truly was a worthwhile magazine. Be interesting to see if they can steer clear of all that corrupt bullshit music industry politics and make it decent again.

africas seed · « **Reply #2 on:** March 23, 2006, 07:23:21 PM »

^^^ true. good news for hip hop

Trauma-san · « **Reply #3 on:** March 23, 2006, 08:57:13 PM »

Yeah, nothing but good can come out of this. Plus, I always felt Benzino was a bitch. Everything about him says "Bitch".

KURUPTION-81 · « **Reply #4 on:** March 24, 2006, 10:24:50 AM »

so glad benzino is out of there.

Leggy Hendrix · « **Reply #5 on:** March 24, 2006, 02:28:46 PM »

im glad to see this...Benzino and Dave Mays took shit too far and ruined the reputation of the one-time best hip hop publication around...hopefully the magazine can now return to its former self and go some way towards rebuilding its fanbase and credibility...