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Hip-Hop News: Black Enterprise Gains Full Ownership of 'Hip Hop Bible'
The Source's previous owners Mays and Benzino have been ousted by Black Enterprise Executives.
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Posted by Dave
Rap News Network
3/23/2006 4:05:53 PM

Tags and topics realted to this article include Benzino. Hip Hop, Rap, Business and Law.

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.

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