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The Source vs. Black Enterprise

Date: Thursday, February 16, 2006
By: EURweb.com

Dave Mays, founder of The Source magazine, has filed a multimillion dollar lawsuit against the Black Enterprise Greenwich Street private equity fund, claiming that members attempted to steal the hip hop publication and illegally fired Mays as its CEO. In the lawsuit, Mays alleges intentional, malicious and bad faith conduct in an attempt to seize control of the magazine, which owed backer Textron Financial Corp. $18 million dollars in defaulted loans.

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Mays, who started The Source in 1988 from his Harvard University dorm room, said in a statement: “Since I started this magazine 18 years ago, I have always placed the best interests of my readers first, and I built a vibrant business by earning the trust and loyalty of millions of Hip-Hop fans across the world. I did this by always making sure that The Source’s editorial voice was unbiased and independent of commercial influences, standing strong in the face of Hip-Hop’s detractors and never bowing down to corporate or advertiser pressures.

“It is truly sad to see that my ‘partners’ at Black Enterprise appear to have gone behind my back and chosen to blatantly undermine the editorial integrity of the Hip-Hop community’s only independently-owned media voice, selling our readership out to corrupt big-corporate interests for their own selfish financial gain.”

The Source co-founder, Ray “Benzino” Scott, adds: “[Black Enterprise’s] scheme to steal our magazine is probably fueled by their desire to add it to their own struggling publishing operation [Black Enterprise magazine, which] I believe has not been nearly as profitable for them in recent years as it once was.”

Both parties are due in New York State Supreme Court on Feb. 21.


Posted by loni on 02/20 at 08:29 AM in News

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