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who didn't see this coming from a mile away?

TREWTREW 2,037 Posts
edited July 2006 in Strut Central
from SOHH.com: You can own the Source and fire BenzinoThe Source Magazine is going up for sale today (July 27) to the highest bidder.A rep for the magazine confirmed to SOHH.com that an auction selling shares of the magazine is currently in progress. As SOHH previously reported, Textron Financial Corp. has been attempting to sell former Source publisher Dave Mays' 82% shares in the hip-hop publication since Mays has failed to repay $18 million dollars loaned by them in 2002. Previous attempts to schedule auctions for the sale of the magazine were postponed.In related news, The Source could end up in the hands of Complex Media, part of Marc Ecko Enterprises. Last month, an Ecko rep confirmed that the company is interested in purchasing the shares up for sale. Ecko currently owns Ecko Unltd. Clothing, G-Unit Clothing, Zoo York, Avirex and Complex Magazine.While Textron does control the 82% shares formally owned by Mays, the Black Enterprise Private Equity Fund, backed by Earl Graves, Sr. and Citigroup, own the remaining 18% of The Source. That fund loaned $17 million to The Source in 2002.The Source's new board of directors ousted the Mays and magazine president Raymond "Benzino" Scott back in January after serious concerns were raised about the magazine's leadership based on ongoing legal troubles including the failure to repay their debts.

  Comments

  • JimBeamJimBeam Seattle. 2,012 Posts
    The Source's new board of directors ousted the Mays and magazine president Raymond "Benzino" Scott back in January after serious concerns were raised about the magazine's leadership based on ongoing legal troubles including the failure to repay their debts.

    Well... that AND their tendency to wave guns around in the office...
  • batmonbatmon 27,574 Posts
    They should shut down shop. Its been a wrap a long time ago. Who reads this shit anymore. Do cats actually think their "voice" is relevant anymore? Anyone trying to ressurrect this mag is wasting their time and money. Retire gracefully and walk off into the sunset.
  • Mike_BellMike_Bell 5,736 Posts
    The Source haven't been about anything since 1997.
  • BsidesBsides 4,244 Posts
    They should shut down shop. Its been a wrap a long time ago. Who reads this shit anymore. Do cats actually think their "voice" is relevant anymore? Anyone trying to ressurrect this mag is wasting their time and money. Retire gracefully and walk off into the sunset.
  • DJ_EnkiDJ_Enki 6,471 Posts
    Nah, whoever buys it should make one issue before shutting down: the Fuck Benzino issue wherein they proceed to tell all the dirt about his shady office politics and then take a well-justified dump on his recorded output.
  • wooshiewooshie 490 Posts
    If I saw that motherfucker in the street I'd hit him with a brick!

    retire gracefully? they need to be put out of their misery.
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