The source fires mays and benzino, 'bout damn time Options

[fameONE]

New Jersey Superior Court Judge lifted the Temporary Restraining Order (TRO) granted to The Source founders David Mays and Ray "Benzino" Scott yesterday (Jan. 18), allowing board members of The Source Entertainment Inc. to oust the two from the company.

Mays and Scott filed for a temporary restraining order on Jan. 12, after four of the six board members agreed to terminate the pair from the magazine.

Board members said "Mays and Scott could not continue their series of financial recklessness and negligence" that was hurting The Source's investors, vendors, subscribers and readers and called for their immediate termination.

Yesterday, Judge Gerald Escala lifted the TRO against Ed. A. Williams, Earl Graves, Jr., Ivan Hopkins and Jeffery Scott.

An attorney representing the board members said Mays had been officially "terminated" from the company.

According to reports, the two are plotting a legal strategy in New Jersey in an attempt to stop the board from seizing the company.

The Black Enterprise/Greenwich Street Fund invested $12 million in The Source in return for a minority stake and seats on the company's board of directors.

Representatives for The Black Enterprise/Greenwich Street Fund also helped secure an $18 million loan from Textron Financial Corp. for the magazine.

In Oct. 2005, Textron asked The Source to be placed into receivership after the company defaulted on the loan, but the bid was rejected.

The New York Post reported that Jeremy Miller, former Chief Operating Officer of the company, will take the role of CEO.

Mays could not be reached for comment as of press time.

Discuss.

Personally, I'm happy. Finally, The Source can be restored to hiphop suprememcy delivering an unbiased and well rounded outlook on the genre.

YO MAYS AND BENZINO: U ???!!!

[*mzkandi*]

I stop reading The Source, maybe now I can go back to it. It's all about that XXL for me at moment.

[fameONE]

I stop reading The Source, maybe now I can go back to it. It's all about that XXL for me at moment.

Have you noticed that XXL is slowly getting 'worse'? I had a subscription last year and the other day I got bored and read last January's issue. It was so... different. Compare the December 05 issue of XXL to the December 05 issue of The Source. Striking similarities.

[*mzkandi*]

Have you noticed that XXL is slowly getting 'worse'? I had a subscription last year and the other day I got bored and read last January's issue. It was so... different. Compare the December 05 issue of XXL to the December 05 issue of The Source. Striking similarities. 

Oh...YESS....I've noticed. A girlfriend and I were dicussing that a while back because she made a comment that she didnt think my suscription to XXL was worth it.

Speaking of which, I read this a little while ago

It's surprising to me the non-reaction I get from my friends, other writers, and readers of this blog when I tell them I'm devoting a week of Media Chin-Check to XXL Magazine. Hip-hop media icons like BET, The Source, and Hot 97 invoke responses from people that vary between "they suck" and "I love them."

XXL gets a yawn. Why is that?

The answer - they have a weak brand. Despite being around almost a decade and being the top selling magazine, Hip-hop has no emotional connection with XXL.

We don't hate them, and we don't care for them either.


And why should we? They've never given us anything special except exclusive interviews with Eminem and 50 Cent. That's what their popularity is based on, and Elliott Wilson, the editor-in-chief has even said that himself.

XXL couldn't break an artist, in any sense of the word. (Compare / contrast that with hip-hop bloggers and how they helped give M.I.A. shine and got some people at Hot 97 fired.)

Ultimately this XXL week was a waste of time. I had some more heat planned for them that I may release later, but until then I'll fall back and play my position.

http://blogs.sohh.com/media_check/archives...agazine_no.html