Mays & Benzino Fired!!!

posted January 19, 2006 12:00:00 AM CST | 0 comments

About a week and a half ago the Board of Directors at The Source Entertainment Inc moved to have co-founder Dave Mays and fake founder Ray Benzino removed from the company.

After they filing a restraining order against the four board members seeking their dismissal, a New Jersey Judge ruled in favor of the Board on January 18.

With that, the pair is officially fired from the once great hip-hop magazine. According to the Board, Mays and Scott could not continue their series of financial recklessness and negligence.

A few years back, The Black Enterprise/Greenwich Street Fund invested $12 million in The Source who was in need of a cash injection.

Black Enterprise received a minority stake and seats on the company's board of directors in return.

In addition to their investment, they also aided Mays in getting an $18 million loan from Textron Financial which the The Source then defaulted on.

Im sure this wont be the last we hear of this, stay tuned

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