Published: Thursday - January 19, 2006
Words by Allen Starbury
Dave Mays (Photo: BallerStatus (file))
Eighteen years after founding what many have dubbed the Hip-Hop Bible, David Mays and longtime partner Raymond "Benzino" Scott have been pushed out of The Source by the new board of directors.
According to the New York Post, four of the six board members voted out the duo last week, but it was postponed when Mays and Scott filed for a temporary restraining order to block the vote while they prepared a lawsuit against the new board.
This week, a judge lifted the restraining order and a majority vote by the board members was reinstated firing both Mays and Scott from their positions and appointing Jeremy Miller to server a new chief officer of The Source Entertainment, Inc.
Reports state that Miller, who had previously resigned from his position as chief operating officer at The Source in 2004, worked for the magazine for fourteen years before leaving to start his own, called Down.
The board of directors began four years ago, when Black Enterprise Greenwich Street Corporate Growth Partners, a private-equity firm controlled by the Graves family, made a $12 million investment in the magazine.
The new board includes Earl "Butch" Graves Jr., the CEO of Black Enterprise, Ivan Hopkins, Jeffrey Scott and Ed Williams, who are part of the investment firm, according to the NY Post.
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