Magazines

Bankruptcy For ‘Bible Of Hip-Hop’ Creditors

By Dylan on July 28, 2006 11:08 AM

source_benzino_free.jpgVia Keith Kelly:

July 28, 2006 — THE tortured tale of The Source, the embattled hip-hop magazine, wound its way into bankruptcy court yesterday. Three disgruntled creditors filed an involuntary Chapter 7 bankruptcy petition against the Source Enterprises Inc. which could force a liquidation sale. The filing derailed a plan by Textron financial, the Providence, R.I.-based investor that had loaned the Source’s former executive team of David Mays and Raymond “Benzino” Scott some $18 million, to finally extract itself from the troubled hip-hop operation.

JUST GOING FOR BROKE [NYP]

EARLIER: ‘CNN Of Hip-Hop’ To Relaunch

RELATED:

Comments
Share
MEDIABISTRO EVENTS

Get Social Media Marketing Secrets from Experts

Create a social media strategy, launch your campaign, and track the results in our Social Media Marketing Boot Camp starting February 16. The online event and workshop will feature speakers including The Onion‘s Baratunde Thurston (left), Facebook’s Morin Oluwole, and bitly’s Tim Devane. Register now.