Via 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]

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