On May 4, Source magazine founder Dave Mays filed for bankruptcy protection, which temporarily holds off the auction sale of his stock in the publication. Mays lost control of the magazine after defaulting on an $18 million loan from Textron Financial.
In a March court ruling, Mays was found to have willingly signed contracts giving Black Enterprise/Greenwich Street Partners authority to take control if he defaulted on debt obligations. After Mays and his partner Ray "Benzino" Scott were forced out, Black Enterprise appointed former editor Jeremy Miller to the position of CEO of The Source.
Miller has said, "I hope the person who purchases The Source will keep the magazine as is, because we're on the right track to progress and get the magazine back to where it used to be.”
In a March court ruling, Mays was found to have willingly signed contracts giving Black Enterprise/Greenwich Street Partners authority to take control if he defaulted on debt obligations. After Mays and his partner Ray "Benzino" Scott were forced out, Black Enterprise appointed former editor Jeremy Miller to the position of CEO of The Source.
Miller has said, "I hope the person who purchases The Source will keep the magazine as is, because we're on the right track to progress and get the magazine back to where it used to be.”
