Source magazine co-owners Dave Mays and Ray “Benzino” Scott were awarded a temporary restraining order on Thursday (Feb. 23), which gives them a final window of opportunity to attempt to regain ownership of the magazine.
According to Allhiphop.com, New York Supreme Court Judge Richard B. Lowe III granted Mays and Benzino a temporary restraining order that blocked the auction of their stock in the company.
The pair still owns 82 percent of the publication, but the Black Enterprise Greenwich Street Fund, which seized 18 percent of the magazine and two seats on its board when they made a $12 million investment in the company in 2002, hopes to auction off the duo's shares as payment on the debt.
Last month, the Board of Directors voted to boot Mays and Benzino from their positions with the magazine and named former Source employee, Jeremy Miller, its new CEO.
According to Allhiphop.com, New York Supreme Court Judge Richard B. Lowe III granted Mays and Benzino a temporary restraining order that blocked the auction of their stock in the company.
The pair still owns 82 percent of the publication, but the Black Enterprise Greenwich Street Fund, which seized 18 percent of the magazine and two seats on its board when they made a $12 million investment in the company in 2002, hopes to auction off the duo's shares as payment on the debt.
Last month, the Board of Directors voted to boot Mays and Benzino from their positions with the magazine and named former Source employee, Jeremy Miller, its new CEO.
