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The Source Bankrupt? Hard Times for Legendary 'Zine
Posted by Administrator at Monday, May 7th, 2007 at 4:00PM :: Email this article :: Print this article



The Source Magazine and its affiliate Source Entertainment Inc. have reportedly filed for Chapter 11 bankruptcy. According to the Associated Press, the aforementioned parties filed for bankruptcy on April 27th, 2007 in the U.S. Bankruptcy Court in Manhattan claiming that dishonest business practices by former management has caused the magazine's advertisers to flee. Jeremy Miller, president and chief executive of Source Entertainment, said the company is struggling to recover from a cloud of negative publicity brought by former managers that misused company funds several years ago. Both Dave Mays and longtime president/rapper Raymond 'Benzino' Scott were fired after the magazine lost advertisers and newsstand sales. Former editor-in-chief Kim Osorio also successfully filed suit against The Source for sexual harassment and in November 2006 a judge would award her $8 million. This is not the first time The Source declared bankruptcy. Last July three creditors filed an involuntary Chapter 7 bankruptcy petition for Source Enterprises Inc. claiming the company owed them $562,693. Source Enterprises' bankruptcy was converted to Chapter 11 in September. One has to imagine it's only a matter of time before the magazine could disappear from newsstands completely. For more information on this developing story visit Yahoo! News, who we'd like to thank for their assistance with this article.

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