Dave Mays and Benzino Loses The Source

Judge Richard B. Lowe III on Friday March 24, made a ruling denying both Mays' and Benzino's request to regain control of the magazine.

"The contracts and agreements are clear, unequivocal and unambiguous and should be enforced," said Judge Lowe in court. "Mays willingly signed these contracts giving BE/Greenwich Street Fund the right to take control if he defaulted on debt obligations. By not fulfilling these obligations David Mays has lost control of the company and will lose all ownership."

The Source has had problems with both circulation and advertising in recent years. Troubles for the magazine became public after defaulting on an $18 million loan from Textron Financial Corp.

"Mays and Raymond "Benzino" Scott have consistently made false statements over the last two months about their continuing control of The Source," said Jeremy Miller, President and CEO of The Source magazine. "These rumors and lies have been and continue to be false. We are looking forward to finally being able to move forward without distractions."

"We're on a mission to win back both readers and advertisers," Miller said. "We're going to cover the hip-hop scene from a neutral but still hard-hitting point of view."