By: SoundSlam
Published: Jan. 19, 2006 - New York, NY

Dave Mays and Jon Schecter started The Source while dually serving as students at Harvard. Likewise, Raymond “Benzino” Scott jumped on board as a shareholder and co-owner in the mid-1990s. Now, both Mays and Scott may be on the verge of official removal from the publication that proudly touts itself as “The Hip-Hop Bible”.

Mays and Scott sought out a court-ordered temporary restraining order last week on January 12th when word surfaced that the magazine’s board members were looking to displace the two from the company. The board members believe unanimously that Mays and Scott are ruining The Source’s once unshakeable credibility, and that the magazine’s financial and managerial operations have run amuck in recent years.

Additionally, the temporary restraining order that the company co-owners sought out has since expired. Judge Gerald Escala lifted the TRO yesterday against the four board members Earl Graves, Jr., Jeffrey Scott, Ed A. Williams and Ivan Hopkins. Even more, the board members’ attorney has reported that Mays was being officially terminated.

When financial obstacles plagued the magazine, it was The Black Enterprise/Greenwich Street Fund that invested $12 million in return for seats on the company’s board of directors. The same group helped establish and authorize an $18 million dollar loan from Textron Financial Corporation.

The initial reports indicate that Jeremy Miller, the former Chief Operating Officer of The Source and current head of Down magazine, will take the helm of “The Hip-Hop Bible” as CEO. Additional questions and concerns revolve around how the transfer of power might affect the working conditions, the editorial staff, the possibility of a hiatus for reorganization and so on.

SoundSlam will continue to cover the latest turn of events.