For those that prayed and prayed for the downfall of Dave Mays and Benzino… keep praying. Today a New York Supreme Court judge ruled in favor of Zino and Mays, allowing the pair to keep their majority share in the company.
Mays and Benzino filed an injunction several weeks ago, alleging that Black Enterprise is trying to steal The Source from them. Between the two, they own 82 percent of the magazine.
Mays has requested that the court enjoin the Black Enterprise fund from trying to illegally seize control of The Source’s board of directors and improperly dispose of the company’s assets.
In a statement released today, Dave Mays said he initially believed that the partnership with Black Enterprise would be fruitful. He also seemed dismayed at the recent turn of events.
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“When I signed the deal to sell 18 of our company to Black Enterprise
four years ago,” said David Mays, co-founder and CEO of The Source, “I had a vision for a partnership that would prosper. Its sad that our partners
at Black Enterprise appear to have gone behind our backs and acted in such
bad faith. My partner and I have been together 20 years and we have worked
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hard and made a lot of sacrifices in building our company from a newsletter
in Boston, to America’s #1 selling music magazine on newsstands, and now a
global brand that is recognized by Hip-Hop fans in over 40 countries
around the world. Printing ‘Benzino-Free’ on the cover of the magazine was not
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only unprofessional and in poor taste on Black Enterprise’s part but it
looks like it was a little premature.”
Benzino, never one to be short on words, surprisingly had little to say about the decision.
“I am very happy with today’s decision,” he said.
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Stay tuned to Hip Hop DX as we bring you this story as it develops.
