The New York State Supreme Court made the final decision regarding the ousting of Dave Mays from the magazine he helped create. The court ruled in favor of Black Enterprise/Greenwich Street Corporate Growth Partners. As of yesterday, Textron Financial is free to sell the shares once belonging to Dave Mays before he defaulted on his loan.
When in need of capital, Mays signed contracts giving Black Enterprise/Greenwich Street Partners the right to take control if he defaulted on said debt. Judge Richard B. Lowe III said that “the contracts and agreements are clear, unequivocal and unambiguous and should be enforced.”
“Mays and Raymond ‘Benzino’ Scott have consistently made false statements over the last two months about their continuing control of The Source. These rumors and lies have been and continue to be false. We are looking forward to finally being able to move forward without distractions,” said new President and CEO Jeremy Miller. Look for all the dirty details in next month
