Login



Sign up for TLA newsletter

Fill out your e-mail address
to receive our newsletter!
E-mail :

TLA's FEATURED ARTIST!





Urban Culture News The 'Bible of Hip Hop' Files for Bankruptcy
The 'Bible of Hip Hop' Files for Bankruptcy PDF Print E-mail
Written by Robert ID3644   
Wednesday, 02 May 2007 00:18

Hip Hop’s self proclaimed ‘bible of hip hop’, The Source Magazine, has filed for Chapter 11 bankruptcy after deceitful business practices by former management caused the hip-hop publications advertisers to flee, according to court papers in the U.S. Bankruptcy Court in Manhattan.

President and chief executive of Source Entertainment, Jeremy Miller, said that the company is struggling to recover from a cloud of negative publicity brought on by former managers that misused company funds several years ago. The company filed for bankruptcy Friday (April 27th) in the U.S. Bankruptcy Court in Manhattan.

The company has been "damaged by the wrongful business practices of the companies'' former management," Miller said in court documents.

David Mays founder of the ‘bible of hip hop’, The Source, and company president (and hip hop rap artist) Raymond "Benzino" Scott were fired in 2006 after the magazine lost significant support from advertisers. Sales of the hip hop publication fell off after The Source published a series of "unfavorable articles" about top hip hop and rap recording artists, including Interscope Records Inc. hip hop artists Eminem and 50 Cent.

The company also issued bad checks to former employees and creditors, and abruptly stopped sending magazines to some 140,000 subscribers. Several salaries were also paid to people who did not work for the New York Company, according to court papers.

 

Some of the top unsecured creditors of the company include printer Gould Paper Corp. and catalog publisher Quebecor World Inc.

Known in hip hop circles as "the bible of hip hop," The Source was once considered the top of the line of hip-hop publications.

LP Harrison III, an attorney for The Source, said the company plans to "exit bankruptcy as a reorganized entity."

 
Urban Culture News The 'Bible of Hip Hop' Files for Bankruptcy

"This site is dedicated to the legacy of Tupac Shakur and all the other souljahs who dare to struggle; alive & dead"

The layout, text and images on this website are protected by (c) Copyright and may not be used or reproduced without written consent of [email protected].
No copyright is implied or expressed towards any of the pictures on the site except site images owned by ThugLifeArmy.com . ‘Hot linking’ of our content (images, text, audio and video) is strictly prohibited by law.
If our news articles are used we expect source credit and a live return link to be given to ThugLifeArmy.com.
The photograph of Tupac used on the home page is owned and copyrighted by Gobi. Photo is used with permission from Gobi to ThugLifeArmy.com. Many more of Gobi's photographs of Tupac can be seen in Gobi's book 'Thru My Eyes'.
Picture graphics and design are by [email protected] and [email protected] (Selphie)

Thug Life Army is a division of Star Sound Music Group®
7336 Santa Monica Boulevard, Suite 800 Hollywood, California 90046
E-mail: [email protected]
Privacy Policy | Contact Us | About Us | Sourcing Policy | DMCA | RSS Feed feed-image
(c) Copyright 2002-2024 www.thugelifearmy.com. All Rights Reserved