A final decision
has been made by the Supreme Court of the State of New York in favor of the
takeover of The Source magazine by Black Enterprise/Greenwich Street
Corporate Growth Partners.
As of today (March
23), Textron Financial, the company’s senior leader, is free to sell the portion
of the company that Dave Mays owns.
In his ruling,
Judge Richard B. Lowe III stated that "the contracts and agreements are
clear, unequivocal and unambiguous and should be enforced."
According to the
ruling, Mays willingly signed contracts giving BE/Greenwich Street Partners
the right to take control if he defaulted on debt obligations. By not fulfilling
these obligations Mays lost control of the company and along with full ownership.
"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."
In the April issue
that will hit newsstands next week, The Source will exclusively explain exactly
why Mays and Benzino were ousted.
Mays has the right
take the ruling to trial, but his remaining shares would still be auctioned
off.