Judge Rules In Favor Of Black Enterprise, The Source Gets New Owners

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