In "More Trouble for The Source Magazine" news, the so-called Hip-Hop Bible is having a rough and tumultuous year. Money problems, lawsuits and plain "ol hate continue to plague the dysfunctional magazine. As a result, Textron Financial, The Source's principle lender, has taken the beleaguered magazine to court in an attempt to take control of the company. Earlier this week, Textron requested that Source Enterprises be placed into its control to prevent its executives, Dave Mays and Raymond "Scott" Benzino, from tricking off all the money and running the company into the ground. And rightfully so, because a review of their financial records reveals that Mays and Zino have been playing games with the money.
Just recently, auditors discovered nearly $1 million in unauthorized expenditures: $422,000 in payments to company insiders, $357,000 to travel agents, and $80,000 for "promotional" jewelry. Promotional jewelry? They must be talking about that silly looking Wonder Woman bracelet and/or the 4 ft monkey paw Zino wears from time to time. If that's not bad enough, the Mays and Zino, hereinafter known as "The Party Boys," have widened the company's net loss from $831,000 in 2004, to $2.26 million in 2005. Plus, the Party Boys allegedly owe $156,000 in back rent and have been asked to vacate their current office space. This is just the tip of the iceberg as it relates to their money problems, read the rest here.
So now that their dark secret has come to light, they're mad at the world. They're mad at BET for refusing to air The Source Awards. They're mad at Funk Flex for constantly airing them out on Hot 97. They're mad at Eminem for getting money. They're mad at 50 Cent for calling them out AND getting money with Eminem. BTW, did I mention that they're mad? The Party Boys are selling wolf tickets and nobody's buying.
Oh before I forget, their new Editor-In-Chief lost his mind a couple weeks back and went on a spray paint rampage by desecrating a Jehovah's Witness assembly hall in New York. They also forgot to file state and/or federal income tax for the last two years, they haven't delivered issue subscription mailers to subscription holders, and The Party Boys have written nearly $3 million in bad checks, over the past nine months.
Four words: Source Magazine=Yesterday's News.
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