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Eminem news

Daily Eminem, Shady Records and related hip-hop news!

News:



The Source Files For Bankruptcy


(May 1, 2007) The Source magazine and Source Entertainment Inc. have filed for Chapter 11 bankruptcy in U.S. Bankruptcy Court in Manhattan on Friday (Apr. 27) Dow Jones wire services reported yesterday (Apr. 30).

According to court documents, The Source is still struggling to recover from dishonest business practices and negative publicity brought on by former management, which caused various advertisers to withdraw support for the well known brand.

The Source also converted and consolidated a previous Chapter 7 filing in Friday's court proceedings and listed assets of about $1.3 million and liabilities of $35 million.

In early 2006, investors in The Source Entertainment ousted founders David Mays and Raymond "Benzino" Scott from the company, when ad revenue and newsstand sales plummeted, after the pair became engaged in bitter feuds with a number of rivals, including 50 Cent and Eminem.

Continuing:

To complicate matters, the magazine defaulted on an $18 million loan from Textron Financial Partners, who successfully fought to have Mays and Scott removed from the company.

According to the bankruptcy filing, The Source also stopped sending magazine's to over 140,000 subscribers and magazine subscriptions have dropped by more than 50 percent since 2002.

An attorney for The Source said the company will emerge from the bankruptcy successfully, as a "reorganized" entity.

Source: AllHipHop.com


12 May 2007 by News Team



by Kourtney @ 09 May 2016 09:14 am
20 dagen op 365? als dat al teveel is voor een hobbyEn je maakt het je zelf natuurlijk zwaar als je je minimum op 3 man voiboererdt. in hoever het nu een extra belasting is tov die 3 man in 2e ontgaat me wel. en uniek? als je transfereert naar bvb Borgerhout kun je elke jaar 1e afdeling spelen, scheelt wel een paar borden maar je zult wel een keertje meer winnen.of zijn we te cynisch?