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The Source Files for Bankruptcy

by BILLY OCEAN

MONDAY APRIL 30, 2007

For many years, The Source magazine, headed by co-founders David Mays and Raymond “Benzino” Scott, was the leading magazine for hiphop culture. From unsigned hype columns,

to numerous artist interviews, to the famous Source 5 Mic album reviews, The Source seemed to have it all. Things began to take a turn for the worse in 2004 for the magazine after a highly publicized feud with Eminem and the Shady/Aftermath camp led to sharp declines in ad revenues and newsstand sales.

To make matters worse, The Source also defaulted on a $18 million loan from Textron Financial Partners, and coupled with the allegations of dishonest business practices in 2006, investors in The Source Entertainment INC. decided to remove both “Benzino” and David Mays. After trying to restructure The Source magazine to help regain its foothold in hiphop journalism, it now seems The Source Entertainment INC. is in financial trouble as the group filed for Chapter 11 bankruptcy in Manhattan, New York, in US Bankruptcy Court this past Friday.

According to the bankruptcy filing, The Source 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. To help control its liabilities, The Source also stopped sending magazine’s to over 140,000 subscribers, and it was revealed that magazine subscriptions have dropped by more than 50 percent since 2002.

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The Source Files for Bankruptcy
After years of being the world's number 1 hiphop magazine, representatives for The Source filed for Chapter 11 bankruptcy in Manhattan over the weekend.
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COMMENTS

DNA07

[comment trashed — show comment] +1 Props
DNA07
Preview
— about 1 year ago

I STOPPED BUYING THE SOURCE ABOUT 2 YEARS BECAUSE I FELT THAT THEY GAVE OUT BIAS JUDGEMENTS TO ARTIST..HEY WOULD GIVE SOMEONE 3 MICS THAT DESERVED 4 OR 5 AND VICE VERSA

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slime jones

[comment trashed — show comment] +1 Props
slime jones
Preview
— about 1 year ago

DONT THEY HAVE SOME NEW SHIT OUT NOW.........

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Mogwhy

[comment trashed — show comment] +1 Props
Mogwhy
Preview
— about 1 year ago

Yeah "funny looking ass" Benzino and Dave Mayes started a New Magazine called Hip Hop weekly. DONT BUY IT!!! The ruined the Source and a part of Hip Hop Culture. Hating on people that have more talent than them. Fuck Benzino and Dave Mayes. I HATE ON HATERS!!!!

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GoRdo23

[comment trashed — show comment] +1 Props
GoRdo23
Preview
— about 1 year ago

i stopped readin it after they gave lil kims album 5 fucking mics!!!

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ILoveLeannn420

[comment trashed — show comment] +1 Props
ILoveLeannn420
Preview
— about 1 year ago

shady records you better believe the hype is real...invasion 2 = why the source is done

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uvf_4_life

[comment trashed — show comment] +1 Props
uvf_4_life
Preview
— about 1 year ago

thats wat u get for fuckin wit the white boy its bout time as well they fuckin totally sold out givin 5 mics for appearences and pussy fuck benzino and mays

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illmatic-Supra

[comment trashed — show comment] +1 Props
illmatic-Supra
Preview
— about 1 year ago

"The Source also stopped sending magazine’s to over 140,000 subscribers"

LMFAO-

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Jokesta

[comment trashed — show comment] +1 Props
Jokesta
Preview
— about 1 year ago

I signed up for the source ones..paid the 20 bucks or whatever it was and I never got a single issue..and thats how defsounds.com was born

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Jokesta

[comment trashed — show comment] +1 Props
Jokesta
Preview
— about 1 year ago

Ok im lying about the defsounds part..but i want my god damn 20 dollars back

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charismatic

[comment trashed — show comment] +1 Props
charismatic
Preview
— about 1 year ago

tHIS HURTS....

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cut up

[comment trashed — show comment] +1 Props
cut up
Preview
— about 1 year ago

The Source consists of on average 160 pages (count em) Over half of them were advertisments (check it) the other half was bullshit ass articles that didn't satisfy the reader at all. Who the hell cares about the source. I don't even read it at the bookstore anymore. You know how you would go to the book store and skim through all the latest mags. I skip past the Source.

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charismatic

[comment trashed — show comment] +1 Props
charismatic
Preview
— about 1 year ago

GoRdo23 — about 7 hours ago
i stopped readin it after they gave lil kims album 5 fucking mics!!!

They gave Lil Kim's album 5 mics?????

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GUERILLA KID

[comment trashed — show comment] +1 Props
GUERILLA KID
Preview
— about 1 year ago

i never bought the source (okay just one issue). but what the hell? when XXLMAG has every artist on the front cover you wanna read about (i.e. nas, cam, 50, wayne, whoever!), and the source is running a "VIOLENCE IN HIP HOP" article every f&^%$#g 3 months, you know theyre broke when they cant afford to put a decent artist on the cover. whos on the cover this month again?

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charismatic

[comment trashed — show comment] +1 Props
charismatic
Preview
— about 1 year ago

Ok, I just went back and read some articles... she got 5 in October '05... That's well after the Source stopped "matter-ing". After, the original Source mind staff and editors and stuff were gone. However, I ain't mad @ them... she can get it... It's the hardest female album ever, that I've hard, The Naked Truth that is... she was effin vicious on it! I've been sayin' that all along but I never knew she got 5 cause the Source was kind of obsolete, then... But yeah, she can get 5... there were about 3 or 4 corny tracks, but out of 22, I ain't too mad @ her... plus she's a girl... she can get it...

Name a female artist who's album was nastier!! (Too bad Lauryn never made a solo all rap album... sheesh, just thinkin' bout it makes me wanna give her 20 mics! But that's a dream... I think I'm chasin' some'n that's never gonna happen...)

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Sk8boardchris

[comment trashed — show comment] +1 Props
Sk8boardchris
Preview
— about 1 year ago

YEP MY GUY EMINEM GOT THE LAST LAUGH..................................... THATS WHY HE IS OR WAS THE BEST (I DON'T KNO WHAT THE FUCK HAPPENED........PROBALLY HAD A MENTAL BREAKDOWN OR SOMETHING BECAUSE HE NEVA GOT 5 MICS, WHICH HE SHOULD HAVE 4 DA EMINEM SHOW) RAPPER. WHO ELSE COULD HAVE SHUT THE SOURCE DOWN?????????????????? "OUTSIDERS AND WE SUE'IN THE COURTS CAUSE WE DOPE AS FUCK AND ONLY GET A 2 IN THE SOURCE" I NEVA BOUGHT A COPY OF THAT BULLSHIT XXL ALL DAY HOE.

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dangerLAsoul

[comment trashed — show comment] +1 Props
dangerLAsoul
Preview
— about 1 year ago

Yeah good call on the La Bella Mafia thing. She has a five mic album, along with Illmatic, Reasonable Doubt, Aquemini, 2001, Ready to Die, just to name a few

Here's some albums that did NOT get five in the source

Clipse- Hell Hath No Fury
Eminem- Eminem Show, Marshall Mathers LP
Little Brother- The Minstrel Show/The Listening
Mos Def and Talib- Blackstar (they didn't give fucking blackstar 5!?)
Mos Def- Black on Both Sides
Kanye West- Late Regisration
Common- Be
Gza- Liquid Swords

Fuck the source, they made business personal-- That's a no-no.

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charismatic

[comment trashed — show comment] +1 Props
charismatic
Preview
— about 1 year ago

Uh, Sk8boardchris,

Ya boy Em PLAYED THE SHIT OUT OF XXL too... go back and listen to his stuff, dude.

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charismatic

[comment trashed — show comment] +1 Props
charismatic
Preview
— about 1 year ago

dangerLAsoul,

La Bella Mafia didn't get 5 mics, it got 4 1/2.
The Naked Truth got 5 mics.

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...Ghost1N...

[comment trashed — show comment] +1 Props
...Ghost1N...
Preview
— about 1 year ago

Ha ha, Yo Both of LB's CD's where super dope and NOBODY says anything about them.. I don't get it.

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dangerLAsoul

[comment trashed — show comment] +1 Props
dangerLAsoul
Preview
— about 1 year ago

Are you sure it wasn't La Bella Mafia? If so, my bad and good call on the mistake. Either way, that shit didn't deserve 4.5 mics. The fucking Black album didnt get 4.5, Hip Hop is dead only got 4 I believe. Its all whack.

Little Brother (I say was since 9th has moved on) COULD HAVE BEEN (close not better) AS LEGENDARY AS A TRIBE CALLED QUEST if the hip hop community peeped them out.

Why do we respect mediocre talents like lil Wayne, or Jeezy, or Juelz, and CHOOSE to ignore the better rap acts out today? I would never say hip hop is dead, thats to broad of a statement, but what I do believe is that WE are cancer. We are killing it by feeding into the garbage that is put out.

If anybody disagrees, Please Listen to Big L. THEN reevaluate what "HOT" actually is...

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BobbyDigital05

[comment trashed — show comment] +1 Props
BobbyDigital05
Preview
— about 1 year ago

fuck the source

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REALRAPMD

[comment trashed — show comment] +1 Props
REALRAPMD
Preview
— about 1 year ago

GUERILLA KID — about 3 hours ago

somebody need to rid of this dude realrapmd like they did slugg120, cuz all hes doing is posting racist comments and yearning for my attention. realrap you faggot, its homos like you that get me beefing all over defsounds and then when i do, people wanna point me out like im the bad guy, the villain. but they never read between the lines to see who the real instigator is.

IF YALL NIGGAS RESPECT HIM AFTER THIS EXPOSURE YOU KNOW WHERE YOU STAND

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KillBill

[comment trashed — show comment] +1 Props
KillBill
Preview
— about 1 year ago

hell yeah fuk the source

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REALRAPMD

[comment trashed — show comment] +1 Props
REALRAPMD
Preview
— about 1 year ago

OH AND FUCK RAY BENZINO. THE SOURCE WAS COOL

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REALRAPMD

[comment trashed — show comment] +1 Props
REALRAPMD
Preview
— about 1 year ago

RAY BENZINO
PRAS

WORST RAPPERS EVER

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livin proof

[comment trashed — show comment] +1 Props
livin proof
Preview
— about 1 year ago

I haven't read the source since like 2002...in the 90's that was the fuckin' bible though.

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BklynEm23

[comment trashed — show comment] +1 Props
BklynEm23
Preview
— about 1 year ago

"I DONT WANNA HURT NO FEELINGS....BUT IM JUST BEING HONEST WHEN I SAY NOBODY WANTS 2 HEAR THERE GRANDFATHER RAPPPP"- EM

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Mr.President

[comment trashed — show comment] +1 Props
Mr.President
Preview
— about 1 year ago

REALRAPMD — about 2 hours ago
RAY BENZINO
PRAS

WORST RAPPERS EVER

Benzino doesnt count as a rapper.....i would rather listen to afroman

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REALRAPMD

[comment trashed — show comment] +1 Props
REALRAPMD
Preview
— about 1 year ago

MOST DEFINANTLY. AND THE FUNNIEST PART IS I LISTENED TO THAT SHIT TODAY. AHAHHAHAH
AHAHHAHAHAHAHAHHAHAHAHHA

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REALRAPMD

[comment trashed — show comment] +1 Props
REALRAPMD
Preview
— about 1 year ago

BECAUSE I GOT HIGH. HEY I DIDN'T BUY THE SHIT SOMEONE AT MY JOB HAD THE SHIT

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GUERILLA KID

[comment trashed — show comment] +1 Props
GUERILLA KID
Preview
— about 1 year ago

^^^^^youre right, you bought the baha-men album.

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the truth

[comment trashed — show comment] +1 Props
the truth
Preview
— about 1 year ago

I guess the source wasn't the source after all
sux for them

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Gangreenseason

[comment trashed — show comment] +1 Props
Gangreenseason
Preview
— about 1 year ago

I like everybody else stopped reading after Benzino got into a beef with Eminem and then gave himself 5 mics for his own album. Benzino killed The Source.

Dave Mays is a weak individual for letting his friend Benzino do that.

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doeboy84

[comment trashed — show comment] +1 Props
doeboy84
Preview
— about 1 year ago

Benzino old ass (45!!) and his fucked up raps led to his jealousy for Em and made alot of people turn their back on them, subscriptions started to drop in'02 the same time he started that bullshit beef. He gave Lil Kim 5 mics to do a feature on his album, when great albums like College Dropout, Get Rich..., Black Album, Marshall Mathers lp, Straight outta Cashville, The Chronic 1&2, the documentary, Dead Prez "Let's Get Free", and Common's Be didn't go over 3.5 mics with the exception for the Black Album which got 4 mics. And all those artist went against The Source with that beef and put out classic material while Made Men album which was garbage got 4 mics. And the written review for Tony Yayo album was the worst I ever saw(2 mics). Not to mention every issue had 10 ads for Benzino and ZNO records and fluffy articles about him and his artists.

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mrmr

[comment trashed — show comment] +1 Props
mrmr
Preview
— about 1 year ago

This what happen, when dudes like Benzino try to bring the street into a business environment. Can't mix for too long. This is why hip-hop is going down, not from the art prespective but from dudes like Benzino who is selfish and only think about them self but not the bigger picture.

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Chaos96

[comment trashed — show comment] +1 Props
Chaos96
Preview
— about 1 year ago

I Don't Care...

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chicagorilla

[comment trashed — show comment] +1 Props
chicagorilla
Preview
— about 1 year ago

I'm like everybody else back in the 90's the source was the hip hop bible buy I stopped reading the source once benzino started beefing with everyone from shady/aftermath and was putting himself in damn near every issue that came out like he had talent the problem is the source never recovered they still don't have any good articles to make me wanna read it at all that's why they out of business they tried to mix personal with business and fucked themselves

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