"Source" CEO Responds To Bankruptcy Petition, "Now We Can Move Forward"
The Source magazine issued a press release today in an effort to assure the public that the magazine will continue to be released despite the company's recent bankruptcy struggles. SOHH.com spoke exclusively to Source CEO Jeremy Miller who revealed the magazine should be back on track in the coming months.
Two weeks ago entertainment lawyer L.Londell McMillan teamed with two other parties in filing an involuntary Chapter 7 bankruptcy petition against The Source Enterprises. However, with bankruptcy proceedings currently underway, the magazine's Board of Directors, which is run by the Black Enterprise/Greenwich Street Corporate Growth Fund, are confident they'll be able to come out of the process on top.
"This actually brings an end to The Source's troubled financial past, which was created solely by the former owners. Now, it is our intention to do everything we can to successfully pull The Source through this so we can move forward," Chairman of the Board, Jeffrey Scott said via statement.
SOHH spoke exclusively with The Source President and CEO Jeremy Miller who replaced Dave Mays and Raymond "Benzino" Scott in January.
"The good thing is that as long as Black Enterprise/Greenwich Street does what they need to do in bankruptcy court the magazine is theirs to maintain. It's a positive thing. This actually frees us up to move forward," Miller told SOHH.
Miller also confirmed to SOHH that the bankruptcy proceedings initiated by McMillan were a direct result of his previous unsuccessful attempts to negotiate a partnership with Black Enterprise/Greenwich Street.
"He (McMillan) probably felt it would disrupt the company but actually it allows us to put the bad business behind us and move forward," Miller said.
Miller acknowledged that, with the August issue still two weeks from printing, the magazine has experienced some delays, however he anticipates The Source getting back on schedule within the next few months.
"It's a minor setback to be three weeks off schedule when so much has been going on. It could have been a lot worse from our perspective. We had hoped we could get the magazine back to business as usual within three or four months, instead it's been six to seven months. The problems we had as far as editorial credibility have been behind us since the March/April issues and now we can put the financial problems behind us and move forward on a permanent basis."
According to the press release issued today, every issue released under the new regime has sold between 60 - 80,000 additional copies on the newsstand. In regard to the newsstand sales, The Source is currently being audited by the Audit Bureau of Circulation, and anticipates full re-instatement by late September.
Two weeks ago entertainment lawyer L.Londell McMillan teamed with two other parties in filing an involuntary Chapter 7 bankruptcy petition against The Source Enterprises. However, with bankruptcy proceedings currently underway, the magazine's Board of Directors, which is run by the Black Enterprise/Greenwich Street Corporate Growth Fund, are confident they'll be able to come out of the process on top.
"This actually brings an end to The Source's troubled financial past, which was created solely by the former owners. Now, it is our intention to do everything we can to successfully pull The Source through this so we can move forward," Chairman of the Board, Jeffrey Scott said via statement.
SOHH spoke exclusively with The Source President and CEO Jeremy Miller who replaced Dave Mays and Raymond "Benzino" Scott in January.
"The good thing is that as long as Black Enterprise/Greenwich Street does what they need to do in bankruptcy court the magazine is theirs to maintain. It's a positive thing. This actually frees us up to move forward," Miller told SOHH.
Miller also confirmed to SOHH that the bankruptcy proceedings initiated by McMillan were a direct result of his previous unsuccessful attempts to negotiate a partnership with Black Enterprise/Greenwich Street.
"He (McMillan) probably felt it would disrupt the company but actually it allows us to put the bad business behind us and move forward," Miller said.
Miller acknowledged that, with the August issue still two weeks from printing, the magazine has experienced some delays, however he anticipates The Source getting back on schedule within the next few months.
"It's a minor setback to be three weeks off schedule when so much has been going on. It could have been a lot worse from our perspective. We had hoped we could get the magazine back to business as usual within three or four months, instead it's been six to seven months. The problems we had as far as editorial credibility have been behind us since the March/April issues and now we can put the financial problems behind us and move forward on a permanent basis."
According to the press release issued today, every issue released under the new regime has sold between 60 - 80,000 additional copies on the newsstand. In regard to the newsstand sales, The Source is currently being audited by the Audit Bureau of Circulation, and anticipates full re-instatement by late September.
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