The Source is finally over

As anticlimactic as last night's little Nas and Jay-Z gayfest ended up being, this would've been bigger news anyway regardless. It sounds like The Source could be officially out of business as soon as next week.

I'm surprised we've yet to hear anything about this from Jay Smooth, who's obviously got some sort of personal issue with his brothers in semi-whiteness, Dave Mays and Ray Benzino.

To wit (via the New York Post):

The Source, the floundering bible of the hip-hop industry that has lost more than $11 million over the past four years, has failed to file state and federal income tax for two years and has skipped mailing issues of its magazine as its financial crisis has mounted, a lawsuit filed against it by its principal lender claims.

Top executives have written nearly $3 million in bad checks over the past nine months, the suit claims.

If that wasn't bad enough, their landlord has begun eviction proceedings and is giving them until Monday to clear the premises due to unpaid rent of $156,000. I mean, I imagine it's pretty difficult to run a magazine with no offices. This could be it.

If you're in NY, you might want to stand out in front of the building at 28 W. 23rd St. Monday morning and see about getting some free furniture, old-school style.