• February 17, 2009

The Source magazine has announced that the Northstar Source Group LLC, led by entertainment attorney and shareholder of the Source, L. Londell McMillan, purchased a $3.75 million dollar debt obligation with Textron Financial.

McMillan also acquired the stock of the Source previously held by Textron Financial as security for the debt.

McMillan, who led the negotiations for the purchase of the debt and is a current shareholder, will likely now serve as Chairman of the Board.

The Source has been under new leadership since McMillan, as part of the Northstar Source Group LLC, became a shareholder, together with Black Enterprise Greenwich Street and a new Source management team was put in place beginning August 2008.--Gavin O'Malley