Board members said “Mays and Scott could not continue their series of financial recklessness and negligence” that was hurting The Source’s investors, vendors, subscribers and readers and called for their immediate termination.

Yesterday, Judge Gerald Escala lifted the TRO against Ed. A. Williams, Earl Graves, Jr., Ivan Hopkins and Jeffery Scott.

An attorney representing the board members said Mays had been officially “terminated” from the company.

According to reports, the two are plotting a legal strategy in New Jersey in an attempt to stop the board from seizing the company.

The Black Enterprise/Greenwich Street Fund invested $12 million in The Source in return for a minority stake and seats on the company’s board of directors.

Representatives for The Black Enterprise/Greenwich Street Fund also helped secure an $18 million loan from Textron Financial Corp. for the magazine.

In Oct. 2005, Textron asked The Source to be placed into receivership after the company defaulted on the loan, but the bid was rejected.

The New York Post reported that Jeremy Miller, former Chief Operating Officer of the company, will take the role of CEO.

Mays could not be reached for comment as of press time.