The Source magazine and Source Entertainment Inc. filed for Chapter 11 bankruptcy in U.S. Bankruptcy Court in Manhattan on Friday-wow….we never saw that one coming.

According to court documents, the magazine once known as the “Hip-Hop Bible” is struggling to overcome years of mismanagement.

The Source also 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.

The magazine’s investors ousted founders David Mays and Raymond “Benzino” Scott from the company, when ad revenue and newsstand sales nosedived. The pair became engaged in bitter feuds with a number of rivals, like 50 Cent and Eninem.

The pair have since started a new magazine-Hip Hop Weekly.

The Source also defaulted on an $18 million loan from Textron Financial Partners, who had Benzino and David removed from the company.

The magazine has also stopped sending copies of the pub to over 140,000 subscribers and magazine subscriptions have dropped by more than 50 percent since 2002.

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