Friday, September 4, 2009 at 3:35 p.m.
It's been a busy few weeks for Niche Media overlord Jason Binn. When he wasn't buying a $1.6 million two-bedroom apartment in Continuum on South Beach, he was dashing the hopes and dreams of inner-city schoolchildren. Or so a lawsuit claims.
Former OD owner and founder Jerry Powers, meanwhile, should consider himself lucky to be out of the magazine industry in this market, but still wanted to put some of his glossy knowledge to good use. Powers ran a program over the summer, helping students at Overtown Youth Center put together a not-for-profit magazine titled IE:2 Inspire, Enrich & Empower with support from the Alonzo Mourning Foundation.
According to a lawsuit filed by Powers today, Binn and Niche Media threatened legal action against the magazine -- designed to empower inner-city school kids, mind you -- because when Power sold OD, he signed a no-compete clause.
Niche hadn't actually filed any legal threat yet, and Powers's suit seems to have a double agenda: He wants to challenge the terms of the entire noncompete clause. He wants to be able to enter the magazine business again as soon as this November 1. We're not really sure why anyone would want to do that in this business climate.