The decade-long friendship between the twin titans of glossy giveaway magazines has descended into an Oedipal drama of intrigue and betrayal.

Jerry Powers, publisher of Miami-lifestyle title Ocean Drive, is furious with his onetime protégé, Jason Binn, over the latter's recently-announced "strategic partnership" with the Greenspun Media Group, a high-profile, Nevada-based magazine company. The deal means that Greenspun's titles—including Vegas, which lists Powers as its co-publisher—now fall under the control of Binn's Niche Media.

"Jerry's in complete shock," says a source. "His partners did this without involving him at all. He was only made aware of the deal when the release was sent out. He feels betrayed and is looking into legal action."

Powers tells Radar there's no lawsuit in the works—yet. "At the moment, I have no legal plans against Jason Binn, but I think he's a scumbag," he says. Asked whether Binn notified him in advance about the Greenspun deal, Powers says, "I don't want to get into details. Let's put it this way: If he was a man, he would've."

Greenspun president Michael Carr disputes that account, however, claiming, "It was Jerry Powers who encouraged us to pursue [negotiations] with Jason's company and, for the record, I can tell you that we are very pleased with the deal we did with Niche Media. Throughout the process, we found Jason to be open and candid."

Binn says he's surprised at the charges: "Jerry has supported my deal with Greenspun Media from day one and I'm disappointed to learn that his feelings have shifted."

Powers gave Binn his start in publishing, bringing him onto the launch of Ocean Drive in 1993. Binn went on to found Gotham, Hamptons, and other titles, while remaining on the masthead of Ocean Drive. While Binn still holds a minority stake in the magazine, Powers claims he fired him in December 2004 "just because he's a scumbag. He literally is not allowed in our offices now. He's not allowed to talk to anybody on our staff, and the doorman has orders not to allow him in the building."

"Fourteen years of knowing him was enough," adds Powers. "My philosophy with Jason is, there's no one who can do him more harm than he can do to himself."

Informed of Powers's comments, Binn denies that he's barred from the building but tells Radar, "I am sorry he feels this way. I'm very fond of Jerry Powers. During the summer I flew down to be with him and his family to celebrate his sixtieth birthday in Miami. And, in the spring, Jerry asked me to fly down for the day to Miami to work with his staff on his new launch, Atlanta Peach. Also, we just had lunch together in New York a month ago. I'm still very supportive of Ocean Drive, and I wish Jerry well."