Lee Sooman Banned From Korea For 3 Years?!!?!??!?!!
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Gonna miss him for 3 yrs. It's gonna be a long wait for his return.
Lmao he can't come back to SM.
HYBE getting the rest of Sooman shares soon, which will make HYBE go from 14.8% to 18.5% in SM shares.
And since he won't have any shares left, he can't manage anything or have any power in decisions in SM.
But yeah his position in SM in terms of handling everything is gone
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Gonna miss him for 3 yrs. It's gonna be a long wait for his return.
Just imagine LSM is enlisting for 3 years. He will be back before we can spell Kwanga
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Well his other choice was even worse - being kicked out of SM for good so no producing no signing deals ever. Which one would you choose?
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True
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I mean even then he still not coming back after the 3 years lol
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If I were him, he should just enjoy his money with his gf on some expensive island.
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That's not that brutal of a noncompete, all things considered.
Edit: nvm its up there. not too brutal for kpop but past the upper range for normal professional jobs.
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If I were him, he should just enjoy his money with his gf on some expensive island.
Yea, but you're not a greedy egomaniac that set up a shill company to skim money off the top, so...
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That’s so petty lol
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HYBE will NEVER allow him to work on their groups or anything involving lmao.
There was a rumor back in 2021 that when HYBE first wanted to buy shares in SM, that Lee Sooman said that he'll do it, only if he gets a seat as a board member in HYBE, and HYBE refused, so nothing came of it.
HYBE know damn well they ain't putting in a contract for Lee Sooman to work with them.
They just said that he can't make any music in Korea for 3 years, but can still produce music outside of Korea...so like China or somewhere in Japan or America
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That's not that brutal of a noncompete, all things considered.
Edit: nvm its up there. not too brutal for kpop but past the upper range for normal professional jobs.
Was about to say this. They managed to get a huge time frame and location block in but considering how many connections he has within the Korean music industry its actually not that bad but insane compared to normal professional jobs. I guess it just goes to show how insular the entertainment industry is and the reach he is considered to have that he would accept it and the lawyers would think it would be acceptable.
Curious to see if he lasts the entire 3 yrs, or tries to sue his way out and if that doesn't work it'll really show the place in the industry he is considered to have.
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Was about to say this. They managed to get a huge time frame and location block in but considering how many connections he has within the Korean music industry its actually not that bad but insane compared to normal professional jobs. I guess it just goes to show how insular the entertainment industry is and the reach he is considered to have that he would accept it and the lawyers would think it would be acceptable.
Curious to see if he lasts the entire 3 yrs, or tries to sue his way out and if that doesn't work it'll really show the place in the industry he is considered to have.
Well Lee Sooman agreed to this contract, so I doubt he'll sue.
Also I saw someone on Twitter explain that this had to happen, the whole him not making music in Korea thing, because HYBE had to make it seem to the other shareholders of SM that Lee Sooman wasn't gonna be in charge anymore, nor was he gonna be taking any side money from the company.
Cuz that was the main issue between the nephew and other exects ,is that he was taking money from SM to his side business, and also was being too outdated.
So now that HYBE managed to get Lee Sooman away, their hoping that the other shareholders can see Sooman is no longer involved, and that way be able to release their shares to HYBE, so that way HYBE can get more percentage to the hold they have on SM
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The loophole is for LSM to say he’s producing in Kwangya
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Well Lee Sooman agreed to this contract, so I doubt he'll sue.
Also I saw someone on Twitter explain that this had to happen, the whole him not making music in Korea thing, because HYBE had to make it seem to the other shareholders of SM that Lee Sooman wasn't gonna be in charge anymore, nor was he gonna be taking any side money from the company.
Cuz that was the main issue between the nephew and other exects ,is that he was taking money from SM to his side business, and also was being too outdated.
So now that HYBE managed to get Lee Sooman away, their hoping that the other shareholders can see Sooman is no longer involved, and that way be able to release their shares to HYBE, so that way HYBE can get more percentage to the hold they have on SM
TBH many agree to contracts in the moment and years on try to get out of them. LSM went from controlling SM to kicked out to selling shares to Hybe within a week, I can see him changing his mind or making up with his nephew and 1-2 years in not liking some of the things going on and wanting to be involved.
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