If this thread is tl;dr for you (which it is) ...
Original news broken by soshixbang
MHJ 2 hour press conference:
Complete timeline by ItsActuallyMe
Current: April 27, 2024 12:30AM Pacific | Updated as details emerge
___
Timeline of significant events based on media reports
2023
April 25 – Ador’s board of directors is reorganized. Hybe personnel are replaced with MHJ loyalists such as Vice President Shin Dong-Hoon and Chief Creative Director Kim Ye-min.
May 19 – MHJ and other Ador executives receive 20% of the shares in Ador from Hybe for long term retention and motivational reasons.
End of 2023 – Hybe receives reports that MHJ is meeting with investors to seek independence with NewJeans. Hybe ignores it for now.
December 2023 - Breakdown of negotiations occurs between MHJ and Hybe regarding her shareholder agreement. Said to be the main root of the conflict. They disagree on the non-competition clause and the revision of the put-option on MHJ's Ador shares. It is believed if Hybe can prove their accusations against MHJ in court, then they could reacquire MHJ's Ador shares at a price well below market value.
2024
February 2024 - “Mr A.” who worked at Hybe’s financial department (IR Team Leader) moves to Ador and becomes a close associated of MHJ and received a Vice President position.
Early 2024 – Hybe receives a tip that MHJ is planning to take over Ador in collaboration with a private equity fund. Hybe is said to have tried to quietly resolve the issue with MHJ but failed.
March 23 – Mr. A writes a report setting out plans for Ador’s independence
March 25 – Illit debuts
March 26 - NewJeans announce comeback and future plans
March 29 – Mr. A writes another report setting out plans for Ador’s independence
End of March - Internal document written by Adore’s Vice President (Mr. A) are discovered which set out plans to prevent Hybe from touching Ador and ultimately escape completely. He also downloaded a large amount of confidential information.
April 3 – Ador starts sending protest emails about Illit to Hybe
April 15/16 - Illit's song Magnetic debuts on Billboard's Hot100 chart.
April 16 – MHJ personally sends an email to Hybe CEO Park Ji-Won, Chairman Bang Si-Hyuk, and Hybe America’s CEO Scooter Braun, directly criticizing Illit copying NewJeans. She requests to receive a statement by April 24th
April 22 – Hybe audits become public. Hybe releases a statement accusing MHJ and Ador’s executives of trying to break free from Hybe. Hybe also suspects Mr. A of transferring sensitive financial information such as artists contract details from Hybe to Ador and possible external actors. MHJ publishes a first response accusing Hybe of damaging the NewJeans brand through Illit’s plargisim. Later MHJ releases another statement rejecting Hybe’s accusation.
April 23 – Hybe CEO Park Ji-Won sends out a company notice regarding the audit stressing that business will continue as usual. Mr. A described as Ador’s VP comes forward saying that the plans to get Ador out of hybe were only his personal thoughts and have nothing to do with MHJ.
April 24 - MHJ hands in the audit questionaire to Hybe but witholds from giving them her laptop and specific documents. Ador demands MHJ's answers are kept secret otherwise they'll take legal action | MHJ also gives a short statement to KBS accusing Hybe of "discriminating between subsidaries for a long time, and that the core of the conflict is that artists have suffered damage" | Hybe is said to have started an internal audit into its other subsidaries as well | Protest truck send by anonymous NewJeans fans to the Hybe building, conveying that they support NewJeans under Hybe and demand MHJ to "no longer use NewJeans and their family", and to "stop slandering other artists"
April 25 - Hybe releases the results of the internal audit, officially accusing MHJ of leading the attempt to seize management rights of Ador | Hybe releases parts of transcribed conversations MHJ has held with a Shaman who is a close friend of hers which include controversial discussions about BTS's military service and detailed advice on Ador's management | MHJ holds a two hour long press conference to reveal her side of the story. She berates Hybe's accusations of seizing management rights as being groundless, and with the help of Kakao chats reveals the complicated history of her relationship with Hybe, specifically its CEO Park Ji-won and Chairman Bang Si-Hyuk. According to MHJ they have mistreated NewJeans by repeatedly privileging other groups such as Le Sserafim and Illit. She further details how the upset NewJeans members and their parents have offered their support and comfort to her | Hybe releases a statement declaring MHJ's remarks aren't worthy of a response and stresses that it is focused on giving the NewJeans members the help and support they need | Hybe files a criminal complaint with the police against MHJ and Ador Vice President Shin Dong-Hoon
April 26 - NewJeans releases a music video for their comeback song 'Bubblegum'
April 26- Hybe responds to MHJ's press conference. Hybe reaffirms its accusations against MHJ, stressing their evidence shows there is clear intent to move Ador out of Hybe. Hybe also rejects MHJ's accusation that they mistreated NewJeans by highlighting they provided Ador with extensive funds from the beginning. Hybe also points out that they have released a great amount of press releases for NewJeans that matches or exceeds the amount other Hybe groups have received. Lastly Hybe accuses MHJ of using NewJeans as 'hostages' to blackmail the company.
April 30 - An Ador shareholder meeting will be held at which Hybe is said to demand to resignation of MHJ. The meeting can only be held if Ador's board of directors attend, otherwise Hybe will have to hold the meeting in court which will take around two months to be organized.
May 24 - NewJeans releases double single album 'How Sweet'
*reminder that these are not facts just reports from the media and the parties involved
Article:
Naver Article in Korean on the conflict
