Posts by Beesknees

Quote from aclassyteaparty

my thought is that if any of her investors were really already 100% on board, she would have already just resigned or even responded privately to hybe's initial internal correspondance calling for a board meeting. she's clearly biding her time. either trying to still convince newjeans or still convince investors. and now with hybe's character assassination of her, it wont be as easy.

Investors on board doesn’t really mean anything if there is nothing in the corporate governance structure that allows her to buy shares. So why would she resign if she had investors?

Selling shares would also need approvals from the board of both the subsidiary and the parent. Hybe’s entire ecosystem would be bottom of the barrel if it didn’t have those basic checks and balances in place so you have to assume they do.

99% of the ADOR strategies being floated about don’t make any sense which is where my confusion comes in. Why would an investor deal with Ador at the moment if they’re interested in New Jeans, when Hybe are the majority owner with also the voting rights I.e they make the final decision on who to sell to. You can’t own Ador without going through Hybe.

If potential investors were to then start spouting weaknesses/threats to Hybe in any meetings that they could only know through insider trading, Hybe would surely tell them to piss off and it’d be a massive red flag.

If there was some ridiculous clause that allowed them to sever their relationship with Hybe for a penalty fee, especially after complaining about plagiarism, Hybe would still be pissed and with the power they wield in the entertainment sphere, would blacklist them to hell. That’s not a good end result for MHJ or NJ.

The only strategy that makes sense is Hybe being forced to sell Ador for debt reasons, without them knowing it was pushed by MHJ. Because if they knew, it’d be back to getting black listed. But that’s incredibly unlikely

Confused

Quote from YamaChwan

I've been battling other girl group stans for two years, when apparently a portion of Armys harbor more resentment and disdain for NewJeans than all those girl group fandoms combined.

Interesting

Hasn’t this been obvious for months? Certain users in this thread have been very present in certain threads throughout the last year or two

Kpop fans, especially BTS fans, have always been very predictable.

There is now way Bang lets MHJ go along with NewJeans and the IP.

Think about the optics and egos involved. After kicking up this massive storm publicly Hybe aren’t going to settle for a result in which you’d argue they lost.

The only way that happens is if MHJ is proven innocent of committing illegal activities and then Hybe feel the need to save face.

Quote from Ves

Why not all 3, lol

Yeah you’re not wrong

All of them are more of a power play move though rather than a we have to go public.

Quote from Yinye

Playing devil’s advocate - how could HYBE solve this internally when their attempts to meet - they requested a meeting with the parents- was rejected even before face to face talks because parents felt it was insincere? How else do you resolve without talking about it?

What IF MHJ controlled the narrative to the parents and Nj??

Eh.

The audit has not finished. They sent the questionnaire to MHJ after they had already publicised this.

Riddle me this, if they finished the audit, found hard evidence that they knew would hold up in court, what reason would Hybe have to go public until the matter was basically over? MHJ and friends wouldn’t have a leg to stand on

They want to reject a meet? Doesn’t matter, we’ll take them to court.

If you think about it, Hybe going to the public first 1) allows them to control the narrative in case MHJ did it first 2) pressure MHJ (/I guess NJ parents if rumours are to be believed) to step down through public reception, allowing them to avoid a potentially lengthy legal issue (knowing MHJ’s character I feel like they should have known this was unavoidable) 3) send a message to other subs

Based on what we know so far, I’m still inclined towards 1

Too many unverified rumours flying about as the media try and generate clicks and/or companies trying to create narratives

Having to use translators just adds to the lack of clarity

Quote from TPHF

So what could have triggered the promotion of Hybe's Investor Relations team leader to Ador and was instantly given the VP position by MHJ in February this year? At no point did he work at SM nor does he have creative credentials, so he doesn't seem like the typical guy MHJ would rely on. Still she wanted him to join her. The simple answer of course being to create a concrete plan to move Ador/NewJeans out of Hybe, but if you don't believe MHJ wanted to do that, what else could it have been for?

Him just coincidentally drafting some plans that he argues were just his personal thought only a month after joining Ador as VP doesn't help his case either.

He was head of IR at Hybe. His job is all around connections. I can’t imagine it was anything other than finding investors

Playing devils advocate though, there is nothing inherently wrong or illegal with preparing for or looking at divestment options. Companies that get bought and then feel like the synergies aren’t there or they’re being taken on the wrong path, will look for investment to try and buy shares and take (back) ownership. Will be the same for a newly created sub with its own leadership.

That’s not abnormal in itself at all therefore I’m curious to know what was actually on that document

MHJ clearly wanted to move NJ out of Hybe whether now or a few years down the line, and there is nothing wrong with that for it to be a sticking point. The bigger question is the how and whether to come up with their options, they used illegal means  

Quote from essentialm

Considering she took a lot of SM employees with her, I assume her team still has a close connection to employees at SM (and Belift + Pledis are colleagues, so they probs didn't think much of it). If they interviewed employees as alleged, the interviewing was probs a subtle convo with some light probing here and there. Not enough to raise alarms but enough to be a bit weirded out by it I assume. I seriously doubt they just went up to those employees and directly asked to interview them.

So a key part of their argument was going to be interviews that probably have next to no documentation and therefore proof that they even occurred. And therefore even more irrelevant from any legal standpoint.

Everything sounds dumber by the minute

Quote from TPHF

[Exclusive] Min Hee-jin monitors public opinion to establish evidence

'Illit, TWS, Rise, and even BTS copied me (Min Hee-jin).'

In order to secure the basis for a 'scratch-all' level of imitation accusation, some of Adore's executives, including CEO Min Hee-jin, conducted 'interviews' with employees of agencies related to these observation groups and also developed a 'public opinion monitor' on internet portals and communities. Circumstances that he did so have been discovered, and repercussions are expected.

It is known that Hive was made aware of this information through a 'report' and plans to determine the clear facts through an 'internal audit' launched as of the morning of the 22nd.

An official familiar with Hive's internal situation told Sports Donga on the 23rd, "Adore interviewed agency employees related to the three new groups, including Illit, TWS, and Rise, for the purpose of 'strengthening the evidence that they imitated New Genes' and posted various Internet reports. “The audit team within Hive has received a report that public opinion monitoring on the bulletin board was also conducted and is being investigated,” he said.

The official specifically focused on the 'interview' with agency employees and said, "I heard that relevant label employees were repeatedly asked questions with the intention of asking whether a certain group was 'imitating New Genes'." This was also Hive's 'main audit.' It attracted attention by hinting that it was a matter.

Aside from the suspicion of collecting data on three large new groups, including Eyelet, Tours, and Rise, the Hive audit team is also known to be investigating the authenticity of CEO Min's so-called "private remarks about BTS." The gist of the rumor is that CEO Min stated several times in private that “producer Bang Si-hyuk copied me and created BTS.”

https://m.entertain.naver.com/article/382/0001121796

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If this person is feeling the truth, I’m curious how they can interview SM employees without legal teams being involved. And also Belift and Pledis employees.

Queen of Tears OST doing well.

To think IU was offered the main lead first iirc for that show looks like it’ll set records

Quote from Jasmine_Waters

I agree with New Jeans stans. Let MHJ take New Jeans amd go. That will be one less group not using BTS connections and resources and just in time before their 2025 comeback when BigHit will go all out especially for their biggest stadium world tour to date.

I hope MHJ gets her wish granted (if they can't take the New Jeans name they can still rebrand like Highlight or Dreamcatcher)

MHJ bunnies hwaiting!

Cringe

Go back to posting BTS circle jerk posts

Quote from Tatiana1820

It's a smear/brand devaluation compain against Ador/NJ/ MHJ.

If Bang cant win the best gg hybe war, then he is gonna destroy his rival and then come out of it as a winner.

There is something funny about Hybe mentioning minimising impact on New Jeans while simultaneously airing all of this publicly first when the internal audit hasn’t even been completed yet a few days before New Jeans release their new song. The timing near maximises damage.

External audits, they would have to announce. But internal audits are exactly that, unless at the end of the audit there are some material impacts that the shareholders need to know.

This is all very interesting to follow

Quote from TPHF

If it would be the same guy it makes him look really foolish because first you secretly try to transfer senstive information from hybe to ador which party triggers the audit but then you also keep a trail of plans up on your work laptop? If it are two seperate guys they at least wouldn't look as stupid tho then you're already on the path of participating in a larger scheme.

This is me reading everything

Everything sounds so dumb

These are VP’s and seniors in a major organisation.

Yet if everything is to believed, they don’t really have a brain cell between them

Preparing for a divestiture is not abnormal. So having a document of how they could pursue that is not outrageous assuming it doesn’t include doing illegal things.

But then separately documenting the insider trading and transferring data across company laptops that obviously will track this information? surely people aren’t that dumb.

What I will also say is, I’m really surprised at the level of media play Hybe are putting out. If they have all the evidence they claim, it feels like a smoking gun. But everyone seems to be going out of their way to make it as messy as possible in public. It’s odd.

Quote from trollacc

So there's a viral post like this on theqoo (1400 comments). There's a link to an actual news article on naver as the source. The source of that article I guess is statements made by HYBE about what they found.

Now it's getting to a point where I'm not sure if she's crazy enough to go there or if this is some smear campaign meant to completely ruin her reputation before they get replace her.

How convenient is it for HYBE to find an "internal memo" containing something this insane? Why would it ever be written in a memo and stored to begin with. Something seems off

I’d call it weaponising fandoms

Kpop companies love doing it

Quote from TPHF

If there is no direct evidence linking it to MHJ, there is room for reconciliation. Hybe at least cannot simply fire her without any prove of wrongdoings. But it leaves the question how MHJ wants to move forward after all this mess. It's difficult to imagine them peacefully just going back to work together. Let's just wait until the audit comes out and how MHJ will respond to it.

What we do have now is the confession of MR A. proving that there is validity to Hybe's evidence, but that it might not necessarily prove a broader scheme

I did say and think yesterday maybe they had discussions but never acted on it.

Subsidiaries looking to split off is not anything new. That is a question that will always be there for successful subs within a conglomerate as it gives them more funding and manoeuvrability. Question will be more if they went about it in an illegal and unethical way if they did act on it.

I don’t think there is any potential reconciliation here as I’ve seen some people mention.

Hybe have accused her of criminal activities and have asked her to resign before the internal audit has even happened.

Either way Hybe will now need to prove the criminal activities so how is there reconciliation from this the only way they reconcile is if no proof is found and Hybe apologise which ain’t happening

Quote from TPHF

Yeah this is the limits of what I know about Korean business practices as well lol. From the korean articles it just sounds like that Ador can give out shares to specific investors they're eyeing if their board supports it. Perhaps Hybe could prevent it, but if Ador's board doesn't listen, they'll have to file an injunction.

MHJ herself has come out and said it would be incredibly stupid to try and get majority control from her position. Which makes me side-eye this narrative even more unless she’s willing to outright lie about something that can most likely be proven. I’m curious if it’s more they had internal discussions about it but never acted on it (as it is…incredibly stupid )

Quote from TPHF

It will depend what they base Ador's value on. MHJ herself got the 18% stake for just a few $100Ks from Hybe. But if it's based on hybe's valuation of Ador then MHJ will really need companies like Kakao or the Singaporean Investment Fund to be involved. More likely that the Ador board gets to dictate it.

That’s not the point surely.

The valuation of ADOR is irrelevant. They are not a listed company. You cannot invest directly into ADOR as an investor to dilute their shares.

You’d surely have to dilute the shares of Bang and his friendlies in Hybe which will in turn dilute their shares in ADOR.

Unless Korean stocks work differently than in the west.

Hybe would have had to approve any investment into ADOR surely

Quote from TPHF

Some were wondering how exactly MHJ could get Ador out of Hybe with the current share structure. This is what kmedia is now saying:

Accordingly, in the industry, Adore executives, including CEO Min, are predicting the possibility of a third-party paid-in capital increase attempt. As Adore is an unlisted company, a third-party paid-in capital increase can be carried out with only a resolution from the board of directors. This is a picture of diluting Hive's shareholding through a large paid-in capital increase and then taking shares from friendly financial investors ( FI ).

An IB industry official said, "It is not easy to understand how CEO Min tried to take over management rights in a situation where the stake is only 18% and the largest shareholder's stake is 80%," but added, "The most likely scenario is a large-scale third party paid-in. “We will dilute our shareholding through capital increase and become the largest shareholder,” he said. He added, "If a large-scale paid-in capital increase is attempted, not only Hive's shareholding ratio but also CEO Min's shareholding will be diluted, but if FI is a friendly shareholder of CEO Min, it will be possible to raise sufficient shares through a side contract."

In a stock company, the composition of the board of directors is more important than the shareholding structure because management rights can be shaken by the decisions of the board of directors. Previously, in September 2023, Adore's board of directors was completely filled with 'Min Hee-jin's division'.

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Considering how large Hybe’s capitalisation is, what kind of insane capital injection would you need for the shares to get diluted enough for that to work?

That’s literally hundreds of millions needed

Min Hee-jin, CEO of Adore, dismissed Hive's claim that he attempted to seize management rights, invoked his right to audit, and demanded the CEO's resignation. CEO Min Hee-jin said in a phone interview with Daily Sports on the 22nd, “I have never attempted to seize management rights from Adore as Hybe claimed. “How can I seize management rights with the 18% stake I own?” she said calmly, yet firmly. “It is impossible for me to seize management rights of Adore because Hybe owns 80% of the shares. “Without consent, it is impossible for Adore to become independent from Hybe,” she argued.

CEO Min Hee-jin claimed that Hive's series of actions, including the sudden notification of an audit questionnaire, was "because I had filed an internal complaint regarding Hive from about a month until last week." The official position released by Adore on this day was, “When I raised issues about various other issues revealed by the New Jeans copy incident of illit (who debuted at Hybe affiliate Belif Lab), I was suddenly notified of dismissal procedures,” as well as several other issues. When problems within the branch hive were officially raised, a massive counterattack was received.

CEO Min Hee-jin expressed his disappointment, saying, “Rather, Adore had requested a statement on internal complaints and objections against Hybe by the 24th, but we received a counterattack.” CEO Min said, “If money was the goal, we would not have filed such a whistleblowing or objection in the first place,” adding, “It seems that Hybe has framed acquisition of management rights. Didn’t the Fifty Fifty incident become a precedent? “I don’t do stupid things like that,” he said. CEO Min said, “I am surprised that Hybe did something like this at a very important time for the team called New Jeans,” and added, “This happened four days after I filed an objection and while I was waiting for Hybe’s response.”

She continued, “I wonder if there are cases where an external article is published at the same time as the audit notification, rather than an announcement of the audit results,” and asked, “What was the intention behind making an article with such absurd content, completely unrelated to the content I raised, so urgent?” CEO Min said, “With the release of New Jeans imminent, I was concerned about announcing my position out of fear that it would interfere with the content I had painstakingly created.” “He said. He continued, “Hive doesn’t seem to have any consideration for the condition or schedule of its artists. I do not want to dilute the essence with unnecessary public opinion warfare. “He has an important schedule coming up, so he is carefully considering how best to conduct himself,” he added. In addition, CEO Min expressed, “I was hoping to somehow resolve the issue with Hybe by raising an official issue internally, but the sudden attack made me think more about it.” He continued, “When I look at Hybe’s press announcement and raid today, I feel that the intention is to tarnish individuals by spreading public opinion in a direction that is different from the essence of the problem.”

Representative Min said, “The world believes what it wants to believe rather than wanting the truth. I have been subjected to many attacks both internally and externally. So, as an individual, I am scared to be caught up in this kind of drama-like slander and public opinion war,” he said. At the same time, he said, “I never thought I would use this expression because it is a cliché, but I wonder if it will be like a David and Goliath battle where individuals fight against large corporations. However, I think those who know my attitude toward the work I have done so far will at least clearly understand the essence of the problem,” she added calmly.

[단독] 민희진 대표 “어떤 투자자도 만난 적 없다..내부 고발을 했을 뿐” (인터뷰)

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