Quote
From ItsActuallyMe
I've been rereading some of the articles that came out on the day that the audit started. One of the articles back then set out the potential options MHJ had to break away from hybe and the likelihood of each option succeeding. I'll post it below so you can read it for yourself again as well. The option that I've bolded seems to fit closest to Hybe's narrative. The events that happened between February 16 and March 31 would function in support for that narrative.
Tbh though I feel like the question if MHJ tried to usurp management rights and Hybe's potential evidence for it kinda overshadows the fact that she and newjeans might have had the right reasons and perhaps even legal basis to leave Hybe. In the case that they were in the process of trying to achieve that they might have made a mistake that tipped Hybe off and could have legal consequences (sharing contract information for example), however that does not have to mean the overall attempt was illegal as they might have had the appropriate reasons and legal basis for it.
...
It would be relatively difficult for CEO Min to claim Hive's fault and take New Genes out to form a separate corporation. If it is revealed that Hive treated Adoor and New Genes unfairly as CEO Min claims, he can avoid the penalty, and even if not, there is an alternative. Establish a corporation, receive investment from PE, etc., and pay a penalty with that money. In this case, legal officials explained that it is common for a penalty fee to be included in the ransom of the singer who will belong to the new corporation.
Display More
I can appreciate this nuanced take. For me, I suspected both parties knew in their heart of hearts that the management usurping narrative, while an an easy to understand and effective narrative for the gp, likely wouldn't fly in court for the simple fact that MHJ is at the mercy of Hybe signing off on selling shares or authorizing outside paid-in capital, as the experts noted. I guess why the main focus is now on breach of trust.
However, in Hybe's defense, we can't wholly discount the fact that unlike the average executive, MHJ does have a name in the industry and alternative options that could've made Hybe uneasy, especially when there was already mutual distrust. And as you highlighted, it might not be illegal depending how you go about it to break a contract provided you can prove mistreatment or if that fails, provided you can raise funds and are willing to to pay the penalty.
Either way, the mere possibility that she might leave and take the girls with her might be what led Hybe to do what they're doing if they genuinely felt threatened and it's not all just a scheme to kick her out in a cheap way and keep the girls. Could also be a bit of both.
However, something seems a bit disingenuous with Hybe's innocent position that a tipoff of MHJ talking to investors to buyout Hybe, harmless enough as they'd have final say and expected enough to ignore, i.e. not a complete surprise, was what set off the alarms for them and started this whole mess. Why was MHJ allegedly talking to investors in the first place? Let's read between the lines - literally. From the first few lines of the summary page of this thread:
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.
So what happened in between as it would seem to be here where all the good stuff is buried that would provide insight into what the conflict is really about and possible motives?
Here's a crazy theory. Perhaps it was Hybe's plan all along to eventually oust MHJ and takeover NewJeans. Let's say they would even risk losing NewJeans if need be. Then they needed to bide time and minimize impact with a competitive product to, if not replacement for, NewJeans. MHJ might have at least vaguely sensed this when the show was announced if she didn't have full on LSF flashbacks. This was the start of the cold war. And all is fair in love and war.
Viewing it from this alternative angle puts things in context and could explain a lot of things:
-Why a problematic and suspicious slave clause might have originally been slipped in with a "trust me bro" from Hybe CEO in the first place
-Why Bang was being weird about the Billboard news as the hypothetical plan would become more difficult to execute
-Why the specific ILLIT members (the younger ones, with innocent vibes) were chosen as if Hybe already had a concept, or better yet a mission, in mind that they were determined to see through despite all the controversy and negative publicity with not honoring voters who preferred some of the older or more polished ones
-Why Hybe would risk product cannibalization by creating a group with concept elements so similar, but it would make sense in the contingency of a need for product replacement
-Reason for MHJ's assumption of a defensive posture wrt contracts (trying to renego her own slave clause, trying to get signing authority over vendor contracts that could be used by Hybe to increase expenses thus lowering her put option multiple, and if not then a higher multiple to compensate etc...)
-Why the ADOR VP was brainstorming and extreme scenario planning for defense against a takeover and full on war for independence
-Why MHJ might have been talking to investors and exploring backup plans/contingencies
Initially, much of the public were left scratching their heads about the relevance of MHJ's reference to ILLIT in her presscon. To be fair, she might have just scratched the surface there.
Ironic that perhaps to Hybe, in contrast, MHJ was a little too over the target when she confronted them about ILLIT as it touched a nerve that made them all of a sudden launch an audit and publically accuse her of management usurpation. This is when the cold war turned hot. Hastened and premature perhaps. But inevitable sooner or later, one way or another.
