Posts by Chemotter
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하이브·민희진 수천억 걸린 치킨게임…뉴진스는 어떻게?“수천억원이 걸린 치킨게임이다.” 지난 27일 어도어 이사회에서 전격 해임된 민희진 전 대표와 하이브 간의 갈등을 본 한 엔터업계 관계자의 말이다. 거액이 걸린 상황에서 양쪽이 한치의 양보도 없는 극한 대립 상태에n.news.naver.com"According to the relevant clause, three years after the company’s establishment (starting this November), former CEO Min can request Hive to purchase up to three-quarters of his 18% stake in Adore at a certain price. There is talk in the securities industry that the price could reach up to 100 billion won depending on the pricing criteria. The New Jeans World Tour is scheduled for next year, so the amount could increase depending on the success of the show."
"Some in the entertainment industry interpret the dismissal of former CEO Min as an attempt to prevent the exercise of the put option rather than the loss of the position itself. It is currently known that Hive is looking for investors to convert the convertible bonds ( CB ) issued in 2021 (issuing new bonds to repay existing bonds). Since Mirae Asset Securities, which invested at that time, can exercise the put option (worth 150 billion won) starting in September, former CEO Min's exercise of the put option could be a variable in a situation where they need to stockpile up ammunition in case of an emergency. An entertainment industry insider in charge of financial affairs said, “In the current situation, if former CEO Min pulls out the put option card, it could be a significant burden for Hive.” In response, Hive said, “We have no position to disclose.”
"If they were to leave Adore with former CEO Min, they would have to pay a penalty of at least 300 billion won. For this reason, even if Hybe and former CEO Min engage in a legal battle, it seems that there will be no changes in New Jeans’ activities for the time being. Both sides have stated that “New Jeans is the top priority.” There are also securities industry predictions that New Jeans’ contribution to Hybe’s overall operating profit this year will reach 14%, so Hybe will not be able to let New Jeans go easily. Popular music critic Kim Do-heon predicted, “K-pop projects are not prepared one or two months in advance, but are completed several quarters in advance. Regardless of former CEO Min’s dismissal, New Jeans’ planned new album in the second half of the year and world tour next year will proceed as planned.”
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Biggest risk for NJ is hybe delaying their first full album release, beside that they'll be fine
Hybe can't afford to put Newjeans in the dungeon. Apparently, Mirae Asset Securities got put options, and they can exercise next month.
하이브·민희진 수천억 걸린 치킨게임…뉴진스는 어떻게?“수천억원이 걸린 치킨게임이다.” 지난 27일 어도어 이사회에서 전격 해임된 민희진 전 대표와 하이브 간의 갈등을 본 한 엔터업계 관계자의 말이다. 거액이 걸린 상황에서 양쪽이 한치의 양보도 없는 극한 대립 상태에n.news.naver.com"even if Hybe and former CEO Min engage in a legal battle, it seems that there will be no changes in New Jeans’ activities for the time being. Both sides have stated that “New Jeans is the top priority.” There are also securities industry predictions that New Jeans’ contribution to Hybe’s overall operating profit this year will reach 14%, so Hybe will not be able to let New Jeans go easily. Popular music critic Kim Do-heon predicted, “K-pop projects are not prepared one or two months in advance, but are completed several quarters in advance. Regardless of former CEO Min’s dismissal, New Jeans’ planned new album in the second half of the year and world tour next year will proceed as planned.”
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The court that MHJ and her lawyer reference is about the injunction ruling previously - which was about if HYBE could fire her at THAT previous AG meeting. The court ruled that HYBE could not since she was protected by the shareholder agreement.
Nothing to do with the HYBE cancellation of her shareholder agreement and firing her as CEO.
The shareholder agreement’s cancellation - whether or not it HYBE did it legal or not — we have to wait for the FSS or new court ruling. HYBE said they did it legally and public FSS record noted it was processed in July.
It’s funny to read that MHJ and her lawyers emphasize that the agreement can’t be cancelled without her agreement.
The fact that Hybe didn't state whether she violated the clauses in the shareholder's agreement is significant. In Hybe's statement, it basically says the directors of Ador aren't beholden to the shareholder's agreement. That's the reason why they can dismiss her. They sidestepped the question as to whether the contract was breached or not. Then they vaguely push the issue towards the courts.
This is a pretty bad statement by Hybe in terms of optic.
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민희진 측 “하이브, 주주간계약 해지하면 손해배상책임 있어” [공식입장 전문]m.entertain.naver.comMHJ's lawyer statement dropped.
It seems MHJ didn't break any of the clauses needed to terminate her shareholder's agreement, and this was confirmed by the court.
민희진 "주주 간 계약 유효해" vs 하이브 "법원이 판단할 일"민희진 어도어 전 대표 측이 모회사 하이브와 맺은 주주 간 계약이 여전히 유효하다며 하이브의 해지 통보에 반발했습니다. 민희진 전 대표 측 법무법인 세종의 담당 변호사는 오늘(29일) 입장문을 내고 "주주 간 계약은n.news.naver.comHybe's response doesn't push back on the claim that MHJ didn't break any of her clauses needed to terminate the contract.
This kind of solidifies the idea that this is a delay tactic in order not to pay MHJ's put options this November.
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We will soon know hybe intentions. NJ first full album is probably ready and promotion seems scheduled with Fortnite collaboration etc. If we have no news of the album release date in the following months, it'll mean that Hybe want to sabotage NJ (it'll be quite dumb as they'll lose lots of money by doing it).
With a full album ready and a world tour for 2025, it's not a bad timing to "fire" MHJ as new music release (after the album) will probably not be needed until end of 2025.
I hope we'll soon have some news for the NJ members as it must be a really hard period for them
The more NJs make, the more Hybe has to pay. In some perverse way, the problem right now is that NJs is way too successful. They made too much money in a short amount of time, and MHJ isn't like the other sublabels. She kept cost discipline even as they gained success.
It is the reason why NJ members are out of their training debt, and they received a payout of ~3 million per member.
There are idols almost half a decade into their career that haven't been able to pay their debt. MHJ has her faults, but she took care of the artists.
It also gives NJs members more leverage when their 1st contract is up. They'll be in a great place financially, and they won't be tempted by a crappy contract, which isn't a great thing for Hybe.
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The worry right now is Hybe might put NJ in the fromis_9 dungeon. The recent move by Hybe makes it way more likely that NJs go on a 1.5 years hiatus.
They'll get reprieve from paying MHJ's put option, but it also gives them time to tank the value of ADOR and NJ by the time they have to pay up.
It is probably the nuclear option and it'll look terrible to the public. However, that option is on the table and their lawyers probably informed Hybe of it.
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this put option is entirely separate to the issue of the shareholder's agreement and MHJ shares right?
or is it part and parcel of the same?
I read somewhere from the previous comments there that someone said the put option is cancelled or removed or something?
The put option is baked into the shareholder's agreement. By terminating it, MHJ only owns the shares and she won't be able to get 13.5x value on the open market. It'll be worth a decent amount just not the fk u money of 70+ million usd.
I've read the main lawsuit might take a long time to resolve. We are talking 1-2 years. Even if Hybe ultimately loses this lawsuit, it is a net benefit since the put option could be vested this November. Even in the worst case scenario, they are delaying the payment by 1 to 2 years. Makes perfect sense strategically since they are cash strapped.
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I keep hearing about this put option
anybody know anything about this put option?
Basically, Hybe has to buy 75% of MHJ's shares at 13.5 times value. The original dispute started because MHJ wanted 20x the value and negotiations broke down. It was last estimated to be valued around 75 million. It is probably worth more considering Tokyo dome and the sales from the 4 new songs.
HYBE would have to pay the lump sum and they are trying to delay paying at the very least.
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The issue is not about either what Hybe did legal or illegal (most likely). MHj will not get resource to Ador lawyer, she's merely employee now. Means she will have to pay any lawsuit from her own pocket. Hybe really did all they can to "kill" her. Several stupid lawsuits, attack to her supporter, it's mentally and financially draining for a person.
She's still one of the directors I believe. She still retains 18% share of Ador. She just doesn't have the 13.5 multiplier unless she wins the lawsuit.
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https://www.topdaily.kr/articles/98841
It is confirmed. She would not get 70m.
The agreement is between Hybe and her.
It's not between Ador and MHJ.
The contract only applied if she's holding CEO position.
That is what Hybe claimed, but it can change according to the outcome of the pending lawsuit.
If it is deemed an illegal termination of the agreement/contract, there will be punitive damage awarded to MHJ.
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This probably the biggest L ever after losin the Shaman? Imagine losing on that 70m put option.
I don't think she has lost 70m yet. If I'm reading this right, the termination of her contract will be tied to the main suit. Hybe maneuvered so she can't use preservative measures, and they moved ahead to terminate her put options included in shareholders agreement.
However, this has to be confirmed by the court. So this thing drags on.
I'll probably wait for a youtube lawyer or tv lawyer to explain this. This is above my pay grade. lol
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‘Min Hee-jin Injunction Dismissal’: HYBE’s Request to Restrict Access to Court Records Rejected
https://m.entertain.naver.com/article/144/0000984443…
Reporter Lee Sun-myung-HYBE Claims Private Conversations, Including Min Hee-jin's KakaoTalk Messages
-Legal Experts: 'HYBE May Have Admitted to Violating the Information and Communications Network Act'It has been reported that entertainment agency HYBE requested a restriction on access to the court records of the injunction case involving Min Hee-jin, CEO of ADOR, but this request was dismissed.
According to the Sunday Newspaper, the 50th Civil Division of the Seoul Central District Court on the 23rd rejected HYBE’s request to restrict access to the court records, stating that there was 'no valid reason' for the application.
HYBE reportedly requested the restriction, arguing that the materials they submitted, including KakaoTalk chat screenshots of Min Hee-jin and other ADOR associates, as well as a shareholder agreement between HYBE and Min Hee-jin, contained private conversations involving third parties and that the shareholder agreement included trade secrets.
The court, however, determined that the records in question do not fall under the category of restricted access. The court concluded that the records do not constitute trade secrets as defined under Article 2, Paragraph 2 of the Unfair Competition Prevention and Trade Secret Protection Act, which refers to trade secrets as production methods, sales methods, or other technical or managerial information useful for business activities that are not publicly known and have independent economic value and are managed as secrets.
Attention is now focused on whether HYBE will file an immediate appeal against the court's decision. Until the court's decision is finalized, access to the records, including the injunction decision, will remain restricted.
Previously, during an ADOR extraordinary shareholders' meeting on May 31, HYBE attempted to exercise voting rights on the proposal to dismiss CEO Min Hee-jin, but Min Hee-jin opposed this and filed an injunction to prohibit HYBE from exercising those voting rights.
On May 30, the 50th Civil Division of the Seoul Central District Court mostly accepted Min Hee-jin's claims and ruled in her favor.
Additionally, HYBE accused CEO Min Hee-jin of breach of duty, while Min Hee-jin counter-sued HYBE executives for obstruction of business, illegal access to electronic records, and violation of the Information and Communications Network Act (defamation).
A legal source who requested anonymity stated, 'According to HYBE’s argument, it seems they have admitted that private conversations were included, and if these materials were leaked to the media, it raises the question of whether HYBE may have admitted to violating the Information and Communications Network Act.'"
External Content x.comContent embedded from external sources will not be displayed without your consent.Through the activation of external content, you agree that personal data may be transferred to third party platforms. We have provided more information on this in our privacy policy.External Content x.comContent embedded from external sources will not be displayed without your consent.Through the activation of external content, you agree that personal data may be transferred to third party platforms. We have provided more information on this in our privacy policy.Pretty much what I've been saying. The main lawsuit is cooked and Hybe knows it. That is why they unleashed the Belift and Source lawsuit.
Any evidence originating from private conversations are coming from a poisoned well.
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I think people are too quick to throw out plastic surgery accusation. It just looks like makeup/contouring. Some photoshop in the pic.
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Korea voices 'deep regret' over Japanese PM's offering to Yasukuni ShrineKorea's foreign ministry expressed 'deep regret' Thursday that Japanese political leaders, including Prime Minister Fumio Kishida, sent offerings or paid…www.koreatimes.co.krAs I've pointed out, it gets brought up, because the Japanese government keeps honoring 11 convicted Class-A Japanese war criminals from World War II, and a total of 14 men who committed Class A war crimes.
- Hideki Tojo: Prime Minister of Japan during much of World War II, he played a key role in Japan's military decisions.
- Koki Hirota: As a diplomat and the 32nd Prime Minister of Japan, he was involved in Japan's foreign policy during the war.
- Kenji Doihara: A general in the Imperial Japanese Army, he was instrumental in the occupation of Manchuria.
- Seishiro Itagaki: Served as War Minister and was involved in the invasion of China.
- Heitaro Kimura: An army general involved in the Burma Campaign.
- Iwane Matsui: He commanded the forces during the Nanjing Massacre.
- Akira Muto: An army general known for his role in the Philippines Campaign.
- Sadao Araki: A leading proponent of the militarist faction in the Imperial Army.
- Shunroku Hata: An army general and the Minister of War.
- Kiichiro Hiranuma: Served as Prime Minister and was a member of the Supreme War Council.
- Koichi Kido: One of Emperor Hirohito's closest advisors, involved in wartime policy decisions.
- Kuniaki Koiso: A general in the Imperial Japanese Army and Prime Minister during the war.
- Jiro Minami: Governor-General of Korea and a general in the Imperial Japanese Army.
- Takasumi Oka: A bureaucrat in the Manchukuo government.
While it is understandable that the original shrine was built for the soul of the dead, it has become a rallying symbol for the right wing government of Japan.
People aren't blaming the Japanese people. They are blaming the Japanese government of using this site as a political tool.
From wiki:
In 2014, Shinzo Abe, 15 of the 18 members of his cabinet, and 289 of 480 Diet members were affiliated to the openly revisionist lobby Nippon Kaigi, which advocates the restoration of monarchy and State Shinto, negates Japanese war crimes, and recommends the revision of the Constitution and school textbooks as well as visits by prime ministers to the Shrine. The chief priest of the shrine, Yasuhisa Tokugawa (also the great-grandson of Tokugawa Yoshinobu, the last shōgun), is a member of Nippon Kaigi's representative committee.
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Again, the truly repulsive thing is lying and cosplaying as a sexual assault victim to weaponize it against someone you clearly hold a grudge against.
This poor employee has already walked back many of her initial claims of sexual assault, and has said it was work place abuse instead.
She has zero credibility now. And I won't be gaslit by people who think it's disgusting that I'm not willing to let someone use sexual assault accusations as a means to an end, not because it actually happened.
They erased the part that says Executive A apologized for colluding with CEO Min and causing influence on the RW team's investigation.
They also erased the part that says, ""If we look only at the sexual harassment incident, Mr. A did not say, 'I did it 100%,' but he admitted it to a large extent given the circumstances. If we look at the content of the apology, it included workplace bullying in general, including sexual harassment."
It was changed to "'I was found severely lacking, and I have a lot of regret' and 'I know I was in the wrong'. He gave a general apology in regards to the issues I brought up."
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Former Ador employee B has announced that she will file a complaint with the Ministry of Labor, pointing out Ador CEO Min Hee-jin’s biased intervention in the investigation process of her workplace bullying and sexual harassment case.
On the 16th, B mentioned three things in her interview with Ten Asia that she is preparing materials for her complaint with the Ministry of Labor: CEO Min’s biased intervention in the investigation of Hybe RW (internal ethics standards) team, workplace bullying by CEO Min and Ador Vice President A, and Ador’s unauthorized salary cut without legal basis.
On this day, Mr. B emphasized, "Representative Min is mainly explaining about sexual harassment, but my main report at the time was workplace bullying." She continued, "I plan to report to the Ministry of Labor that Representative Min neglected his duty of neutrality toward reporters of sexual harassment and workplace bullying, intervened in the investigation, and exercised her influence in a biased manner. Since I am also an employee, I will set a date to proceed even if it means taking a vacation."
She revealed that she received a call from Hybe after releasing her first statement on the 8th. She said, "I received an apology from them (Hybe) saying, 'The last investigation was insufficient, so it is clear that Representative Min intervened in the investigation, so we will conduct a fair reinvestigation and review it.'"
She also said that she received an apology from Vice President A for his comments regarding sexual harassment, colluding with Representative Min to influence the results of the RW team's investigation, and for workplace bullying in general. She explained the apology she received from Vice President A, saying, "If we look only at the sexual harassment incident, Mr. A did not say, 'I did it 100%,' but he admitted it to a large extent given the circumstances. If we look at the content of the apology, it included workplace bullying in general, including sexual harassment."
Meanwhile, Mr. B said that after posting her first statement on the 8th, she contacted Representative Min first to request her training evaluation data. She firmly stated, "I plan to use it as data to report to the Ministry of Labor. Didn't Representative Min say 'I didn't do my job' as her defense logic? This is evidence that will weaken that logic."
Regarding the training evaluation data, Mr. B confessed, "Out of the five evaluators, two were deputy representatives and three were colleagues I've worked with for half a year. Except for Deputy Representative A, they all gave me 'highly recommended' or 'recommended' evaluations. However, only Deputy Representative A, who had worked with me for only a month, gave me the lowest score."
Mr. B also revealed that when she resigned, she was asked by Ador to "accept a 40% salary cut if you don't want to resign," which was also what she reported to the Ministry of Labor. Mr. B explained that this was "a salary cut without legal basis that was not even mentioned in the employment contract." She claimed, "It's not even a 10% salary cut, but a whopping 40% cut, which is high enough to be legally problematic even if it was agreed upon as a special provision at the time of the employment contract. Also, there was no mention of the possibility of a salary adjustment at the time of the contract."
She also added, "Revealing my salary in the statement on the 13th is also a violation of the Personal Information Protection Act. Representative Min disclosed the arbitrary reason for reducing my salary without my consent." "Furthermore, my salary when I was hired was not exceptional treatment. Rather, I joined Ador after receiving a partial salary cut. I joined Ador out of my fandom for Representative Min."
Person B expressed her grievance, saying, "I find it absurd that people are talking about timing and asking if Hybe ordered me to do so." She explained, "Of course, Hybe might like me to make the Representative Min issue public. That's why I admit that people might misunderstand that I was instigated by Hybe. But I'm not the type to act just because someone tells me to. I came forward because I felt so wronged."
She said, "The reason I held back until now was because I wasn't directly harmed. But on July 31, Representative Min made public a conversation she had with me without my consent. Everything from the date of my resignation to my conflict with Vice President A and even my tone of speech are clues that can be used to identify me. Even overseas advertisers who saw Representative Min's statement contacted me. I thought I couldn't bear it anymore," she said about what led her to make it public.
In the meantime, Mr. B said, "I was surprised that in the long statement, there was absolutely no mention of the intervention during the investigation, cursing, coaching, and posting on KakaoTalk without permission that I had pointed out. I expected that he would avoid the issue, but I think she should tackle it head on."
Mr. B continued, "Even if Representative Min's rebuttal is posted, I don't think I will have any more statements. I plan to focus on responding to the Ministry of Labor and legal action." She added, "So many people, from domestic and foreign clients to acquaintances, sent me messages of support. Thanks to that, I think I wasn't too discouraged by malicious comments. There is a group that keeps posting the same malicious comments to me, so I hope they will stop."
Representative Min previously denied allegations of covering up an internal sexual harassment case through long statements on July 31 and July 13. In the process, she disclosed Ms. B's annual salary and repeatedly emphasized that she "wasn't able to do her job." In addition, there was also a nuance that Mr. B's objection was at the instigation of Hybe.
In response, Mr. B posted rebuttals on her Instagram account on the 8th and 14th. Through two statements, Mr. B pointed out Representative Min's biased intervention in the RW team investigation.
Looks like the reporter changed the article. It took out all the mention regarding MHJ meddling in the investigation, and the part where Executive A admitted to sexual harassment through his apology.
Kinda gross that the reporter did it sneakily like this. If people aren't up to date with the Employee A's insta post, people would not have known there were problematic statements made by the reporter and that the employee asked the reporter to change the article.
