Min Hee-jin will forgo $18M if HYBE agrees to this
What's the story
Min Hee-jin, the former CEO of ADOR and current head of Ooak Records, has proposed a truce with K-pop powerhouse HYBE in exchange for dropping a 25.6 billion Korean won (approximately $17.89 million) put option from the company. The announcement was made at a press conference on Wednesday, shortly after a local court ruled partially in her favor in an ongoing legal dispute with HYBE, ADOR's parent company.
Proposal details
'I have decided to exchange...for another value'
Min proposed to end all civil and criminal lawsuits between her, NewJeans members and HYBE in exchange for giving up the put option. "I have decided to exchange 25.6 billion won for another value," she told reporters at the press conference. "I'm here because there are values I desperately want more than a large sum of money." "The reason is the NewJeans members." Min is instrumental in building the successful K-pop girl group under ADOR.
Member welfare
'Painful for both the members and fans'
Min further emphasized her concern for the NewJeans members, saying she "cannot watch some standing on stage while others stand in court." She added that the situation was "painful for both the members and fans." Her comments came after a ruling by the Seoul Central District Court earlier this month, which dismissed HYBE's lawsuit to confirm the termination of its shareholders' agreement with Min and another executive.
Legal outcome
Court suspended payment of put option on Wednesday
The court ruled that HYBE must pay the multi-billion (KRW) put option to Min due to the validity of the shareholders' agreement. While acknowledging that Min likely sought ways to make NewJeans independent from ADOR, the court stated that these actions cannot be seen as a serious breach of the shareholders' agreement. HYBE appealed this ruling last week, and on Wednesday, the same court accepted their request to suspend the execution of the payment until an appellate ruling is made.