BREAKING: Former ADOR CEO Min Hee Jin has just addressed the unfolding legal battles involving NewJeans (NJZ) and HYBE during a live YouTube broadcast. In an urgent update, Min highlighted the increasing complexity of the lawsuits, stating, “They filed many lawsuits,” and noted that the counter-suing has caused a significant rise in the number of cases, leading to prolonged delays.
When questioned about the exclusive contract validity lawsuit concerning NewJeans, Min clarified, “That lawsuit is not mine, so I cannot comment on it.” This remark underscores the ongoing tension between the parties involved, sparking interest among fans and industry insiders alike.
Min also shed light on the contentious put option lawsuit tied to the shareholder agreement, revealing, “I received investment offers because they thought I had already received a large amount of money from HYBE (through put options).” However, he emphasized, “I haven’t actually received anything yet.” This statement raises questions about the financial dealings surrounding the legal disputes.
The put option amount is significant—approximately ₩25.6 billion KRW (about $17.5 million USD). Min elaborated that he was offered “13 times the previous year’s operating benefit if I quit my job,” indicating the high stakes involved in this legal drama. He mentioned that similar amounts were proposed for stock options before they were later converted to put options.
This latest development is crucial as it not only affects Min but also impacts NewJeans and their fans, who are closely monitoring the situation. Legal experts suggest that the outcome of these lawsuits could reshape the landscape of K-pop management and artist representation.
As the legal struggles continue to unfold, all eyes are on the next steps from both HYBE and ADOR. Fans and stakeholders alike are urged to stay tuned for further updates, as this situation is rapidly evolving and could have lasting implications for the artists involved.
With tensions running high and financial stakes at play, the K-pop community is rallying to understand how these lawsuits might affect their favorite artists and the broader industry.
Stay connected for more breaking news as this story develops.
