HYBE, who was ordered to pay ₩25.5 billion KRW (about $17.7 million USD) in stock sale proceeds following former ADOR CEO Min Hee Jin’s exercise of a put option, has deposited funds with the court to block provisional enforcement of the ruling.
According to the legal community on February 25, HYBE submitted a litigation security deposit of ₩29.3 billion KRW (about $20.3 million USD) to the Seoul Central District Court.
The Seoul Central District Court’s Civil Division 31 previously ruled in favor of Min in both HYBE’s lawsuit seeking confirmation of termination of the shareholders’ agreement and Min’s lawsuit seeking payment for the stock sale. HYBE subsequently filed an appeal on the 19th and applied for a stay of compulsory execution of the first-instance ruling. Civil Division 17 of the Seoul Central District Court granted the request, suspending compulsory enforcement of the put-option payment until the appellate court delivers its ruling.
In civil cases, the losing party typically may request a stay of enforcement to prevent provisional execution of a judgment. Courts usually approve such requests on the condition that security is provided, most often by depositing a specified amount in cash or submitting a surety bond.
However, HYBE paying the legal deposit meant that Min Hee Jin would not receive any money until the case is resolved, appeal and all. The court will hold on to the money. This would also allow HYBE to buy some time. Netizens called out HYBE for their “cowardly move.”
- This is so obvious. Bang really can’t put his pride down without a fight.
- No matter how I see it, Bang isn’t fit to be the head honcho. Pathetic.
- So pathetic of them. Beta males LOL.
- That amount must be peanuts to them now that BTS is making a comeback.
- Loserish.
This move is significant as Min held a press conference on the very same day and publicly proposed ending all legal disputes with HYBE, saying she would forgo receiving the ₩25.6 billion KRW (about $17.8 million USD) related to the put option. This would set all the NewJeans members and former ADOR staff free.
In exchange for the ₩25.6 billion KRW (about $17.8 million USD), I propose an immediate halt to all ongoing civil and criminal lawsuits and a final resolution of all the disputes. This proposal includes the termination of all lawsuits and accusations against not only me, but also the members of NewJeans, outsourcing partners, former ADOR employees, and the fandom who were hurt by this conflict.
— Min Hee Jin
Min Hee Jin Makes Shocking Offer To HYBE In Exchange For Giving Up ₩25.5 Billion KRW
