Min Heejin, finally, the day of destiny..26 Billion Put Options Litigation Sentenced Today (12th)

*This content was translated by AI.

The conclusion of a lawsuit between Hive and former ADOR CEO Min Hee-jin to terminate the contract between shareholders is finally coming out.

The Civil Agreement Department 31 (Director Nam In-soo) of the Seoul Central District Court will hold a court ruling on the 12th to confirm the termination of the inter-shareholder contract filed by Hive against former CEO Min and a lawsuit against former CEO Min for the exercise of put options.

In July 2025, Hive terminated the contract between shareholders and filed a lawsuit with the court to confirm the termination of the contract between shareholders, saying former CEO Min Hee-jin attempted to privatize NewJeans and ADOR and caused damage to the company and its affiliated labels. Former CEO Min Hee-jin was dismissed from his position as ADOR CEO in August 2025 and resigned as ADOR's executive director in November 2025 to notify Hive of the exercise of put options.

In this regard, Hive claimed that the exercise of put options has become ineffective because the shareholder contract was terminated in July 2025. On the other hand, former CEO Min Hee-jin refuted that Hive's notification of termination was ineffective, saying that there was no violation of the contract between shareholders, and maintains that the right to claim is valid because the put option was exercised in that state.

According to the shareholder contract signed by former CEO Min, former CEO Min will be able to receive 75% of his stake in ADOR (about 26 billion won) from Hib, multiplied by 13 times the average operating profit of ADOR in the previous two years when exercising put options.

Through the following arguments, former representative Min Hee-jin attended the court in person and questioned witnesses three times, and denied allegations of NewJeans tempering at the time, writing documents between former executives of ADOR and stealing management rights.

In the process of investigating whether the contract was violated between shareholders, Hive disclosed the contents of former CEO Min's past messaged conversations with shamans and others, but former CEO Min confronted that it was before the establishment of the ADOR.

BANA, which has exclusively been in charge of A&R since the establishment of ADOR to the present, was also mentioned. BANA, led by Kim Ki-hyun, a former CEO of SM Entertainment A&R, produced New Jeans' NewJeans album.

In response, Hive raised suspicions of preferential treatment, citing that former CEO Min and CEO Kim Ki-hyun were in an ex-lover relationship, along with the claim that the service payment received by Bana as of 2022 is twice the settlement amount of all NewJeans members. Former CEO Min countered, "It was not excessive compensation compared to the industry."

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*This content was translated by AI.