"Bang Si-hyuk, let's stop all lawsuits"..Min Hee-jin's press conference on 'Giving Up 25.6 Billion Won' is Hive "No Position" [synthesis]

*This content was translated by AI.

Min Hee-jin, the current CEO of OK Records and former CEO of ADOR, proposed to stop all lawsuits because he would give up his 25.6 billion won put option to Hive. In this regard, Hive has no particular position.

On the 25th, Min Hee-jin held a press conference on the results and future plans of winning the first trial of a lawsuit to confirm the termination of the shareholder's contract and the stock purchase price claim worth 25.5 billion won with Hive at the Teacher Challenge Hall in Jongno-gu, Seoul.

Min Hee-jin, who was six minutes late for the press conference, read the prepared manuscript and said, "The reason I'm here today is to tell you that I've decided to exchange 25.6 billion won I'll get in exchange for another value," adding, "The most urgent reason for this decision is because of the members of the NewJeans."

"Instead of putting down 25.6 billion won, I propose to immediately stop all ongoing civil and criminal lawsuits and close all disputes. The proposal includes not only my individual, but also NewJeans members, outsourcing partners and employees from all over the ADOR, but also all complaints and accusations against fandom hurt by being caught up in the fight," he said.

He also said, "We hope that this decision to exchange a large amount of 25.6 billion won for other values will be sublimated into the overall development and harmony of the K-pop industry. "The place where Hive and I should be is not a courtroom, but a stage of creation," he said. "I suggest that our adults return to their original form of competing with music on the stage, not in court. The longer this dispute goes on, the more the artists who are the main characters of this industry are suffering together," he stressed.

He said, "Hive and Chairman Bang Si-hyuk. Now, let's meet in the place of creation, not in the courtroom. In an era when corporate responsibilities have become severe, such as the revision of the commercial law in July 2025, resolving risks in the entertainment industry and choosing harmony will be the smartest management decision for shareholders and fans.

Regarding Min Hee-jin's proposal, Hive told Star News on the same day, "I have no position."

Earlier on the 12th, the Civil Agreement Department 31 (Director Nam In-soo) of the Seoul Central District Court held a ruling on Hive's lawsuit against former CEO of ADOR Min Hee-jin to confirm the termination of the contract between shareholders and a lawsuit against former CEO Min Hee-jin for the exercise of put options against Hive. At the time, the court said, "Hive's claim is dismissed and the litigation costs are borne by Hive. In addition, he ruled in favor of Min, saying, "Min Hee-jin's exercise of put options is justified and should be paid 25.5 billion won."

However, on the same day, Hive said, "It is regrettable that our arguments have not been fully accepted," adding, "We will proceed with future legal procedures such as appeals after reviewing the judgment."

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*This content was translated by AI.