As the legal battle between former ADOR CEO Min Hee-jin and HYBE continues, the first hearing for the lawsuit claiming payment related to a put option worth over 26 billion won will take place on the 12th.
The 31st Civil Division of the Seoul Central District Court will hold the first hearing for the payment claim lawsuit filed by former CEO Min Hee-jin against HYBE on the 12th.
Previously, former CEO Min Hee-jin notified HYBE of the exercise of the put option under the shareholders agreement after resigning from her position as an inside director at ADOR in November last year.
According to the agreement, the amount for the ADOR put option is equivalent to 75% of the equity held by the parties involved in the transaction after applying a factor of 13 times the average operating profit for the previous two years.
According to ADOR's audit report, Min Hee-jin exercised a call option last year to purchase 18% (573,160 shares) of ADOR stock, and it is reported that she may receive approximately 26 billion won from HYBE based on the assessment period.
However, HYBE announced in July last year that the shareholders agreement with Min Hee-jin had been terminated, escalating the legal battle between the two parties.
Meanwhile, on April 4th, the 31st Civil Division of the Seoul Central District Court held the second hearing for the lawsuit confirming the termination of the shareholders agreement filed by HYBE against former CEO Min Hee-jin and one other person.
On that day, the court examined whether this lawsuit is connected to the payment claim lawsuit filed by former CEO Min Hee-jin regarding the exercise of the put option last year.
HYBE claimed that the contract had already been terminated when former CEO Min exercised the put option, stating, "The question of who caused the termination is a different legal matter, which is relevant to this lawsuit."
On the other hand, former CEO Min's side argued that "it cannot be considered that the shareholders agreement was terminated at the time of exercising the put option," asserting that there is no need for legal disputes in this lawsuit. The court decided to proceed with the lawsuit related to the put option filed by former CEO Min.
[Photo] OSEN DB
[OSEN]