News All YG Artists Attend Agency-Wide Meeting + Netizens Speculate What It's About (1 Viewer)

[JakeyWantsCakey]

Netizens have spotted all of the YG Entertainment artists gathering at the label's head office location over the weekend.

A recent internet forum post is drawing major attention and buzz after these shots of all the artist cars were seen at YG's head office.

Speculation on the reasons for this meeting are rampant given the latest scandals and controversies surrounding the label. Comments include: ​

"Are they all gathering to do drugs today?"

"Didn't they say that they would drug test their artists every now and then with the drug kit they purchased?"

"Looks like they could be trying to bury something. Did something happen again?"

"Maybe they're drug testing all their artists today?"

"This honestly looks like a mafia gathering."

Source: allkpop

To Be honest, I think this is probably about them having to pay back that loan from LVMH and what effects that will have on them as a company. I also think it could also be about the company filing for bankruptcy but maybe I'm being too optimistic...

 

[JakeyWantsCakey]

@blueberries @BritishLuvie @Darkyoda47 @mirella I'm trying to think who else was in all of the Prison 101 threads LOL

 

[blueberries]

I'm actually quite afraid that it's about bankruptcy or sth similar. It does seem like emergency meeting. I feel bad for GD, Taeyang and Daesung who are in army and probably can't attend, wonder if they will have company to return to or if everything just crumbled while they were away

Idk, just makes me rly nervous, can't see this being good thing.. well from my point of view.

 

[VillageIdiot]

Probably explain that they'll need to be touring more.
They've been in financial trouble for a while and known that they'd need to pay back the money but still told BP they could work on a new album

 

[Seros]

Isn't their $50 million dollar debt to LV due in a few days...

 

[JakeyWantsCakey]

I'm actually quite afraid that it's about bankruptcy or sth similar. It does seem like emergency meeting. I feel bad for GD, Taeyang and Daesung who are in army and probably can't attend, wonder if they will have company to return to or if everything just crumbled while they were away

Idk, just makes me rly nervous, can't see this being good thing.. well from my point of view.

It's definitely about something serious and I feel like it must affect the artists too if they are making sure that they're there.

I'm assuming that at the very least some of the employees are gonna be made redundant which is sad.

I wonder what would happen to the artists if YG went bankrupt since they can't sell their contracts to other labels...

 

[JakeyWantsCakey]

Isn't their $50 million dollar debt to LV due in a few days...

That's what I was thinking although I feel like if it's only a few days away then they've probably got all of that sorted out by now... or at least you'd hope that they would!

 

[Ashla_K]

"Are they all gathering to do drugs today"

*sigh*


There has been a lot of fuzz around this meeting but something that I know for sure is that neither Dara (she was with Bom at that moment on Dnation's headquarters) or CL (according to other sources) attended to it.
Personally, I don't think is something catastrophic as many people say, like filing for bankruptcy but about the changes on their management.

 

[RandAlThor]

I thought this happened a few days ago...
the weekend kinda blurs together i slept so poorly.

company wide business meetings are iffy.
SM does the team building thing but this does not look like that.

 

[blueberries]

It's definitely about something serious and I feel like it must affect the artists too if they are making sure that they're there.

I'm assuming that at the very least some of the employees are gonna be made redundant which is sad.

I wonder what would happen to the artists if YG went bankrupt since they can't sell their contracts to other labels...

I guess they can still sign up with other companies even if the company goes bankcrupt? Idk, i'm bad with economic xd But i'd expect Black Label to stay and bulk of artist to tranfer there, it becoming YG ver.2. And some of the artist to leave company and sign up with other companies, probably artists like AKMU, Lee Hi.. If that's possible option i think it's likely one.

 

[honeyfornomoney]

"Are they all gathering to do drugs today?"

LMAO

 

[arieam]

if they weren't as morally bankrupt as they are financially they'd be having a meeting letting them know they can break contract now but it's definitely not that

 

[Abeamus]

It's definitely about something serious and I feel like it must affect the artists too if they are making sure that they're there.

I'm assuming that at the very least some of the employees are gonna be made redundant which is sad.

I wonder what would happen to the artists if YG went bankrupt since they can't sell their contracts to other labels...

Depends on the details on their contract, if there are expenses YG pays for them per contract which they could not do then they would be breaking contract but if there aren't then it doesn't do anything unless YG collapses and at that point all contracts would be void.

 

[Ashla_K]

if they weren't as morally bankrupt as they are financially they'd be having a meeting letting them know they can break contract now but it's definitely not that

 

[LeeHoseok]

My guess is it has to do with company restructuring in the wake of financial losses and the Yang bros departure. Trying to get everyone on the same page with how to move on from that mess and what changes are gonna be required of everyone.

 

[JakeyWantsCakey]

*sigh*


There has been a lot of fuzz around this meeting but something that I know for sure is that neither Dara (she was with Bom at that moment on Dnation's headquarters) or CL (according to other sources) attended to it.
Personally, I don't think is something catastrophic as many people say, like filling for bankruptcy but about the changes on their management.

I wouldn't really expect CL to be there anyway since she doesn't really seem to engage with YG anymore, I think she's just waiting for her contract to expire to be honest... same with Dara. f(x) contracts with SM ended recently so I'd assume that Dara and CL's are close to ending too depending on how long they renewed for.

I guess they can still sign up with other companies even if the company goes bankcrupt? Idk, i'm bad with economic xd But i'd expect Black Label to stay and bulk of artist to tranfer there, it becoming YG ver.2. And some of the artist to leave company and sign up with other companies, probably artists like AKMU, Lee Hi.. If that's possible option i think it's likely one.

I don't think YG would legally be able to sell their contracts to another company because that's how Kang Daniel got out of his contract plus I don't think the artist would be able to sign with another company unless YG actually closed down as a company...

 

[blueberries]

I wouldn't really expect CL to be there anyway since she doesn't really seem to engage with YG anymore, I think she's just waiting for her contract to expire to be honest... same with Dara. f(x) contracts with SM ended recently so I'd assume that Dara and CL's are close to ending too depending on how long they renewed for.

I don't think YG would legally be able to sell their contracts to another company because that's how Kang Daniel got out of his contract plus I don't think the artist would be able to sign with another company unless YG actually closed down as a company...

But wouldn't bank or sth own the contracts then?

Since it's about plp, i think they would just expire, it sounds too dumb that they would be left hanging or that bank could just sell them to company.

 

[JakeyWantsCakey]

But wouldn't bank or sth own the contracts then?

Since it's about plp, i think they would just expire, it sounds too dumb that they would be left hanging or that bank could just sell them to company.

I don't think the bank would be able to sell the contracts either since the idols are classed as employees and not assets.

I googled bankruptcy to find out the detail on how it worked and this is what I found if your interested:
citizensadvice.org.uk/debt-and-money/debt-solutions/bankruptcy-2/bankruptcy-explained/bankruptcy-overview/

 

[VillageIdiot]

I don't think the bank would be able to sell the contracts either since the idols are classed as employees and not assets.

I googled bankruptcy to find out the detail on how it worked and this is what I found if your interested:
citizensadvice.org.uk/debt-and-money/debt-solutions/bankruptcy-2/bankruptcy-explained/bankruptcy-overview/

if YGE goes bankrupt, wouldn't they just dissolve the contracts
Why would they need to be sold

 

[JakeyWantsCakey]

if YGE goes bankrupt, wouldn't they just dissolve the contracts
Why would they need to be sold

I don't think the company automatically closes just because you go bankrupt though but I could be wrong...