7. Following Hive's rebuttal regarding other follow-up reports related to shareholder contracts,
speculations and distortions related to shareholder contracts are rife in various follow-up reports confirmed by Hive through the media. We would like to inform you to correct any further misunderstandings.
Hive is misleading the public by saying that CEO Min Hee-jin insisted on a multiple of 30 in relation to put options, as if the current conflict was motivated by financial motives. However, the 30 multiple reflected the future production value of the boy group, and was only one of the proposals in the process of changing the contract between shareholders, which had various unreasonable elements, and was not a priority item for negotiation.
In addition, Hive promised an additional 10% of Adore's shares as a stock option to CEO Min Hee-jin when signing the stock purchase agreement and shareholder agreement in March last year. However, as a result of legal advice, we learned that stock options cannot be granted to CEO Min Hee-jin, a major shareholder, under commercial law. These stock options were not requested by CEO Min Hee-jin, but were suggested by Hive. CEO Min Hee-jin could not help but think that Hive had deceived him. It was a matter of ‘trust’.
Hive offered to lift the non-competition obligation, and CEO Min Hee-jin said he refused, but this is also not true. Hive proposed that employees be required to serve for 8 years and be subject to a non-competition obligation for 1 year after retirement, and that put options be exercised in stages according to that period. However, while the shareholder contract negotiations were in progress, a controversy related to eyelets arose and continues to this day. Regarding Hive's proposal, CEO Min Hee-jin has not communicated any relevant position. It is not true that CEO Min Hee-jin expressed her intention to refuse.
8. Regarding the fact that shamans are mere acquaintances,
the success of Newgenes and the amazing performance that Adore achieved in a short period of time are based on rational management decisions. These claims appear to be framed by Hive to denigrate and deny Adore's success.
The reason for Adore's sales and operating profit is that it has increased its value by preventing unnecessary spending, managing its budget efficiently, and working to improve its brand image. If it is possible as they claim, why are CEO Min Hee-jin and Adore members working hard day and night?
It is pathetic that Hive, which is supposed to lead K-POP, attempted to frame it as a personal slander that was unrelated to the issue and not worth responding to, and that it was announced right before CEO Min Hee-jin's press conference.
9. Regarding the fact that Hive does not spare New Genes,
it was Hive that announced the sudden audit on April 22nd and announced it to the media without the results of the audit being released. They made claims of impossible 'usurpation of management rights' without any specific evidence, and did not even attempt to hear Adore's position internally, and raised this issue ahead of New Jeans' comeback.
Hive claims to have suggested ‘not mentioning the artist’. If they judged that attacking CEO Min Hee-jin and Adore by bringing out a problem that could be resolved quietly internally would not affect the brand value of New Jeans, this was an idea that did not understand the label's management at all and was a result of their management problems. This is a sophistry meant to cover up faulty judgment.
I hope the above information will help resolve any further speculations and misunderstandings.
On April 16, CEO Min Hee-jin filed an internal complaint, pointing out several issues, saying, “Hive lacks preparation, understanding, and attitude toward the multi-label system.” It was a direct statement made in reliance on the guidelines proposed by Chairman Bang Si-hyuk, which said, “Speak out your differences and opinions even if it is difficult to speak when faced with the absurdity and irrationality of the business,” but it returned to the current extreme situation with the claim of “breach of trust.”
Now and in the future, Adore will do its best to support New Genes’ activities. If Hive wants to protect its IP, as it claims, and truly cares about the interests of its shareholders, I hope it will stop its unconvincing black propaganda and show common sense in supporting Adore so that it can fully focus on creation.
speculations and distortions related to shareholder contracts are rife in various follow-up reports confirmed by Hive through the media. We would like to inform you to correct any further misunderstandings.
Hive is misleading the public by saying that CEO Min Hee-jin insisted on a multiple of 30 in relation to put options, as if the current conflict was motivated by financial motives. However, the 30 multiple reflected the future production value of the boy group, and was only one of the proposals in the process of changing the contract between shareholders, which had various unreasonable elements, and was not a priority item for negotiation.
In addition, Hive promised an additional 10% of Adore's shares as a stock option to CEO Min Hee-jin when signing the stock purchase agreement and shareholder agreement in March last year. However, as a result of legal advice, we learned that stock options cannot be granted to CEO Min Hee-jin, a major shareholder, under commercial law. These stock options were not requested by CEO Min Hee-jin, but were suggested by Hive. CEO Min Hee-jin could not help but think that Hive had deceived him. It was a matter of ‘trust’.
Hive offered to lift the non-competition obligation, and CEO Min Hee-jin said he refused, but this is also not true. Hive proposed that employees be required to serve for 8 years and be subject to a non-competition obligation for 1 year after retirement, and that put options be exercised in stages according to that period. However, while the shareholder contract negotiations were in progress, a controversy related to eyelets arose and continues to this day. Regarding Hive's proposal, CEO Min Hee-jin has not communicated any relevant position. It is not true that CEO Min Hee-jin expressed her intention to refuse.
8. Regarding the fact that shamans are mere acquaintances,
the success of Newgenes and the amazing performance that Adore achieved in a short period of time are based on rational management decisions. These claims appear to be framed by Hive to denigrate and deny Adore's success.
The reason for Adore's sales and operating profit is that it has increased its value by preventing unnecessary spending, managing its budget efficiently, and working to improve its brand image. If it is possible as they claim, why are CEO Min Hee-jin and Adore members working hard day and night?
It is pathetic that Hive, which is supposed to lead K-POP, attempted to frame it as a personal slander that was unrelated to the issue and not worth responding to, and that it was announced right before CEO Min Hee-jin's press conference.
9. Regarding the fact that Hive does not spare New Genes,
it was Hive that announced the sudden audit on April 22nd and announced it to the media without the results of the audit being released. They made claims of impossible 'usurpation of management rights' without any specific evidence, and did not even attempt to hear Adore's position internally, and raised this issue ahead of New Jeans' comeback.
Hive claims to have suggested ‘not mentioning the artist’. If they judged that attacking CEO Min Hee-jin and Adore by bringing out a problem that could be resolved quietly internally would not affect the brand value of New Jeans, this was an idea that did not understand the label's management at all and was a result of their management problems. This is a sophistry meant to cover up faulty judgment.
I hope the above information will help resolve any further speculations and misunderstandings.
On April 16, CEO Min Hee-jin filed an internal complaint, pointing out several issues, saying, “Hive lacks preparation, understanding, and attitude toward the multi-label system.” It was a direct statement made in reliance on the guidelines proposed by Chairman Bang Si-hyuk, which said, “Speak out your differences and opinions even if it is difficult to speak when faced with the absurdity and irrationality of the business,” but it returned to the current extreme situation with the claim of “breach of trust.”
Now and in the future, Adore will do its best to support New Genes’ activities. If Hive wants to protect its IP, as it claims, and truly cares about the interests of its shareholders, I hope it will stop its unconvincing black propaganda and show common sense in supporting Adore so that it can fully focus on creation.
![WHOS [RandAlThor]](https://kpopsource.com/data/medal/1148_1589468878m.jpg)
