HYBE vs Min Heejin: Final Arguments Over ₩26 Billion Put‑Option Dispute Today
Two parallel cases set for 3:00 p.m.; court to hear a HYBE witness and schedule ruling after PT presentations
HYBE and former ADOR CEO Min Heejin are slated to deliver their final arguments today, September 11 (KST), in a civil dispute valued at roughly ₩26 billion concerning a put option tied to ADOR shares.
At 3:00 p.m., the Seoul Central District Court, Civil Division 31 (Presiding Judge Nam In‑soo) will convene the second hearing in the lawsuit filed by Min and two others against HYBE over the share purchase price claim arising from Min’s put‑option exercise. In tandem, the court will also hold the fourth hearing in HYBE’s countersuit seeking confirmation that the shareholder agreement was terminated.
What the put option covers—and how Min’s claim is estimated
A put option allows a shareholder, upon meeting agreed conditions, to require another party to purchase all or part of their shares at a pre‑set price. Min notified HYBE in November 2023 of her intent to exercise the put option under the shareholder agreement. Min holds 18% of ADOR and may exercise the put on 75% of that stake (13.5%).
Per the agreement, the price basis is (average operating profit of ADOR for 2022–2023) × 13 ÷ total shares outstanding. With ADOR posting an operating loss of ₩4 billion in 2022 and an operating profit of ₩33.5 billion in 2023, Min’s receivable amount is estimated at about ₩26 billion.
Core issue: Was the shareholder agreement already terminated?
If the shareholder agreement was terminated, the put option would be unavailable. HYBE argues termination was lawful because Min planned and attempted to “take” NewJeans, allegedly breaching exclusive‑contract duties; therefore, Min cannot exercise the put.
Min’s side counters that a “taking” claim would require the members themselves to declare contract termination. They note the shareholder‑agreement dispute surfaced on July 8, while member termination declarations were in November—thus, Min exercised the put before any termination.
Today’s session and broader context
One witness requested by HYBE will testify today. After witness examination and both sides’ PT presentations, the court plans to set a ruling date.
HYBE and Min have been in conflict since April 2024, beginning with a struggle over ADOR’s management control. HYBE accused Min of attempted takeover and filed a criminal breach‑of‑duty complaint with the Yongsan Police Station. Although non‑indictment was decided in July, HYBE immediately filed an objection, leaving the matter unresolved.
As both parties conclude arguments over the ₩26 billion valuation, attention now turns to the court’s forthcoming decision.
Previous article about HYBE vs Min Heejin > HYBE vs Min Hee Jin, HYBE did not give up on legal lawsuit
