Former ADOR CEO Min Hee Jin appeared in person on September 11 for the second hearing of her lawsuit against HYBE regarding the exercise of put options.
Arriving at the Seoul Central District Court by taxi that afternoon, Min Hee Jin was seen smiling as she made her way into the courthouse.
The hearing, held by the Civil Division 31 of the Seoul Central District Court (Presiding Judge Nam Isu), involved three plaintiffs, including Min, seeking payment for shares under a put option and confirmation of the termination of a shareholder agreement with HYBE.
Min Hee Jin had previously notified HYBE in November of last year of her intention to exercise the put option. Under the terms of the agreement, she is entitled to receive a payment from HYBE equivalent to 75% of her ADOR stake multiplied by 13 times the average operating profit of ADOR over the two most recent fiscal years.
For the calculation, the relevant fiscal years were 2022 and 2023, during which ADOR’s operating profit stood at 4 billion KRW (about $3.04 million) in 2022 and 33.5 billion KRW (about $25.46 million) in 2023. According to ADOR’s audited report released in April of last year, Min Hee Jin owns 573,160 shares, or 18% of the company. Based on these figures, her potential claim is estimated at approximately 26 billion KRW (about $19.8 million).
HYBE, however, contends that the shareholder agreement was terminated in July last year, and as a result, Min Hee Jin’s right to exercise the put option no longer exists.
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