Min Heejin, CEO of Ooak Records (former CEO of ADOR), moved to seize assets against HYBE, but the action was immediately neutralized.
On the 24th, it was confirmed that the 17th Civil Division of the Seoul Central District Court had, on the 23rd, ultimately granted HYBE’s request for a stay of compulsory execution.
On the 19th, HYBE filed an appeal in the lawsuit over the stock sale payment (put option) with CEO Min and simultaneously requested a stay of compulsory execution to suspend enforcement of the 25.5 billion won payment order until the appellate ruling.
On the 20th, CEO Min announced that she had applied for a seizure and collection order on HYBE’s receivables (bank accounts). This appears to be a follow-up measure to the court’s earlier ruling in the stock sale payment lawsuit ordering HYBE to pay 25.5 billion won to Min.
Typically, a party that loses in a first-trial ruling ordering the payment of money may apply for a stay of compulsory execution to suspend enforcement until the appellate court’s decision.
As the court granted HYBE’s request for a stay of compulsory execution, HYBE is expected to provide substantial collateral (such as a cash deposit) to the court equivalent to the amount awarded in the first trial. If HYBE fails to meet the court-designated deposit conditions, the effect of the stay of compulsory execution will lapse.
With HYBE’s request for a stay granted, CEO Min’s application for seizure and collection of receivables has also been blocked.
As a result, the fierce legal battle between the two sides will now fully shift to the appellate (second-trial) proceedings, which will ultimately determine the obligation to pay the put option amount.
source: https://m.entertain.naver.com/now/article/144/0001099642
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