“If you give the HYBE a hard time, ADOR is free.”

“BTS’ discharge from military service is important” · “In the end, we have to use the media”

In February of this year, Vice President Lee, known as CEO Min’s right-hand man, established a one-year plan for ADOR, starting with the discharge of all members of BTS. The goal is ADOR’ freedom(?). Vice-President Lee told CEO Min that they should give them (HYBE) a hard time and ADOR will be free (from HYBE). It points out HYBE’s multi-label system and the illusions of the IT business. They were dissatisfied with HYBE’s management style and were planning to leave. 

Lee: We have to do something before BTS returns in a year.

MHJ: ㅋㅋㅋㅋ

Lee: In a year their multi-label/US disease/IT platform illusions will all go to s*it if it is meant to be… That would make it hard for them and we earn our freedom.

MHJ: I would love that.

Lee: This is our plan.

MHJ: So you’re saying we need to use the media, ugh.

Lee: If HYBE’s chart manipulation is exposed then people would lose faith in them, right? If these damages add up, their bleeding would be huge.

MHJ: We need to plan our escape while HYBE is under fire. Let’s meet Lee XX (media outlet), XXX (analyst) introduced me to one of their journalists.

Lee: Yeah, let’s do that. I’ll prepare carefully. First we’ll become close to them and like drizzle falling on clothes, we’ll quietly build a personal network of accountants, competitors, investors, outside directors, investment firms and media outlets.

MHJ: Yeah, we should do this personally (not using ADOR’s name).

Lee: Anyways, making these outside alliances while bolstering the capabilties of ADOR internally is our goal for February.

In another conversation, which took place in March, executive Lee and Min Hee Jin could be seen talking about negotiating a buyout for NewJeans. In other words, according to the reconstructed messages, Min Hee Jin was planning on negotiating with HYBE to take NewJeans independent from HYBE.

Lee: No matter how I look at it, terminating the members’ contracts is too costly. (We would have to leave behind all of their past albums and all the endorsements are tied to ADOR). 

– But like you said, I think we can use that cost as a negotiating tool. 

– What I mean is, no matter how high HYBE sets the price

– We would tell them the price is too high and say that the costs of terminating their contract (₩600 billion KRW (about $439 million USD)) + cost of new contracts (₩100 billion KRW (about $73.2 million USD) + HYBE’s initial investment ₩20.0 billion KRW (about $14.6 million USD)) = ₩720 billion KRW (about $527 million USD) should be enough. I think this way we could meet at a price of ₩800 billion KRW (about $585 million USD).

MHJ: No, HYBE will also put a value on future earnings. 

– It’s a relief that Bang Si Hyuk and Park Ji Won’s luck is horribleㅋㅋㅋㅋ

– But that is why they will ask for over ₩1.00 trillion KRW (about $732 million USD)

– Yah they paid that much for a company that had nothing, do you think they’ll hand over NewJeans for ₩800 billion KRW (about $585 million USD)? Do you not have a sense of reality?

On the same day, ADOR executives discussed potential investors. In the reconstructed texts, executive Lee asks the manager of a private equity fund (PEF) about another investment firm.

Lee: Hyung, have you heard of XXX investments? XXX is the name of its president.

PEF: I don’t know about them.

Lee: I guess it’s not well-known if you don’t know them. Thank you.

PEF: The name seems pretty shady.

Lee: I feel the same way.

PEF: Yah I guess he has money

– But does he have a lot of money 

– Although I’m sure it isn’t enough to make the deal with you

Lee: I think so. He nominated himself ㅋㅋㅋ 

Lee: He says that an investment fund G** is very interested in Korean entertainment

– According to him, it is going to be easier to find a financial investor than a strategic investor. He also says it will give us more freedom

– He says a strategic investor will always look to influence the company to their gain while a financial investor will not try to influence as much as theirs and the company interests align. He says ideally we should find a financial investor that agrees with out strategy and then leave HYBE before growing the company to exit or do an IPO. I agree with him. He says leaving the company or terminating (NewJeans’s contract) would be unfavorable. He also says that it isn’t impossible for a minority stake holder, who runs the company, to defeat the parent company and majority stake holder to become the defacto owners. He says the most important thing is our will to not lose.

MHJ: That person seems to be in a cloud of hope (not very realistic).

Lee: Well, he also said that we need to hide our claws and endure, no matter how hard it gets. I thought the information was most important.

In the last reconstructed conversation, Min Hee Jin allegedly tells an ADOR employee that they needed to have the parents of NewJeans become the whistleblowers

MHJ: Whistleblower – The parents will be the ones making the complaint to HYBE.

MHJ: Then what did you think it meant when you made an internal complaint?
ADOR K: At first, I wrote it thinking this. But I was asking if it might be better to have articles out before the internal complaint was made.
ADOR K: As I had written, I don’t think it would be good for (NewJeans’) image for their parents to get involved. Also, I felt it would be better to create public support before making the complaints public.

MHJ: Huh? I don’t understand. Also, I think there are contractual issues if the articles are written as if it were from us. We need to have the parents make the complaints first because ADOR can’t attack HYBE.

ADOR K: I may have said that without understanding our contractual obligations.

MHJ: It’s understandable because you’re watching from an outsider’s point of view. 

MHJ: But if we don’t make the announcement and we talk about selling ADOR internally, we are the ones getting sold. W

– e won’t be able to take control. Do you get what I am saying? 

– I don’t know what is the goal of the risks you’re suggesting. 

– Also, what risk do we have by making this known? 

– Whether they investigate or not, by then everyone will be talking about HYBE’s chart manipulation, and the world would be upside down. 

– It’s better that we make this public as soon as possible. 

– The best thing is for HYBE to reach out to me and negotiate to block the controversy. 

– We will then tell them our demands.

Cr. Koreaboo

1. This is so unfair, but I bet Min Heejin will release something on her SNS today to refute this, so we should wait first

2. In the end, it’s just a poop smeared war, who is even clean in this anymore?

3. I thought Min Heejin wasn’t planning anything, but in the end, she was planning to leave, but she got caught before she could actually execute the plan?

4. ah I don’t know anymore, I’m supporting Min Heejin 

5. People who read this are still siding with Min Heeijn???

6. Shouldn’t HYBE sue that VP first?

7. Seriously how many times is HYBE going to mediaplay?

8. No but anyone could tell that this conversation is so weird, do people really think she listened to everything that VP told her to do?

9. If HYBE really had any solid and important proofs, why not leave it to the investigation to reveal it?

10. Supporting Min Heejin 

11. That VP Lee is honestly a weirdo 

12. I’m tired of this sajaegi cult company mediaplaying 

13. No matter how you see it, we should all wait until the end of the court verdict ㅋㅋㅋ

14. I read it again and again and all I can say is that they should really sue VP Lee no? Why is nobody focusing on him?

15. They should let Min Heejin go with NewJeans, get rid of all their labels and treat BTS better