> According to BizHankook, SM Entertainment filed for provisional seizure of assets on February 9 and 10, targeting properties owned by the three members.
>
> The total amount SM seeks to secure through the asset freeze is 2.6 billion won, representing the unpaid portion of the agreed 10% revenue share.
>
> A provisional seizure (asset freeze) prevents the debtor from transferring or disposing of assets to avoid repayment. This legal action is typically taken when there are concerns that the debtor may attempt to hide or liquidate assets, potentially making debt recovery difficult.
EyeforError on
MC Mong may be toothless, but Korean civil remedies certainly aren’t.
PhoenixHusky on
well, this might as well be a confirmation they out huh
vodkaorangejuice on
Man I truly feel for EXO-Ls
At the end of the day money is money, and it can break the closest of relationships.
bimpossibIe on
That huge signing bonus was definitely not worth it.
snowbaz on
did something happen with the lawsuit that led them to doing this or did they wait till the comeback was done to do it? (i read the article btw)
FunkySphinx on
It’s incredible how much talent and drama can fit into one group. Best luck to everyone involved. Hopefully they can reach a compromise.
Particular-Yoghurt81 on
Sorry EXO-L’s
Kmadd25 on
As an exo-l . . . I’m so tired
JustAPerson-_- on
Ughhhh
bujobegins on
i don’t get it. the seizing of their assets…aren’t those just from monetary compensation while cbx worked under SM? why is SM targeting their personal properties?
Competitive_Bee7697 on
wouldnt wish stanning exo on my worst enemy tbh
AfraidInspection2894 on
Its unfortunate but I’m not suprised. CBX has lost at every turn and SM is not known for letting things go. It seems like SM was waiting for EXO’s comeback to happen before filing.
oshwig on
genuinely want to root for them but this entire lawsuit has been such a horrible legal and career decision, like they could have had a clean exit from the company and none of this would have even happened, but alas… best of luck to them
LeadInfamous1760 on
SM has no mercy when it comes to legal battles with its own artists. It makes HYBE look soft in their dealings with NewJeans. NewJeans are so lucky, lol.
Em-ocean on
I wonder if Taemin will also be affected. I thought I remembered reading an article where his company also owes SM money. Hopefully that’s all over and done with though.
As for Exo-Ls, I’m sad that they have to go through these ups and downs for their bias. SM are such money grabbers.
Fluid-Bread1052 on
Currently, 100 Hundred Hundred and INB100 are on the verge of bankruptcy. Since the second half of last year, no settlement has been paid, and not only the employees but also the partners they have worked with have not been paid for months, making it difficult to make a living. My brother’s Korean acquaintance also participated in the album promotion last year, but it has not been paid yet, and many related companies are preparing lawsuits. They have not been able to appear on the stage because they have not paid for the production of the stage to broadcasting companies such as Music Bank, and they have not been able to produce the actual album. This has also become quite an issue in Korea, but Reddit has strangely said nothing.
PlacePuzzleheaded982 on
Sheesh
equivocaloid on
give me a fucking break man
innocentsalad on
I do find it interesting that this gives us a view into how much they actually pay their idols. 2.6 billion won between the three of them is not that much, especially since it includes a house and 2 apartments.
foundintransl8ion on
I don’t think any of you have read beyond the headline. This just says SM filed to freeze the assets, not that the court granted it.
YeonseokIsFluffy on
Omg one of the properties SM seized for Xiumin was related to Cha Gawon before 💀
Affectionate_Bit1693 on
The timing is interesting. Right before SM announces Q2 activities, a month before the trial is supposed to start. Are investors mad or something? Maybe they need an easy win for the headlines instead of waiting a few weeks for a decision?
From what I can tell from some research, a provisional attachment is pretty easy to get and the defendant doesn’t get a chance to respond until afterwards. It’s pretty common and used when a plaintiff thinks the defendant is a financial flight risk. Did they really think these famous ass people are running away? Hahahah. Maybe it’s a pressure tactic to back CBX into a corner. It’s so messy, I hope it resolves itself soon. All of Exo is basically imploding at this point.
JinnieP on
afaik SM has filed to cease their assets right? the court still has to grant it? but either way, considering SM has continued winning all legal disputes in this particular case, the court might side with them. i wonder what cbx feel now, was this debacle worth it
g-dragon on
all i can think about is tvxq/jyj. i hope cbx don’t get blacklisted.
goodbyetogepi on
can someone who’s got plenty of time and patience explain this entire fiasco like i’m five? why weren’t cbx allowed to be a part of the comeback?
Emotional-Price-5231 on
Can someone explain what happened?
wannabewabisabi on
I don’t even follow CBX closely or know much about this saga, but I genuinely feel for them. It seems like poor reasoning + hope/ trust led them into a much bigger mess than the one they were hoping to exit.
I just hope they have the good sense to work it out with SM. Shame all around.
caelinday on
amount of people turning on cbx here is wild ☠️
icedseas on
Can’t have anything nice as an EXOL. I’m so so tired…
30 Comments
> According to BizHankook, SM Entertainment filed for provisional seizure of assets on February 9 and 10, targeting properties owned by the three members.
>
> The total amount SM seeks to secure through the asset freeze is 2.6 billion won, representing the unpaid portion of the agreed 10% revenue share.
>
> A provisional seizure (asset freeze) prevents the debtor from transferring or disposing of assets to avoid repayment. This legal action is typically taken when there are concerns that the debtor may attempt to hide or liquidate assets, potentially making debt recovery difficult.
MC Mong may be toothless, but Korean civil remedies certainly aren’t.
well, this might as well be a confirmation they out huh
Man I truly feel for EXO-Ls
At the end of the day money is money, and it can break the closest of relationships.
That huge signing bonus was definitely not worth it.
did something happen with the lawsuit that led them to doing this or did they wait till the comeback was done to do it? (i read the article btw)
It’s incredible how much talent and drama can fit into one group. Best luck to everyone involved. Hopefully they can reach a compromise.
Sorry EXO-L’s
As an exo-l . . . I’m so tired
Ughhhh
i don’t get it. the seizing of their assets…aren’t those just from monetary compensation while cbx worked under SM? why is SM targeting their personal properties?
wouldnt wish stanning exo on my worst enemy tbh
Its unfortunate but I’m not suprised. CBX has lost at every turn and SM is not known for letting things go. It seems like SM was waiting for EXO’s comeback to happen before filing.
genuinely want to root for them but this entire lawsuit has been such a horrible legal and career decision, like they could have had a clean exit from the company and none of this would have even happened, but alas… best of luck to them
SM has no mercy when it comes to legal battles with its own artists. It makes HYBE look soft in their dealings with NewJeans. NewJeans are so lucky, lol.
I wonder if Taemin will also be affected. I thought I remembered reading an article where his company also owes SM money. Hopefully that’s all over and done with though.
As for Exo-Ls, I’m sad that they have to go through these ups and downs for their bias. SM are such money grabbers.
Currently, 100 Hundred Hundred and INB100 are on the verge of bankruptcy. Since the second half of last year, no settlement has been paid, and not only the employees but also the partners they have worked with have not been paid for months, making it difficult to make a living. My brother’s Korean acquaintance also participated in the album promotion last year, but it has not been paid yet, and many related companies are preparing lawsuits. They have not been able to appear on the stage because they have not paid for the production of the stage to broadcasting companies such as Music Bank, and they have not been able to produce the actual album. This has also become quite an issue in Korea, but Reddit has strangely said nothing.
Sheesh
give me a fucking break man
I do find it interesting that this gives us a view into how much they actually pay their idols. 2.6 billion won between the three of them is not that much, especially since it includes a house and 2 apartments.
I don’t think any of you have read beyond the headline. This just says SM filed to freeze the assets, not that the court granted it.
Omg one of the properties SM seized for Xiumin was related to Cha Gawon before 💀
The timing is interesting. Right before SM announces Q2 activities, a month before the trial is supposed to start. Are investors mad or something? Maybe they need an easy win for the headlines instead of waiting a few weeks for a decision?
From what I can tell from some research, a provisional attachment is pretty easy to get and the defendant doesn’t get a chance to respond until afterwards. It’s pretty common and used when a plaintiff thinks the defendant is a financial flight risk. Did they really think these famous ass people are running away? Hahahah. Maybe it’s a pressure tactic to back CBX into a corner. It’s so messy, I hope it resolves itself soon. All of Exo is basically imploding at this point.
afaik SM has filed to cease their assets right? the court still has to grant it? but either way, considering SM has continued winning all legal disputes in this particular case, the court might side with them. i wonder what cbx feel now, was this debacle worth it
all i can think about is tvxq/jyj. i hope cbx don’t get blacklisted.
can someone who’s got plenty of time and patience explain this entire fiasco like i’m five? why weren’t cbx allowed to be a part of the comeback?
Can someone explain what happened?
I don’t even follow CBX closely or know much about this saga, but I genuinely feel for them. It seems like poor reasoning + hope/ trust led them into a much bigger mess than the one they were hoping to exit.
I just hope they have the good sense to work it out with SM. Shame all around.
amount of people turning on cbx here is wild ☠️
Can’t have anything nice as an EXOL. I’m so so tired…
