Kakao becomes SM's second largest shareholder, Lee Soo Man files lawsuit in response
Article: Lee Soo Man threatens legal action against SM Entertainment for "illegal" sale of shares
Source: Economist via Naver + Naver
1. [+140, -36] Kakao is getting its tentacles into everything and now they're trying to get SM for free, that's probably why Lee Soo Man got kicked out as producer... I hope he wins this lawsuit...
2. [+92, -9] Lee Soo Man is trying to act all righteous when he was the one siphoning away half of SM's business profits... this is gross
3. [+93, -29] Kakao really knows no limit to gobbling up all of the companies.. how can this be allowed?? Why does the government only intervene on Samsung but allow Kakao to run free like this?
4. [+55, -5] Not sure why Lee Soo Man thinks he can act up like this when he can be sued for his own malfeasance
5. [+20, -3] So SM wants to give 9% of the company's shares to Kakao, a third party, and Lee Soo Man, a major shareholder, is not wanting to let that happen, which he has every right to protest. I guess the rest of us won't know what's best for SM in the end...
6. [+15, -2] So SM's board of directors is attempting to issue new shares without Lee Soo Man? That's a company revolt, is it not? I understand that Lee Soo Man has his own issues with what's going on with his company Like but this should all be resolved within the confines of the law. Going about it like this is illegal.
7. [+12, -1] I'm sure those in their teens now won't understand just how big SM used to be back in the day with groups like SES, Shinhwa, BoA, Fly to the Sky, TVXQ, Soshi, EXO... Lee Soo Man spent his youth building this company with his sweat... I'd be upset like he is to see my company being treated this way. I support him, and I hope it all gets resolved.
8. [+10, -0] Basically a case of a board with less skills than Lee Soo Man all trying to conspire how to sell off the company for their benefit. Not that Lee Soo Man has only done good all his life but I think most SM fans will back him in this. Lee Soo Man is right. The board is trying to sell shares to buy influence on management rights.
9. [+8, -1] Wow, I can't imagine the betrayal he must be feeling right now to see his company's holdings being passed off like this. This is not what he gave up his CEO position for.
10. [+5, -0] It's sad to see someone get old and lose their sense over their company and basically be kicked aside like this as the founder... I don't like him myself but I feel like this shouldn't be happening.
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Article: Kakao becomes SM's second largest shareholder
Source: Idol Issue via Instagram
1. [+143] Ugh, Kakao owning SM makes SM look so weak
2. [+102] Is Kakao strong enough to block the Kwangya... ㅋㅋㅋ
3. [+188] I really think Kakao is out to acquire every single company in the world
4. [+42] Soo Man Lee, please don't sell the company off to Kakao ㅠㅠㅠㅠㅠㅠㅠ I don't like them...
5. [+26] I guess we won't be calling it the top 3 anymore... it's just the top 2, Hybe and Kakao...
6. [+10] No... this isn't it...
7. [+7] Those Kakao ba$tards!!
8. [+3] Well.. that's a flop for SM now...😢
9. [+7] Lee Soo Man is suing SM as a major shareholder and calling this illegal... I can't believe we're seeing this happen
10. [+2] SM... don't let yourselves get acquired like this..
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