J.Tune Camp sold Madtown to GNI for 300M Won + The Really Sad Story of Jota

[showminomoney.livejournal.com]

- Debuting in 2014, Madtown released 3 mini-albums and had built up a decent fanbase.
- In December 2016, J.Tune announced they were closing and because of this, Madtown would be without an agency soon.
- To combat this, J.Tune Camp sold Madtown to GNI Entertainment for a down payment of 300 million won. Now Madtown's management rights belonged to GNI Entertainment

~~

- Fast forward to June 2017. Jota is on a show called 'I am an Actor'
- Jota's pretty busy, bright and early in the morning. He goes to rent a car, and (personally) drives to his staff members' houses, where he picks up his hair and makeup stylists.
- At this point, Jota is in charge of everything himself, including paying for everything. He even paid his (few) staff members out of his own pocket.
- Filming for the day is over. Now he goes back to the car and drives his staff members back home.
- After returning the rental car (he's renting per day), he head's back to his residence.
- Jota's now laying on his bed, and receives a phone call. Who could it be from, as he hopes it's from a broadcast official, asking him to be cast in a show. Instead, it's the landlord, telling him his rent is overdue and he needs to move out.

~~

- GNI-Winners was promising their investors a 50% return on investment, per year (red flag #1 btw)
- But in February, their CEO was arrested on fraud and other charges, with damages amounting up to 80 billion won.
- The son of GNI Group's president was GNI Entertainment's CEO >> The whole company was fraudsters.
- Once GNI Entertainment's CEO was sent to prison in March, Madtown was officially, for lack of better word, fucked. Madtown's manager also left the company at this time.
- Madtown weren't the only victims of GNI Group. Around 800 others were tricked into investing, causing the said 80 billion won in damages.
- These victims formed a union, and all of GNI's assets were sold off, including their building, cars, accomodations, etc.
- The only "assets" GNI has left is Madtown, valued at the 300 million won that their rights were purchased for.
- The Madtown members have gone without pay since March 2017
- The Madtown members are using all the will they can to attend the few schedules they have.

~~

- Madtown's contracts with a barely existing GNI Entertainment last until October 5, 2021.
- According to the contract signed between Madtown and GNI, GNI has the responsibility to "Schedule and plan entertainment activities", "Support the entertainer's activities", etc.
- The party that counts as GNI is restricted. The union formed by GNI's victims cannot support Madtown's activities, even if they wanted to, especially with no experience, they have no chance.
- Lawyer Seon Jong Moon says "According to Article 5, Section 4 of Madtown's contract, entertainment activities cannot be infringed upon by a third-party."

This is basically why Madtown wants to sue GNI for the termination of their contracts. They want to be able to promote normally again.

Source: Naver via OH_mes

Comments

[honeebs.livejournal.com]

Wow
Wow
Shame on JYP, GNI.

[tree-star123.livejournal.com]

j. tune is a freaking mess from mblaq management (remember when they were rivals of b2st/beast????) and madtown. i remember being annoyed w/ rain for starting this up and then abandoning ship

idek how company can work these idols w/ no pay and poor jota i cannot believe he has to do all this by himself...no manager???? omg

[mmmmmatthew.livejournal.com]

I'm not too familiar with these hennies but this is not right. I'm sure even with Jota paying for everything out of his own pocket he still has to pay the scammed investors for the jobs he's done.

[mmmmmatthew.livejournal.com]

Just looked up Jota and he's only 23 with all of that responsibility on his shoulders. He should be a ceo with the work he's put in by himself.

[gathyou.livejournal.com]

This is so messed up. I hope they manage to get out of this situation quickly :(
J.tune has been one of the most frustrating company ever, the way they handled MBLAQ, now those poor kids sold to fraudsters...

[friedchickeneu.livejournal.com]

this is so messed up. god, i really hope they'd get situated soon because they [madtown] don't deserve this.

i hope the execs of j.tune camp choke.

[krissasaur]

Wow I guess I am not laughing now. Poor kids.

Still want J.Tune to burn tho.

[sparkb.livejournal.com]

Omg ): I wish they find their way out. I like Emptiness and wonder why I havent see them around.

[demeulemeester.livejournal.com]

this is fucking terrible, i really hope they can get out of this shitty situation

[misspoirot.livejournal.com]

correct me if im wrong but Jota is the guy who appeared with a model on WGM? I have never seen him since then and this explained the whole situation tbh. This is why the deeper I get into Kpop the sadder I got from time to time. Seeing adults fcking young kids' lives and binding them with a contract they can't escape is just too cruel

[showminomoney.livejournal.com]

Yup, he was in WGM with Kim Jinkyung.

[myungung.livejournal.com]

he did appear in Weightlifting Fairy Kim Bok Joo for some cameo, and I thought it would be the return of him. But alas...

[goshipgurl.livejournal.com]

mblaq was the same, i remember seungho had to drive the boys to schedules and basically act as a manager.
this is horrible

[welljustguess.livejournal.com]

Nice compilation, thanks for posting this, OP.
The situation is so bad.. I hope they can get their way out of the problem soon

[keina-06.livejournal.com]

Wow!!! JOTA was getting his name out there but gone all of a sudden...

I hope he will rise again...

[happydirections.livejournal.com]

this makes me both angry and sad. they don't deserve this and i miss them :((( hopefully them suing will lead to positive results.

[reader17.livejournal.com]

I feel so bad for Madtown, I have enjoyed their songs and them as a group and have been missing them. OMGT I still listen to over and over it gets stuck in my head for days! I am hoping that they can get out of their contract, and then I hope they can stay together unlike one of my other favorite groups Legend who did when their case against the company but then disbanded :( Hoping for the best with Madtown!!

[sanctuairee.livejournal.com]

that's so fucked omg jota is basically working as a company himself without pay

[unelixir.livejournal.com]

:(