Wednesday, 25 March 2009

Rain’s property and earnings to be seized?

Here’s the lowdown. We all know Rain a.k.a Jung Ji-hoon lost the court battle against Click Entertainment, right?

The 27-year-old and his then-agency JYP Entertainment were ordered to pay more than US$8mil (11bil won) in compensation to the Honolulu-based promoter. They also have to cover Click’s lawyers’ fees, which brings the compensation total to US$9mil. Ouch!

Legal problems: Stormy weather ahead for Rain

Click Entertainment’s President Lee Seung-su testified that he lost about US$1.5mil and suffered damage to his reputation and business because Rain’s concert was cancelled several days before its scheduled date in June 2007.

On March 23, Lee said that he will now take steps to provisionally seize Rain and JYP’s properties, which include Rain’s building in Cheongdam-dong purchased last year. The building -- which the star plans to turn into a high-class cafe -- is valued to be over 15bil won.


Hot property: Will Rain's building in Cheongdam-dong
(above) be seized?

Apart from that, Lee (who is sounding greedier by the moment) is also seeking authorisation to seize all of Rain’s earnings made through the William Morris Agency, the company Rain signed with last year to handle his U.S. activities.

J.Tune and Click, however, have differing opinions about whether the latter can seize Rain’s property in South Korea.

“The request to attach Rain's Korean property is impossible according to Korean law. Click may be able to seize Rain's earnings through William Morris,'' a J.Tune Entertainment official said.

Meanwhile, Click believes that a “provisional”' seizure is possible while actual seizure is impossible, saying a Korean court would likely allow the former if the company submits the U.S. court's ruling as evidence.

The ruling

The Federal Court ordered Rain and JYP to pay:
  • US$2.4mil each in punitive damages,
  • US$1mil for damages related to fraud,
  • US$2.2mil for breach of contract
Rain testified in court that he had every intention to perform and he had no hand in the cancellation of the concert.

J. Tune Entertainment will appeal.

It is reported that Rain and JYP have spent more than 500mil won in fees for five lawyers.

Source: The Korea Times

Related:
Rain Hawaii trial - the verdict's out

Pictures of Rain attending court in Hawaii
Rain goes to Hawaii
Fraud case against Rain thrown out of court
Stormy weather for rain
And the lawsuits keep on coming

26 Comments:

아이스Aiseu said...

Hope everything gonna be fine for Rain...Poor Kid...and that Click Company should get out of the way! $$ company

Charissism said...

i looove Rain..i hope everything will be settled soon!

Reyy said...

OHMYGOD.
for once i really hope
korean fans will terrorise
this guy. how can you do this
to someone from your own
country! URGH.

daisyj said...

He has worked so hard to get where he is today...and someone just steals it all away from him? I hope the reports are worse than things actually are for Bi!

Anonymous said...

Whoa, that Click Ent company is like robbing Rain out in the daylight. I understand that Rain and JYP have to pay for the damages, but Click had to also go for his properties and getting Rain's earnings thru the US agency? That's absurd. ><

Hopefully, Rain's appeal is successful!

fraulein said...

Will Rain to have sell his a** to some rich old ajuma if more lawsuits come his way? Man needs to score more CFs and preserve his wealth
Hee heee

fraulein said...

* CF deals

yin said...

okay ...
i've NEVER been a fan of Rain .
i never liked him but im not an anti either, to clear myself .

but this Click person is getting over the line .
its so terrible !
and its like he's claiming for more and more .
hell, u just suffered alil reputation
and EVERYONE now ALREADY knows
that why his concert was cancelled .
and NONE of the fans are bashing that idiotic Click company .
so why the hell is he claiming for all the compensation and so called "LOSS" he suffered ?

Vic in Long Beach, CA said...

Reyy -- Please be careful. Lee sounds like he has "law suit itis". (He would sue his mother if his soup was cold) This, being an English based blog, could be followed by his minion. Yin you and I completely agree. I'm not a big fan of his, but do NOT like baseless litigation.
Aside note: In an earlier story about this, didn't I see "Revolution" entertainment??? Isn't that the group that stood up all the KPOP fans in SoCal, with the Peace concert?

Anonymous said...

why is everyone complaining that lee is trying to rip off rain? rain ripped off his fans in the first place. what goes around, comes around, and karma will bite you in the ass everytime.

mgyfan said...

^ Rain and JYPE ARE paying for it but the point is this Click co. is trying to bleed him dry. So you're saying 1 cancelled concert justifies seizing his property and earnings? paying damages isn't enough?

Anonymous said...

what damages has rain paid so far? click has the right to go after assets (including property and earnings)if rain doesn't readily pay the money that is owed. seeing how rain refused to settle this out of court, i really don't blame click for being proactive in getting their money. who knows when they'll get it? rain will drag it out as long as he can, so it's in click's best interest to go after it.

fadedpicturesoldchampaigne said...

whaa? can they do that? if he only owes $8mil, how can they take ALL of his earning from William Morris Agency? Let's say he made.. mmm... $750,000 from Speed Racer, plus residuals. Then he's making (just guessing based on role) $5-$10 mil for Ninja Assassin plus residuals (that is DVD sales, money from renting, airing on TV when it gets to HBO & networks)... that's def. more than $8mil. Plus, I thought Rain himself only owed about $3mil of the ruling! How does canceling ONE concert equal owing someone your life's work? APPEAL THIS RAIN! No way he owns them that much.

Anonymous said...

all he has to do is pay the $3 mil, then. what's with the drama? if he doesn't pay the measly $3 mil, then he won't have to worry about his assets being seized. simple, right?

not to rain, though. just like how he didn't settle this out of court to begin with, he chooses to ignore it and then it all blows up.

Anonymous said...

Rain plans to appeal the case and hopes to lower the fine.

Anonymous said...

LOL Reyy!

hey cmon Lee, what the hell is with all the drama? he lost in court.he agreed to pay the fines. that's enough!! stop being so greedy man!!
i wonder what will happen when ci entertainment is sued(if we ever find them that is..they just took off,the b**tards)

Anonymous said...

This Lee character thought he was going to make a killing off Rain's concert but ended up losing out. So now his trying to get money anyway he can!
Rain and co. have time to pay up and/or appeal the courts ruling so Mr Lee needs to shut up and wait!
All this talk of seizing property is just because he's afraid he's not going to see a penny.

Anonymous said...

You people are hilarious. Its so obvious that you don't understand civil proceedings at all. The only person that makes sense here is the person who explained about the provisional seizure. It's just a move to secure the judgement amount. Once Mr. Lee gets what is due to him, the provisional seizure is out the window. And if you think it's unfair, hey, he didn't go through 2years of legal wrangling for nothing. He's getting good advice in going after the money instead of waiting around for Rain to pay up. The man has waited long enough.

Anonymous said...

I hope this teaches rain that he is in a business where he manages his own company, that is himself! He has to be aware of every business deal involving himself and not let others take care of things for him. In the end he is the person responsible because he is the only person he can trust.

Anonymous said...

^^
that is so true. and now that he does manage his own talent agency, it's scary to think that he can adequately represent up and coming talent. he couldn't take care of his own affairs. how can he take care of his clients'?

evil said...

ha ha ha ha down with Rain!

Anonymous said...

WHAT IS THE BIG DEAL!?!?!
why does that guy have to make such a big fuss anyway, doesn't he have better things to do than trying to steal Rain's personal items.. it's pathetic! I bet he's just trying to gain attention.. pffff his reputation damaged? If he's that big he def has other things to do that ripping off Rain. Stupid Mr.Lee Ass, *kick yo butt*

Anonymous said...

I wondered if Rain should have just performed and then settle the issue with his name later. Just seems like he didn't get good advice.

He should have returned the advance cause now he has to payback more than 20 times what they were advanced. He just didn't get very good American/Korean representation.

Anonymous said...

But until he gets his money Rain probably won't get what the William Morris Agency will pay him. I hope he has another movie lined up.

It's a shame the group that is know as Rain couldn't have worked something out but they all seem money hunger.

Momopuff said...

.......I'm just a little confused on the math here:

How does 15 bil won and up = 11 bil won? Last time I checked, they aren't equal.

Anonymous said...

You guys need to remember that Rain is only 27 years old. He is an extraordinarily talented (and absolutely gorgeous) guy who I believe cares more about making people happy and making his mark in the world than making money (not that the money isn't nice!)

It's easy for a young guy like Rain to get taken advantage of in business dealings and not know who to trust. I feel terrible for him because we all know he wanted to perform in Hawaii and LA - that's what he loves to do. Cancelling the concerts was not something he wanted to do. The promoters need to be made whole but I hope Rain's reputation won't suffer and I hope he isn't hurt too hard financially. He is so talented that I can't imagine he won't get past this. When is he going to do a drama again? And when is his movie coming out? Can't wait!

 

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