Kim wins suit against former agency
- Thread starter gsk8
- Start date
- Joined
- Jun 27, 2003
0.0 because she needs more $$? wow... I need to find me a company to sue.
Gee, that's more money than most figure skaters make from a lifetime of competitions and exhibitions. It's great to be a superstar! Yuna makes so much that she is constantly giving away a lot of it, like the $64,000 she just gave to support Korean figure skating (royalties from the song she recorded for her TV show Kiss & Cry).
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- Joined
- Jun 27, 2003
all the mroe reason why I don't see the need to be a lawsuit happy society, but I'm definitely in the minority.
- Joined
- Jun 27, 2003
It was a settlement, I don't see any part saying that's what she was owed, though. It's such a short blurb that I don't think either side of the story is really represented. considering her yearly worth is close to 10 million US dollars.... 640k is chump change. Like me going to court for someone who shorted me a 20.
It is still a big money even for her. Even if it is worh of 20 to her, she could help with it poor people, young skaters, her relatives, and others. Why should she give it to a company that has no right on it?
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- Joined
- Nov 19, 2010
This is not a matter of need or about the size of the amount. It's about financial justice in a contractual society. She or her team felt it was her rightful money so she should have the control and decision what to do with it, not somebody else, who would be deemed a thief if they claimed ownership and rights to it. Evidently she and her team were quite right since they got the settlement, which is preferable to going through the whole judicial process. I don't envy anybody who has to go the lawsuit route to reclaim their money. Most often many people can't afford a lawsuit or the amount involved is not worth the trouble so they eat their losses. $700K is a lot of money, whatever her worth, in that it could do a lot according to her wishes that meet her principle and make her happier.
eta. Also, if she let it go, it might encourage others to think she's an easy mark who's too rich to bother with such an amount, which may be substantially lower than the original claim but is indeed sizable and desirable by most people. Celebrities are often thus targeted and they do often pay off the claimants to save stress.
Year ago I was billed for something I didn't owe. The company got more and more aggressive and eventually took me to Small Claims Court. I showed up and waited until it was my time. I got up and, with my hand on the door to the courtroom to push it open, someone from that company came up to me and informed me that they dropped the suit. They pushed till literally the last minute to see how far they could go to bully somebody into submission! I was lucky the provincial law made them go the Small Claims route which cost me time but not money. Other matters were not as simple for me.
eta. Also, if she let it go, it might encourage others to think she's an easy mark who's too rich to bother with such an amount, which may be substantially lower than the original claim but is indeed sizable and desirable by most people. Celebrities are often thus targeted and they do often pay off the claimants to save stress.
Year ago I was billed for something I didn't owe. The company got more and more aggressive and eventually took me to Small Claims Court. I showed up and waited until it was my time. I got up and, with my hand on the door to the courtroom to push it open, someone from that company came up to me and informed me that they dropped the suit. They pushed till literally the last minute to see how far they could go to bully somebody into submission! I was lucky the provincial law made them go the Small Claims route which cost me time but not money. Other matters were not as simple for me.
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so more money for Kim,
wasn't this the agency that gave kim a lot of emotion stress and pressured kim a lot ?
Yes hey did when the three year contract ended and YuNA said good bye to them.
- Joined
- Sep 22, 2010
She was owed that money---her former agency took a bigger cut from her endorsement and sponsorship deals than agreed upon (hence the lawsuit). It's probably the main reason her mother formed her own agency, considering that out of Yuna's "$10 million" income a year, she only gets to keep a little more than half before taxes, with the rest enriching her former agent.
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lowtherlore
Guest
$700K is not a small change to anybody, and one can’t be criticized for protecting his/her lawful interests. Her initial claim was for KRW 870M and it was arbitrated before the court at KRW 800M, so in the practical sense she won the case. Interested to know both sides of the story? Nothing more to it, really. The former agency unlawfully kept the money owed to its client; the client sued, and the defendant agency agreed to pay before incurring further liabilities such as interest accruals and litigation costs. The end. It was an unusual case, given that her former agency is a listed public company.
Yu-Na is an athlete, but she’s an enterprise too. She has the office to maintain and payrolls to meet, besides all the supports she provides to junior skaters. Her company has some athletes under its management, including several young figure skaters. Since it can’t expect significant income from managing these young, minor sport athletes, basically what her company’s doing is unilaterally supporting them. She has needs beyond personal.
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lowtherlore
Guest
Min-Jeong Kwak, Hae-Jin Kim and Kyung-Ah Cho, so far. Its other clients include So-Yeon Ji (women's soccer) and Ja-In Kim (sports climbing). Yes, ATS is their agent and Yu-Na and her mom together holds the majority stake in ATS. ATS also supports Korean ski jumping team.
- Joined
- Oct 19, 2009
It seems the concept of justice is lost on some people.
I'm glad for YuNa. Even if she doesn't "need" the money she received from the settlement, it appears the parties involved agreed that she should get it. And for all the jealous moaning about how much YuNa has made in her best couple of years, IB Sports is a company that makes over $37 million per year (2010).
http://investing.businessweek.com/research/stocks/financials/financials.asp?ticker=011420:KS
I'm glad for YuNa. Even if she doesn't "need" the money she received from the settlement, it appears the parties involved agreed that she should get it. And for all the jealous moaning about how much YuNa has made in her best couple of years, IB Sports is a company that makes over $37 million per year (2010).
http://investing.businessweek.com/research/stocks/financials/financials.asp?ticker=011420:KS
It seems the concept of justice is lost on some people.
I'm glad for YuNa. Even if she doesn't "need" the money she received from the settlement, it appears the parties involved agreed that she should get it. And for all the jealous moaning about how much YuNa has made in her best couple of years, IB Sports is a company that makes over $37 million per year (2010).
http://investing.businessweek.com/research/stocks/financials/financials.asp?ticker=011420:KS
You mean $3.7 million.
No. According to the businessweek link, in 2010 IB Sports (the company that had to pay Yuna for income withheld) had Gross Revenues of $37 million and a Gross Profit of $3.3 million.
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- Joined
- Oct 19, 2009
Correct.
Revenues was the figure used because we do not have a list of what YuNa's expenses/costs are, thus making her cited earnings "revenues" as well.
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