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Korean LPs to sue Mirae, NH over Las Vegas loan loss


The Drew Las Vegas (Courtesy of JW Marriott)
South Korean institutional investors in the Drew Las Vegas development are preparing to file a lawsuit against two domestic brokerage firms, seeking compensation for the loss of their entire investment of 300 billion won ($265 million) in the long-stalled project.
In 2019, Mirae Asset Securities Co. and NH Investment & Securities Co. underwrote the junior mezzanine tranche of 300 billion won to fund the construction on the Las Vegas Strip, and sold it down to domestic institutional and retail investors.
The institutional investors include pension funds, mutual aid associations, Hyundai Motor Securities Co., Hyundai Motor Group’s foundation, the Korean casino operator Kangwon Land and the country’s major broadcasting companies. ....

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Korean 'Webtoons' Firm Eyes $18 Billion Value from U.S. IPO


Korean ‘Webtoons’ Firm Eyes $18 Billion Value from IPO
Bloomberg
1 hr ago
Youkyung Lee
(Bloomberg) Kakao Entertainment Corp. is considering New York as a venue for its planned float next year, the latest South Korean company to look into a U.S. initial public offering after e-commerce giant Coupang Inc.’s blockbuster listing in March.
Kakao Entertainment Chief Executive Lee Jinsoo said that while the focus is on a Korean listing, the company is also looking into New York where Coupang’s $4.6 billion float was the biggest U.S. initial public offering since Uber Technologies Inc.’s 2019 listing.
A float could value the digital comic and movie-making unit of South Korean mobile tech giant Kakao Corp. at more than 20 trillion won ($17.8 billion), double its current worth, the chief executive said in an interview with Bloomberg. ....

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