The Geochang Theater Festival Trademark Value is 1.7 Billion KRW ... "Geochang County Should Pay the Theater Festival Executive Committee"

First Trial Verdict in 1.5-Year Lawsuit Between Geochang County and Theater Festival Committee on 13th
Settlement Recommendation Amount Increased by 632.97 Million Won from 1.10261 Billion Won... Geochang County 'Embarrassed'
Theater Festival Commit

The scene of the Geochang International Theater Festival. [Image source=Seobugyeongnam Newspaper]

[Asia Economy Yeongnam Reporting Headquarters Reporter Kim Yong-woo] In the lawsuit between the Geochang International Theater Festival Executive Committee and Geochang County over the trademark rights of the ‘Geochang International Theater Festival,’ the court ruled in favor of the theater festival side.

This is the first trial verdict issued one year and six months after the lawsuit began in May last year.

According to the Seoul Central District Court and the executive committee, on the 13th, the 22nd Civil Division of the Seoul Central District Court ruled that “Geochang County must pay 1,735,580,000 KRW to the Geochang International Theater Festival Executive Committee for the trademark rights of the Geochang International Theater Festival.”

This amount is known to be a compensation evaluated by the court for the contribution of the theater festival, which has a 30-year history.

This amount is 250,850,000 KRW more than the initially imposed compulsory mediation amount of 1,484,730,000 KRW by the court between Geochang County and the executive committee.

Also, compared to the conciliation recommendation amount of 1,102,610,000 KRW, Geochang County will additionally compensate 632,970,000 KRW, an increase of 36.4%.

Geochang County and the executive committee signed a contract on December 24, 2018, to transfer the trademark rights of the Geochang International Theater Festival to Geochang County to normalize the festival.

Since 2015, the festival had been facing disruptions, and Geochang County entered into trademark negotiations to normalize the festival and use it as a driving force for regional development.

However, the appraisal value of the trademark rights by the expert evaluation teams appointed by Geochang County and the executive committee came out higher than the compensation amount expected by the county and the county council, which stalled the agreement.

The appraisal value by the expert team appointed by Geochang County was 1,102,610,000 KRW, while the appraisal value by the expert team appointed by the executive committee was 2,637,050,000 KRW, showing a large gap between the two sides’ appraisals.

Geochang County requested a reappraisal, citing differences in economic ripple effects and contributions, and on December 9, 2019, the Seoul Central District Court decided through compulsory mediation that 1,484,730,000 KRW be paid to the executive committee.

Geochang County opposed this and requested a re-mediation. On April 24, 2020, the court issued a conciliation recommendation decision considering the practical difficulties in calculating the value of the contribution to the Geochang International Theater Festival, Geochang County’s financial situation, the initially presented appraisal value, and the influence of the theater festival on the local community.

The final confirmed conciliation recommendation amount was 1,102,610,000 KRW, the appraisal value initially assessed by Geochang County.

Both sides decided not to accept the conciliation recommendation and proceeded to a formal trial. Ultimately, the court ordered Geochang County to pay 1,735,580,000 KRW to the executive committee for the trademark rights.

The Geochang International Theater Festival Executive Committee stated, “Although this ruling recognizes the value of an international premium cultural festival with a 30-year history, we want to resolve the theater festival issue amicably through an agreement with Geochang County.”

This content was produced with the assistance of AI translation services.