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Steve Wynn and his ex-wife may be fighting over her seat on the Wynn Resorts board
(Isaac Brekken/AP)Steve and Elaine Wynn with their granddaughter, Marlowe Early.
Wynn Resorts will not renominate CEO Steve Wynn's ex-wife, longtime shareholder and former director Elaine Wynn, to the casino company's board next month.
In a letter written last month, Elaine Wynn told the board she would nominate herself and send a proxy statement to shareholders if the board refused to renominate her, The Wall Street Journal's Kate O’Keeffe reported.
At the heart of the conflict is an agreement that Mr. and Mrs. Wynn signed during their second divorce, in 2009 (they first divorced in 1986 and remarried in 1991).
At the time, Wynn's largest shareholder, Kazuo Okada, faced restrictions on his 20 percent stake in the company, and Elaine Wynn agreed to restrictions on her own shareholding so as not to undermine their deal with Okada.
But then Okada began facing corruption allegations, and Wynn blocked him from the board, redeeming his shares at a 30 percent discount. That's when Elaine Wynn decided it was time to remove the restrictions on her own shares, arguing they were no longer necessary. She opened a lawsuit in June 2012.
That battle is ongoing, but if she wins, and is able to sell all of her shares, she could damage her ex-husband's control over the company. (He used to hold a 40 percent stake, but after the Okada scandal, it's down to about 9.4 percent, the Journal reported.)
So no surprise he's not openly defending her seat on the board.
Read the full story in The Wall Street Journal >>
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