Wynn Sues For Right To Sell Casino Shares
LAS VEGAS (AP) — Wynn Resorts Ltd. board member Elaine Wynn wants to nullify a stockholders’ agreement that restricts her ability to sell her more than $1 billion in shares of the casino company.
The Las Vegas Sun reports Wynn filed a claim Tuesday, saying the company’s move earlier this year to forcibly redeem board member Kazuo Okada’s $2.7 billion in shares eliminated the premise of the restrictions.
The stockholder agreement restricts Okada, Elaine Wynn, and her ex-husband CEO Steve Wynn from selling their shares. Such restrictions usually aim to keep key people as substantial owners of a company, or to prevent large stock sales that could drive down share prices.
The claim was part of a Wynn Resorts suit against Okada, who the company claims breached his duty as director.
Elaine Wynn has a 9.7 percent stake in the company. She says invalidating the agreement would give her more flexibility to support charitable causes.
Steve Wynn defended the agreement as a way to ensure stability for stockholders, and called his ex-wife’s claim a legally baseless attempt to bring a domestic matter into federal court.
Copyright 2012 The Associated Press.