Elaine Wynn Files Counterclaim in Ongoing Wynn Resorts Battle
March 28 2016 - 5:50PM
Dow Jones News
Wynn Resorts Ltd. co-founder Elaine Wynn filed a complaint
Monday that attempts to regain control of her share of the company
and further escalates the bitter battle between her and her former
husband, Steve Wynn.
In the counterclaim filed in Nevada state court, Ms. Wynn
accused Mr. Wynn of undermining her interests by misusing a
years-old shareholders agreement and exposing the company to legal
challenges through "reckless risk-taking."
Mr. Wynn and Wynn Resorts, in separate statements, refuted Ms.
Wynn's allegations, calling them lies and distortions.
Specifically, Ms. Wynn accused her ex-husband of violating a
2010 agreement, which placed voting and selling restrictions on Ms.
Wynn's shares, by orchestrating her ouster from the company's board
last year as "punishment for asking too many questions" about the
company's governance.
Ms. Wynn previously has asked the court to declare the 2010
invalid and award an unspecified amount in damages.
The legal wrangle, with multiple counterclaims filed, stems from
a complaint filed in 2012, after Wynn Resorts forcibly bought out
co-founder Kazuo Okada's stake in the company, at a roughly 30%
discount to the market price, in exchange for a promise to pay him
$1.9 billion in 10 years.
A jury trial on the 2012 matter is currently scheduled to begin
February 2017.
Write to Maria Armental at maria.armental@wsj.com
(END) Dow Jones Newswires
March 28, 2016 17:35 ET (21:35 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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