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Ms. Wynn Sues Ex-Husband Steve to Take Her $900 Million Stake Back
- March 30, 2016 By Oliver Young -
The ex-wife of casino whale Steve Wynn filed a lawsuit to the Clark County District Court against her former husband to regain control over her 10% stake in the large gambling company Wynn Resorts Limited. The stake of Elaine Wynn is reported to have been valued at about $900 million.
Elaine also said in the lawsuit that she was unrightfully removed from the company’s board last year. She has been trying to get her share back ever since she had divorced Steve in 2010 for the second time.
Steve Accused of Reckless Behavior with His Company
In a shareholders deal in 2010, the stake of Elaine Wynn was restricted and she was forbidden to sell stock without the permission of her husband. Mr. Wynn was also given the right to vote on her behalf in the company. In her filing, Ms. Wynn said that the deal is void because Mr. Wynn breached it.
She accused her ex husband of risk taking and reckless behavior with the company he himself had founded. Ms. Wynn also claimed that the company was managed without the important checks and balances and that crucial information was upheld from the board. In her opinion, the way Mr. Wynn runs the company would lead to possible risk of harm.
The legal battle between Elaine and Steve Wynn appears to have originated from a complaint filed in 2012 after Wynn Resorts Limited forcibly bought the shares of co-founder Kazuo Okada in the company at a 30 percent discount. The recent filing came as part of the company’s lawsuit against the Japanese casino mogul.
It’s All Lies, Says Mr. Wynn
Naturally, Steve Wynn denied everything and called her ex wife a liar distorting the truth. He added that she only wants to inflict personal pain on him. According to Mr. Wynn, Elaine didn’t mention the issues stated in the last court filing in the years she had been on the board of directors of the company and that she completely agreed to the terms and conditions in the 2010 shareholders deal.
Ms. Wynn, on the other hand, said that she wants the agreement void so that she can take her 10% share back, plan the estate in a way that would benefit her daughters and stop her ex husband from controlling her life and legacy with the deal.
In other recent news, media reports that Wynn Resorts had applied to gain the rights to the name Wynn Boston Harbor at the Patent & Trademark Office in the US. The two billion dollar project formerly known as Wynn Everett is expected to break ground this year in July. The application was sent on March 15, 2016 the same day Steve Wynn announced the layout of the property. The company also got clearance to build a multibillion dollar Boston casino in 2015.