Wynn Resorts Embattled in Lawsuit With Former Shareholder

Wynn Resorts, Ltd. and its once-largest stockholder are involved in an ongoing lawsuit over shares which Wynn forcibly redeemed earlier this year.

2012-07-13

July 13, 2012 (Press-News.org) Wynn Resorts, Ltd. and its once-largest stockholder are involved in an ongoing lawsuit over shares which Wynn forcibly redeemed earlier this year. Stephen Wynn and Japanese gambling magnate Kazura Okada, once close friends and colleagues, are each attempting to gain control of Okada's former 20 percent share. The dispute arose when Okada became involved in a casino deal in the Philippines. Wynn felt this would compete with his Macau casinos and refused to participate in the development.

Wynn owns the Bellagio and Mirage Casino and Resort Hotels, while Okada made his fortune on pachinko, a slot-machine game that resembles pinball.

Each party alleges the other engaged in fraud in their respective casino developments and dealings between each other. Each also accuses the other of improper payments to government agencies, the University of Macao and the Philippines.

In its articles of incorporation, Wynn Resorts included a provision that would allow it to redeem Okada's shares if he was deemed unsuitable by its board of directors. Wynn Resorts bought back Okada's shares at a 30 percent discount last February. However, Okada is still a member of the board, but Wynn has stated a special stockholder meeting will soon occur with the only purpose being to remove Okada. As yet there is no date set for that meeting.

No End in Sight

Most recently, on June 15, 2012, Okada asked a federal judge to restore his stake in Wynn Resorts and additionally filed an amended counterclaim against the company. Wynn Resorts issued a press release regarding the new claim, claiming that the "facts clearly justify the carefully considered actions taken by the Wynn Board to redeem an unsuitable shareholder," Reuters reported.

The legal battle first began in January 2012 when Okada sued Wynn Resorts over financial documentation the company refused to hand over.

Whether it is a multinational company or a smaller to mid-size business, litigation can be costly to the bottom line. Anyone involved in a potential business dispute should contact an experienced business litigation lawyer to ensure the company's continued success.

Article provided by Tinley, Nastri, Renehan & Dost, LLP
Visit us at http://www.tnrdlaw.com

ELSE PRESS RELEASES FROM THIS DATE:

Connecticut Supreme Court Clarifies Law on "Adverse" Members of an LLC

2012-07-13

Connecticut Supreme Court Clarifies Law on "Adverse" Members of an LLC Operating agreements for limited liability companies can be complicated legal documents that involve multiple ownership groups and correspondingly complicated interactions between them. This can complicate matters in many ways, especially when deciding whether to file a lawsuit on behalf of the LLC. For example, an LLC can have multiple owners, and an owner may have an interest in multiple LLCs. Another example is if one owner has a relative involved with another corporation doing business ...

Texting While Driving: A Dangerous Combination

2012-07-13

Almost everyone has done it, been in a car with someone doing it, or seen other drivers doing it. Texting behind the wheel is nothing new, but recent studies are showing exactly how dangerous it can be. Injuries, vehicle damage and even death can result from car accidents caused by texting or using an electronic device while driving. Men, Teenagers More Likely to Text and Drive Recent data points to two groups that may be more likely to use cellphones while driving. A recent Connecticut study analyzed ticket data and found that men receive more tickets than women ...

SUV Crash Involving Speeding and Alcohol Results in Two Deaths on I-44

2012-07-13

Just before 3:00 a.m. late last year, two passengers in an SUV lost their lives after the driver lost control and the SUV rolled over on the highway. The driver managed to crawl out of the vehicle before a tractor-trailer truck smashed into it, but was himself struck by a car as he was leaving the area. The driver and another passenger survived with critical injuries, but the two teens struck by the tractor-trailer lost their lives. Authorities determined that the SUV was traveling at 82 mph at the time of the crash, at minimum, and that the drivers of the car and truck ...

Missouri Legislator Proposes Making All Forms of Distracted Driving Illegal

2012-07-13

The dangers of distracted driving have prompted the majority of states to enact legislation that bans texting while driving -- one of the most dangerous forms of distracted driving, as it takes a driver's hands off the wheel, eyes off the road and mind off of driving. According to the National Highway Traffic Safety Administration, a driver who texts while behind the wheel is 23 times more likely to get into a car crash than an attentive driver. In Missouri, however, one legislator wants to reduce all forms of distracted driving by increasing the number of acts that would ...

American Residential Services Launches Senior Care Program

2012-07-13

When a customer contacts ARS for maintenance, repair or replacement services, the customer is greeted with a live representative who asks a series of questions to qualify the customer for any eligible discounts. Effective immediately, if a senior discount is applicable, the representative will notify the ARS technician of such prior to the on-site appointment. Once an ARS technician is at the customer's residence, a service estimate with options is provided to the customer and the technician will then direct the customer to call into a recorded system that will guide the ...

Vintage Coventry Employee Named Champion by National Senior Living Organization

2012-07-13

Vintage Coventry of Vintage Senior Living, a family of vibrant retirement communities, today announced that employee Michael Gedam has been named an ALFA Champion by the Assisted Living Federation of America, a national organization serving the senior living field. Gedam was recognized for outstanding service to residents and an unwavering commitment to supporting quality of life for seniors and their families. "Recognition as an ALFA Champion is a special honor and we are grateful that Michael has been part of the Vintage Coventry family for more than seven years," ...

Baltimore Summer Antiques Show's 32nd Anniversary Year to Feature All-Star Lecture Series Line-Up

2012-07-13

Art, jewelry and antique aficionados will not only get to see some of the world's most extraordinary collections from more than 575 international dealers, but they'll also have the opportunity to attend lectures presented by a stellar lineup of knowledgeable and respected speakers as part of the 2012 lecture series at the 32nd Annual Baltimore Summer Antiques Show, August 23-26, at the Baltimore Convention Center. Free and open to the public, the lectures will be headlined by industry experts such as Robert Mintz, Chief Curator and the Mr. and Mrs. Thomas Quincy Scott ...

K5 Learning Wins 2012 Creative Child Magazine Top Award

2012-07-13

K5 Learning, an online reading and math program for kindergarten to grade 5, has been awarded the 2012 Creative Child Magazine Award for Media of the Year in the Online Educational Media/Website category. The Creative Child Magazine awards stand out from other industry awards in that all products submitted are reviewed by moms and educators at a two-day event attended by more than 100 guest reviewers. In order to be considered for review, these products have to stand out as nurturing a child's creativity. "We value awards that take the review process as seriously ...

SecurityCoverage Releases Mobile Suite for Android

2012-07-13

SecurityCoverage, Inc. today announced the release of SecureIT, Password Genie, and FileHopper applications for Android. The Mobile Suite provides antivirus protection, anti-theft features, digital identify and password management, and cloud-based file sharing that users need to protect and maximize their Android smart phones and tablet experiences. These apps will help protect people in an exploding mobile environment. In 2011, global mobile handset shipments reached 1.6 billion and tablet shipments surged 260 percent to 66.9 million1. Malware developers have taken ...

BBB Announces Businesses with Most Unanswered Complaints

2012-07-13

Better Business Bureau serving Eastern North Carolina names the top 10 businesses with the most unanswered complaints during the first six months of 2012. BBB closed 4,237 complaints against businesses in eastern North Carolina during the first half of 2012. Among these complaints, the following businesses accounted for nearly 12 percent of BBB serving Eastern NC's 654 unanswered complaints: Affordable Multimedia, a web hosting company in Raleigh, has 14 unanswered complaints and an "F" rating with BBB. The majority of complaints deal with customer service ...