Wynn Divorce Spills Over Into Fight Over Board's Future
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Steve and Elaine Wynn, ex-spouses and co-founders of Wynn Resorts, have made their recent private animus very public. Elaine needs to convince the board to override company complaints—stated in a letter sent yesterday to investors—about her "self-serving" and "ineffective" leadership. Her and the $13B company board's futures will likely be determined at the annual shareholders' meeting on April 24 in Las Vegas, where the company owns the Wynn and Encore resorts (both of which also operate in Macau).
The Wynns divorced in 2010, but Elaine is still the third largest investor in the company. She is currently suing to be freed of a clause laid down around the divorce restricting her from selling more than $10M of her stock per year without Steve's approval. [NYT]