"I never, ever want to see you again."
As his own estranged wife barnstorms to remain a thorn in his side, Steve Wynn has expanded his list of reasons for wanting Elaine Wynn off his company’s board beyond “because she’s my fucking ex-wife, that’s why.” According to Steve, Elaine not just an ungrateful shrew, she’s also an insider-trader and double-dealer who’s only out for herself.
Her representatives didn’t immediately respond to a request for comment on any of Wynn Resorts’ allegations, including one that she had sold $10 million of shares through her personal foundation during a “blackout period” ahead of the company’s earnings release,during which directors are forbidden by company policy to sell common stock.
The sale happened shortly before the company’s release of its fourth-quarter earnings last month, said a person familiar with the matter.
She may not have responded immediately, but you can’t keep the irrepressible Ms. Wynn down for long.
Ms. Wynn Wednesday said that she is not involved in any foundation matters involving company shares and that the Wynn Resorts board “has been fully aware that the sale by the Foundation takes place each year and that the proceeds go to philanthropic causes.” She added that a company lawyer “knew about the Foundation’s sale of shares during the blackout period and in fact sent an instruction letter to the company’s transfer agent to help consummate such sale.”
Among Wynn Resorts’ issues with one of its namesakes is her effort to get out from under a shareholder agreement that keeps its other namesake in charge, via a lawsuit. Luckily for Board Candidate Wynn, that agreement is still in force, leading to this little bit of wonderfulness.
Though she owns a 9.4% stake in Wynn, she said she is already assured of getting more than 19% of the votes because Mr. Wynn, who owns 9.9% of the company’s shares, is contractually obligated to vote for her due to the shareholder agreement.