Canaccord Genuity Morning Coffee on Wynn Resorts (WYNN): Frenemies
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Price: $141.64 -0.55%
Rating Summary:
19 Buy, 6 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 28 | New: 14
Rating Summary:
19 Buy, 6 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 28 | New: 14
Trade WYNN Now!
Canaccord Genuity Morning Coffee on Wynn Resorts (Nasdaq: WYNN): Frenemies.
The legal battle between Japanese tycoon Kazuo Okada and casino mogul Steve Wynn escalated a notch, after Okada filed a motion for a preliminary injunction to protect his shares in Wynn Resorts, the latest blow between the two billionaires who were partners for more than a decade. Okada has been fighting to claw back his 20% stake in Wynn Resorts that Wynn forcibly bought back at a steep discount after producing a report that said Okada had engaged in "improper" activities. Until February 20, Okada held the largest single stake in Wynn Resorts despite being ousted from Wynn's Macau unit Wynn Macau on February 24. He remains a member of the board at Wynn. Last Thursday, Okada asked a federal judge in Nevada to immediately restore the rights of his Universal Entertainment subsidiary, Aruze USA, as the largest shareholder of Wynn Resorts. On top of which, Okada filed his own amended counterclaim against Wynn saying that it was Wynn who “indulged in fraud, deception, theft and betrayal to maintain control of his gaming enterprises." The latest filing is also an attempt to head off efforts to oust Okada from the board. Wynn has already filed a preliminary proxy statement announcing that a special stockholder meeting will be held for the sole purpose of removing Okada. No date has been set, but the company is allowed to call such a meeting with 10 days notice. Wynn had previously noted that Okada went against the Wynn board's decision to pursue a property in the Philippines and build his own casino, making Wynn consider him a direct competitor.
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The legal battle between Japanese tycoon Kazuo Okada and casino mogul Steve Wynn escalated a notch, after Okada filed a motion for a preliminary injunction to protect his shares in Wynn Resorts, the latest blow between the two billionaires who were partners for more than a decade. Okada has been fighting to claw back his 20% stake in Wynn Resorts that Wynn forcibly bought back at a steep discount after producing a report that said Okada had engaged in "improper" activities. Until February 20, Okada held the largest single stake in Wynn Resorts despite being ousted from Wynn's Macau unit Wynn Macau on February 24. He remains a member of the board at Wynn. Last Thursday, Okada asked a federal judge in Nevada to immediately restore the rights of his Universal Entertainment subsidiary, Aruze USA, as the largest shareholder of Wynn Resorts. On top of which, Okada filed his own amended counterclaim against Wynn saying that it was Wynn who “indulged in fraud, deception, theft and betrayal to maintain control of his gaming enterprises." The latest filing is also an attempt to head off efforts to oust Okada from the board. Wynn has already filed a preliminary proxy statement announcing that a special stockholder meeting will be held for the sole purpose of removing Okada. No date has been set, but the company is allowed to call such a meeting with 10 days notice. Wynn had previously noted that Okada went against the Wynn board's decision to pursue a property in the Philippines and build his own casino, making Wynn consider him a direct competitor.
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