Elaine Wynn seeks to nullify stockholders' agreement

Jun 25, 2012 7:30 PM

Elaine Wynn, who received a 9.7 percent stake in Wynn Resorts Ltd. (WYNN) during the divorce settlement with former husband Steve Wynn, has asked the federal court to nullify a stockholders’ agreement that has prevented her from selling her shares.

The agreement restricted her, her ex-husband and Kazuo Okada from selling their shares without the approval of the other two. In the filings, Elaine Wynn said the agreement was invalidated when the company forcibly redeemed Okada’s $2.7 billion worth of shares.

Steve Wynn claimed the agreement was still in force and the lawsuit should have been brought up in family court since it was a domestic matter.

Following the Wynn’s divorce, both Steve and Elaine sold one million shares at an average price of $103 per share.