Wynn says Okada has no right to nominate board members
September 19, 2012 10:21 AM EST
Wynn Resorts Ltd
Okada, who is locked in a legal fight with casino mogul and Wynn chairman Steve Wynn, on Monday stepped up efforts to elect two board members by accusing the board of doing little to stop Steve Wynn from "questionable actions" for his "personal financial and control goals."
Okada, who filed suit in March challenging the forced redemption of his 20 percent stake, said he would nominate Yale law professor Jonathan Macey and former CBS Corp
Wynn on Tuesday said it rejected the nominations as invalid, calling the effort an attempt to divert attention from the issues facing Okada and Aruze.
"Given the fact that Aruze was ejected seven months ago as a Wynn shareholder based on conduct unacceptable for a gaming licensee, it has absolutely no rights as a shareholder to nominate directors and its invalid nominations have been rejected on this basis," the company said in a statement.
(Reporting By Susan Zeidler; Editing by Daniel Magnowski)
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