Okada loses bid to vote Wynn Resorts shares at meeting

Nevada state court Judge Elizabeth Gonzalez rejected Okada’s request at a hearing in Las Vegas. She said the Japanese billionaire, who made his fortune in pachinko, didn’t convince her that he was likely to overcome Wynn’s argument that the board’s business judgment validated the redemption.
 
The hearing is part of Okada’s legal fight with the casino operator’s chairman and chief executive officer, Steve Wynn, to get back the shares the board redeemed for a 10-year promissory note worth us$ 1.9 billion, which Okada says is a 30 percent discount from their market value.

“We are disappointed by this decision, which for the moment denies Aruze USA of its rights to nominate and vote for independent directors willing to stand up to Steve Wynn and promote good corporate governance that puts the interests of shareholders first,” Okada’s holding company said in an e- mailed statement. The ruling “does not speak to the merits of Wynn Resorts’ claims against Aruze and Mr. Okada, and Mr. Okada’s counterclaim against Wynn Resorts, Mr. Wynn, and the other Wynn directors.”

Gonzalez’s ruling allows Okada to file a new request. Okada won a court order allowing him more access to the company’s books and records about its operations in Macau.

Okada, who described himself in an August 31 court filing as “the lone voice of dissent against Steve Wynn on the board,” has proposed two nominees. The November 2 agenda includes election of four directors.