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Mar 12, 2012

Okada disputes Wynn right to redeem shares-lawsuit

By Ronald Grover and Sue Zeidler

(Reuters) – The legal fisticuffs between Steve Wynn and Kazuo Okada, Wynn Resorts’ largest shareholder, escalated further as Okada counter sued in U.S. federal court, alleging that the casino company’s board breached its fiduciary duties and violated racketeering laws by voting to redeem Okada’s shares.

Okada “disputes that any redemption has occurred,” the Japanese businessman said in his suit, which also alleges that Wynn Resorts “under took a secret investigation” to force him off the board and “committed a series of predicate acts of racketeering, which include fraud.”

Mar 10, 2012

Dodger bidders go to Phoenix for MLB meets-sources

LOS ANGELES, March 9 (Reuters) – Bidders for the Los
Angeles Dodgers are heading to Arizona for meetings early next
week to be vetted by Major League Baseball, ahead of the next
and third round of bids due around next Friday, three sources
familiar with the matter said.

Former Los Angeles Lakers star Magic Johnson, hedge-fund
billionaire Steve Cohen, St Louis Rams owner Stan Kroenke and
media executive Leo Hindery are among an estimated seven parties
who remain in the bidding. Sources have said the bids are
between $1.2 billion and $1.6 billion.

Mar 9, 2012

Judge limits Okada request for Wynn documents

LAS VEGAS (Reuters) – Wynn Resorts Ltd (WYNN.O: Quote, Profile, Research, Stock Buzz), locked in a legal battle with one-time largest shareholder Kazuo Okada, won its first legal skirmish.

A Nevada state judge ordered Wynn Resorts to turn over only two pages of the many pages of documents that Okada’s team had requested for a lawsuit related to a $135 million contribution by the Las Vegas casino to the University of Macau.

Mar 8, 2012

Wynn Resorts sets shareholder meeting to oust Okada

LAS VEGAS, March 8 (Reuters) – Wynn Resorts Ltd
, locked in a legal battle with one-time largest
shareholder Kazuo Okada, has set a special shareholder meeting
for late April or early May to try to oust the Japanese
businessman from its board, the company said in court documents
filed in Las Vegas.

Lawyers for both sides convened in a Nevada courtroom on
Thursday for a hearing on a lawsuit filed by Okada that seeks
access to financial records around a large donation by the
casino company to a Macau university – a gift he says was
inappropriate.

Mar 7, 2012

Wynn Resorts seeks to oust Okada from board

March 7 (Reuters) – Wynn Resorts Ltd and its
one-time largest shareholder, Japanese billionaire Kazuo Okada,
have established battle lines for their latest skirmish.

The Las Vegas casino company plans to convene a special
meeting of its shareholders to try and jettison Okada from its
board. The pachinko and slot-machine mogul, for his part, is
suing to gain access to the company’s financial records and his
lawyers will square off against Wynn’s in a Vegas court on
Thursday.

Mar 2, 2012

Wynn withdraws Macau announcement, shares climb

LOS ANGELES (Reuters) – Wynn Resorts Ltd (WYNN.O: Quote, Profile, Research, Stock Buzz) retracted an announcement that it had advanced a major project in Macau, saying it had been made in error after its shares surged on the news.

The stock, halted after that initial run-up, resumed trade shortly after and closed up 4.27 percent at $127.27.

Mar 2, 2012

Kodak sells online business to Shutterfly, patent sale pending

By Sue Zeidler

(Reuters) – Eastman Kodak Co has agreed to sell its online photo services business to Shutterfly Inc for $23.8 million, kicking off the bankrupt photography pioneer’s relaunch as a much slimmer company although a patent sale seen crucial to its turnaround may still be months away.

The once-iconic company that invented the hand-held camera has said it will quit the camera business and is expected to fetch $1 billion to $2 billion from the sale of about 1,100 digital patents, which is due to get under way by June 30.

Mar 2, 2012

Kodak sells online business to Shutterfly, patent sale still pending

March 1 (Reuters) – Eastman Kodak Co EKDKQ.PK has
agreed to sell its online photo services business to Shutterfly
Inc (SFLY.O: Quote, Profile, Research) for $23.8 million, kicking off the bankrupt
photography pioneer’s relaunch as a much slimmer company
although a patent sale seen crucial to its turnaround may still
be months away.

The once-iconic company that invented the hand-held camera
has said it will quit the camera business and is expected to
fetch $1 billion to $2 billion from the sale of about 1,100
digital patents, which is due to get under way by June 30.

Feb 27, 2012

Dodgers suitors down to seven, league’s OK needed

LOS ANGELES (Reuters) – Hedge-fund billionaire Steve Cohen, St Louis Rams owner Stan Kroenke and a group that includes media executive Leo Hindery and Los Angeles investor Tom Barrick are among seven parties who advanced to the next round of bids for the Los Angeles Dodgers, two people with knowledge of the bidding said on Monday.

The seven remaining bidders, which also include Beverly Hills real estate developer Alan Casden and a group led by Roy Disney’s one-time financial advisor Stanley Gold, will now be vetted by Major League Baseball.

Feb 24, 2012

Exclusive: Okada refuses meeting on eve of Wynn ouster

LOS ANGELES (Reuters) – Japanese investor Kazuo Okada, embroiled in a legal battle with Wynn Resorts CEO Steve Wynn, a long-time business partner, over alleged improper payments made to Philippine regulators, says he will not attend a Friday meeting scheduled to oust him from the board of Wynn Macau.

In a letter to the board of Wynn Resorts’ Macau unit, a copy of which was provided to Reuters, Okada disagreed with that impending decision and said his attendance would be meaningless as his ejection at the Macau meeting was all but certain.

    • About Susan

      "I cover the media sector, focusing mainly on Walt Disney Co and other big entertainment firms and the digital evolution that is currently reshaping that industry. Prior to this assignment, I covered the music industry, energy markets, commodity markets and corporate bonds. Before moving to Los Angeles in 1995, I held positions in the New York bureau and in Pittsburgh, PA."
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