After a divorce battle, it is now a fight over shares of the Wynn Resorts board. Steve Wynn does not want to renominate Elaine Wynn to the board who has been the former director of the Wynn Resorts Board and shareholder.
The duo divorced first in 1986, and were remarried in 1991, and signed an agreement in 2009 when they divorced for the second time. As part of that deal, Elaine had agreed on restrictions to her shareholding to not impact their deal with Kazuo Okada, the largest shareholder. But later, Okada was accused of corruption and was blocked from the board by Wynn who redeemed the shares at a discount of 30%.
Elaine filed a lawsuit after this, stating that restrictions on her shareholding were not necessary anymore after Okada was blocked.
Divorce attorneys said that according to reports in The Wall Street Journal Elaine wrote to the board stating that she would nominate herself, if she was not nominated by them.
Wynn’s hold of the company could be in danger if Elaine wins the lawsuit and sells all her shares. Wynn owns only 9.4% of the shares after Okada was blocked.
Collaborative divorces to replace ugly court battles
A collaborative divorce was a new concept initiated by divorce attorney, Joryn Jenkins who went through the painful process of her parents’ divorce. Jenkins experienced the trauma of the entire divorce process, which destroyed her family, and realized that other families could be prevented from this arduous process.
A process that involves collaboration out of the court was then initiated by Jenkins a decade back. Discussions conducted in harmony would ensure respect and dignity of both the parties and avoid lengthy arguments done in the court, according to Jenkins. Several Dayton Ohio divorce law firms also support the theory.
Court battles create enemies
Jenkins said that it is not necessary that the divorce battles result in both parties becoming enemies, which unfortunately is what, happens most of the time. She says that there is an alternative option, which is not divulged by divorce attorneys.
Apart from being more harmonious, the collaborative divorce also saves money and time and is gentle on the kids.
Divorces that are fought in the courts can be very expensive, and can cost up to $100,000 only to reach the steps of the courthouse, according to Jenkins, while only $32,000 need be spent on a collaborative divorce.
Divorce battles can become bitter, with some wanting to just hurt their spouses, according to divorce attorneys. The bitterness changes a person who would want to fight the court battle even if he or she knows there is no scope of winning.
However, in collaborative divorce, face to face discussions happen, without the intervention of lawyers or others. Each party speaks for her or himself and solutions for all issues like finance, emotions and legal could be reached amicably. Instead of the time frame being dictated by the court, the parties in a collaborative divorce can decide their own pace. These collaborative divorces also work well for celebrities or others who might want to keep the entire issue private.