Hearing in Wynn-Okada legal battle postponed two weeks

Wynn Resorts Ltd. Chairman Steve Wynn is expected to convene an emergency meeting of the directors of Wynn Macau Friday to remove Kazuo Okada as a director of the company traded on the Hong Kong Stock Exchange.

Reuters News late Wednesday said the nine-member Macau board -- which includes five directors with ties to Wynn -- can unilaterally drop Okada. Wynn Resorts can remove Okada only through a vote at a special shareholders' meeting.

Wynn Resorts announced Sunday it had forcibly re-purchased Okada's nearly 20 percent stake in the company, saying an internal investigation uncovered dozens of instances over a three-year period in which Okada and associates "engaged in improper activities for their own benefit in apparent violation of U.S. anti-corruption laws."

Okada dismissed the move as "a rushed investigation that lacks absolute findings," and has threatened to seek a temporary restraining order to block the company's action.

Reuters said Wynn spokesman Paul Kranhold had no comment on the Macau meeting. James Golden, a spokesman for Okada's Universal Entertainment Corp, said he had no information on the meeting and could not comment.

Meanwhile, the next round in the Wynn-Okada court battle has been delayed. Okada's lawsuit seeks documents pertaining to Wynn's $135 million donation to the University of Macau, rules governing his stock and his investment in the company.

Clark County District Judge Elizabeth Gonzalez today was to rule which of the documents would be "reasonable" to turn over to Okada. That will now happen March 8.

No reason was given for the postponement.