Viewed from the outside, Steve Wynn’s ex-wife Elaine Wynn’s crusade against some of Wynn’s Board of Directors seems petty at first glance. Just more aftermath from a nasty divorce involving billionaires, where the wounds keep festering and never seem to heal. But Ms. Wynn may have a point to her battle other than the fury of a woman scorned, and shareholders may end up agreeing with her. Yes, maybe there is some revenge element in her actions, but that doesn’t look like the crux of it. And even now, two weeks before the shareholder meeting when a vote on the Board will take place, it seems she has already started to sway the decision-making process.

On April 27th, Ms. Wynn filed a definitive proxy statement with the SEC urging shareholders to oust Legacy Director John Hagenbuch from Wynn’s board, hinting that she would like to see others ousted as well. On the same day that proxy statement went out, Wynn CEO Matt Maddox told the press that he wants to change the name of Wynn’s new Boston project from Wynn Boston Harbor to Encore Boston Harbor. While mainstream media seems to be touting the vapid point that the company is trying to “clean its image” from Wynn’s now disgraced reputation, it really has very little to do with that. That’s a valid explanation for kindergarteners. “People say he did a bad thing so they don’t want to use his name anymore, children, so people aren’t reminded of the bad things they say he did. Now go on and play!”

It has much more to do with Ms. Wynn’s legitimate point that Wynn management suggested the possibility of divesting from Wynn Boston Harbor shortly after the announcement of a Massachusetts Gaming Commission investigation into the Board’s handling of the allegations against their former boss.

In Ms. Wynn’s own words: