When his company went public in 1994, he profited as its major shareholder.

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Wynn Resorts Ltd. on Tuesday forcefully defended its move to oust a major shareholder over the weekend, explaining the board acted out of an obligation to protect the casino company and its shareholders.

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Incredibly absent has been AngloGold Ashanti, which counts with billionaire John Paulson as a major shareholder, in part because of its operations in South Africa, where labor disputes have pitted miners against riot police.

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And the company retains its reputation as the most shareholder-friendly of all major defense contractors.

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"We are very supportive of management and think the SEC case is weak, but at a certain point we can't afford not to ask for a management change, " said one major Goldman shareholder, adding that the company needs to somehow escape its quagmire in the next month or so.

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Getco says its proposal will leave no individual shareholder with more than a 20% stake and no major institutional holder with more than 10%.

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