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Technology Stocks : Gemstar Intl (GMST)
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To: pompsander who wrote (6248)6/25/2003 1:16:50 PM
From: Mike Buckley  Read Replies (1) of 6516
 
pompsander,

Thanks for taking the time to think about my questions and for giving such thought to your response. I've got just a couple comments.

Maybe I should have [sold], but the darn financials I saw seemed to indicate enough cash flow and bottom line earnings to make it worth the bet.

Not to be unkind, but that suggests to me that you were betting instead of investing. And I don't believe the cash flow changes as a result of the financial restatements. (I haven't taken the time to verify that, but I'm aware of no reason for any change.)

Rolling the dice on the patent portfolio, all or nothing, with SFA....I don't know. I always would prefer a settlement with an assured revenue stream. Henry took something I owned (a patent right) and through his slash and burn litigation strategy degraded it greatly.

We don't know that he didn't try to settle. He settled with TV Guide. Maybe SFA refused to settle under any terms that guaranteed Gemstar a revenue stream.

nor was [Henry] honest with any of us as to the real state of financial or legal affairs.

I can see the argument that he was dishonest regarding financial affairs. Until a ruling is made that he or his management team committed fraud or that they went beyond the FASB rules, I'm still open minded on that point.

However, what gives you the impression that he was dishonest regarding legal affairs? The reason I ask is that I felt the legal issues were pretty clearly laid out in the SEC filings.

The moves of current management have been good starts to righting the ship

Other than handling accounting differently, what has management done that is substantially different from Henry?

My intention isn't to challenge you. Instead, I'm open minded to your viewpoint and appreciate that you're sharing it with me.

--Mike Buckley
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