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Technology Stocks : Gemstar Intl (GMST) -- Ignore unavailable to you. Want to Upgrade?

To: quidditch who wrote (5195)	8/12/2001 5:27:10 PM
From: Mike Buckley	Read Replies (2) \| Respond to of 6516

quid, By the way, as to GMST's conservative accounting in exactly this context, recall the results of Q1 2000 or thereabouts, when $17 million of a litigation settlement with GIC (now part of MOT) was included in operating income and eps. If I recall correctly, management spent quite a bit of time explaining that sleight of hand. I don't remember that and I don't know why much discussion about it would have been necessary. The press release was very clear about the details. I remember posting in the folder that I wasn't sure whether or not it should be excluded as a one-time item (I'm still unsure), but that I appreciated management presenting the information in such a way that makes it easy for an investor to look at it either way. --Mike Buckley

To: quidditch who wrote (5195)	8/13/2001 8:45:59 AM
From: LLLefty	Respond to of 6516

Quidditch Actually, TVG--and by extension, GMST--was no longer a significant player in the bidding for NYCOTB. TVG and Churchhill Downs had dropped out, leaving the New York Racing Assn. as the homeboy favorite against the villainous Stronach, racing's Iago. TVG perhaps stood to make a little money from NYRA by licensing patents for electronic wagering. Outside of that, I'm not aware of any other interest left. The CC call may shed some light but I doubt if there is any analyst interest in this aspect of GMST's financial affairs. Just one more thought: If Guiliani made his award based solely on pledges of future royalties, it was indeed a no brains decision. Stronach owns eight tracks, six of them in the bush leagues, and likely would push wagering on them onto his NY patrons. I find it difficult to see New Yorkers thrilling to the sixth race at Great Lakes Downs.