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

To: pompsander who wrote (6221)	4/12/2003 7:55:54 AM
From: 100cfm	Respond to of 6516

One consolation is tha Henry & Elsie's outrageous severance payment of $30M has been placed on hold by the SEC pending further investigation. GMST now carries an $30M restricted cash line item on their balance sheet.

To: pompsander who wrote (6221)	4/18/2003 9:52:49 AM
From: Ron	Read Replies (1) \| Respond to of 6516

speaking of Henry: Gemstar-TV Guide Ex-CEO Faces Contempt Charge By JUDITH BURNS Of DOW JONES NEWSWIRES WASHINGTON -- The Securities and Exchange Commission asked a federal court Thursday to hold former Gemstar-TV Guide chief executive Henry Yuen in contempt for failing to testify in an investigation into the company. Regulators are asking the court to have Yuen jailed and fined - at $50,000 and doubling daily - until he appears to testify. Yuen failed to testify this week as required by a court order issued in March, the SEC said. "I can't believe that any judge is going to punish my client," said Yuen's attorney, Stanley Arkin. Yuen testified earlier this month and was prepared to appear again if need be, according to his attorney. Arkin said the SEC is attacking Yuen because of his own lawsuit against the SEC, which claims the agency is illegally withholding severance payments owed him. "I think it's largely in retaliation for our lawsuit against the Commission, which is going to be heard starting Monday," said Arkin. Randall Lee, director of the SEC's regional office in Los Angeles, said Yuen "deliberately refused" to comply with a court order to testify to SEC attorneys. The SEC is investigating allegations of accounting problems at Gemstar. It impounded severance payments to Yuen under the new Sarbanes-Oxley Act. The bill, adopted last summer amid a wave of accounting frauds, allows the SEC to freeze "extraordinary payments" to corporate executives in cases where fraud is suspected. Yuen left the Pasadena-based TV guide publisher last fall.