• Most Popular
  • Most Shared

Gemstar gains access to $32 mln in sequestered cash

Thu Mar 27, 2008 8:14pm EDT

LOS ANGELES, March 27 (Reuters) - A court order requiring Gemstar-TV Guide International Inc GMST.O to maintain $31.6 million in a segregated, interest-bearing bank account has been lifted at the company's request, Gemstar said on Thursday.

Stocks  |  Global Markets

The company said it will reclassify the funds, formerly accounted for as restricted cash, as cash and cash equivalents for the quarter ending March 31.

The funds were frozen in 2003, at the Securities and Exchange Commission's request, to be paid to former Chief Executive Officer Henry Yuen under a 2002 restructuring plan.

Yuen was terminated in 2003 and the company last year successfully challenged his right to receive the funds. (Reporting by Gina Keating)

Stocks
Global Markets


More from Reuters

Joint Terminal Attack Controller SSgt Clinton J. Herbison, a U.S. Airman from the 817 Expeditionary Air Support Operations Squadron (EASOS) takes a break during a night mission near Honaker Miracle camp at the Pesh valley of Kunar Province August 12, 2009. Credit: REUTERS/Carlos Barria

Pictures of the Year

A look at the best photos of 2009.  Slideshow 

    PICTURES
    The Dalai Lama jokes with a nasal spray after being asked his opinion on the swine flu during a press conference after his first lecture in Lausanne, Switzerland, August 4, 2009. REUTERS/ Valentin Flauraud

    What a wacky year it's been...

    Um, what's up the Dalai Lama's nose? "Oddly Enough" editor Bob Basler rounds up the goofiest photos of the year.  Full Article 

    Oddly Enough
    A caution sign is seen next to a stock board at the Australian Securities Exchange (ASX) in Sydney September 5, 2008. REUTERS/Daniel Munoz
    Political Risk in 2010:

    Don't say we didn't warn you

    With the financial crisis (mostly) in the past, U.S. investors are eying a fresh start to the coming year. Here's a look at what speedbumps lie ahead.  Full Article 

    Global Markets