Gemstar gains access to $32 mln in sequestered cash

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.

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)