$30M OWED TO EXEC GEMSTAR FOUNDER RELEASED FRIDAY.Byline: Dereck Andrade Staff Writer PASADENA - Gemstar-TV Guide International Gemstar-TV Guide International, Inc. is a media company that licenses interactive program guide technology to multichannel operators, such as cable and satellite television providers, and consumer electronics manufacturers, video recorder scheduling code under brands such as VCR Inc. said Monday that its former chairman is entitled to nearly $30 million as part of a termination agreement he signed in November. But May 6 will be the earliest he can access any money because it remains in an interest-bearing escrow account set up by Gemstar that a federal court judge on Monday refused to amend. A form 8-K Form 8-K The form required by the SEC when a publicly held company incurs any event that might affect its financial situation or the share value of its stock. Form 8-K See 8-K. filed Monday with the Securities and Exchange Commission spelled out in great detail what Gemstar's former top executive, Henry C. Yuen Henry Che-Chuen Yuen (Chinese: 袁子春; born 7 April, 1948, in Shanghai, China) is a founder and former CEO of Gemstar-TV Guide International. He has a PhD in applied mathematics from Caltech. , would be receiving as part of his five-year employment agreement. ``The judge merely denied a preliminary injunctive application,'' said Stanley Arkin, Yuen's attorney. ``She said she would consider the merits of the case later.'' On Monday, U.S. District Judge Mariana R. Pfaelzer denied a preliminary injunction A temporary order made by a court at the request of one party that prevents the other party from pursuing a particular course of conduct until the conclusion of a trial on the merits. A preliminary injunction is regarded as extraordinary relief. by Yuen and Elsie Ma Leung, the company's former chief financial officer, against the SEC. Yuen's attorney said he plans to sue Gemstar-TV Guide for breach of contract, but after the pair go to arbitration. ``Gemstar and Rupert Murdoch took away control of the company from Henry,'' Arkin said. ``Our position is that they welshed on the deal with Henry. I don't know Don't know (DK, DKed) "Don't know the trade." A Street expression used whenever one party lacks knowledge of a trade or receives conflicting instructions from the other party. what they are trying to pull. They are full of baloney.'' Murdoch's News Corp. owns about 42 percent of Gemstar-TV Guide. News Corp. took a $4 billion write-down for its investment in Gemstar in 2002. Whit Clay, a Gemstar spokesman in New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , declined to comment on Monday's developments. Yuen, 55, of Pasadena was fired Friday by the company he founded. Leung also was fired by Gemstar. A filing by Gemstar only offered ``cause'' as the reason for their dismissals related to the pair's contract with the company. Neither Yuen nor Leung were available for comment. The government filing showed that Yuen would receive a termination fee termination fee The one-time charge for terminating or transferring an individual retirement account. If a financial institution charges a termination fee, the fee must be spelled out in the original agreement that is signed when the account is opened. of $22,452,640 and $7,030,778 in settlement for unpaid salary, bonuses and vacation due under his former employment agreement. Under the arrangement, Yuen's stock options vested except for 17,055,413, which were surrendered or canceled upon his termination, the filing said. Yuen also will receive an annual compensation of $250,000 per year, along with a fee ranging from $1.25 million to $2.75 million per year as part of a patent rights agreement. He also is entitled to options to buy 200,000 shares of common stock, according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. the SEC filing. Leung is set to receive $7 million for her termination, along with $1.2 million for bonuses, unpaid salary and vacation pay, according to the SEC filing. Yuen is still the subject of an SEC filing that seeks to have him jailed for contempt of court. Yuen failed last week to appear in a federal court that was seeking his testimony regarding Gemstar's financial dealings. The SEC filing also seeks to have Yuen fined $50,000 a day for each day he fails to appear in court. Yuen retains a seat on Caltech's board of trustees board of trustees Politics The posse of thugs who oversee an institution's administration. See Board of directors. in Pasadena, appointed to a five-year term in January 2002, according to Caltech officials. ``There's been no indication that he has been asked to step down,'' said Jill Perry, media relations director for Caltech. ``He will continue as an active member of the board of trustees.'' Yuen graduated in 1973 from Caltech with a Ph.D. in applied math. Shares of Gemstar-TV Guide closed down 4 cents, or 1.07 percent, to $3.69 Monday on a volume of 1,492,825 on the Nasdaq Stock Market Nasdaq stock market The first electronic stock market listing over 5000 companies. The Nasdaq stock market comprises two separate markets, namely the Nasdaq National Market, which trades large, active securities and the Nasdaq Smallcap Market that trades emerging growth companies. . |
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