said its chief executive, Henry Yuen, put up 7 million of his own Gemstar shares to back a personal loan he needed for debts that came due when the company's shares tanked.
Based on Thursday's closing price, the shares have a value of $67 million. The company said the loan arrangement was intended to keep Yuen from having to sell his Gemstar stake and the company noted he still holds options to acquire about 32 million shares.
Gemstar's shares were whacked this week on various accounting concerns, including its use of barter transactions in 2001. The disclosure knocked the company's shares down 37% to $9.01 on Tuesday, sparking Yuen's loan call. They closed Thursday at $10.87.