As reported by Soap Central back in February, executives at Guiding Light have approached three of the show's veteran performers that were let go as part of the show's recent budget cuts. While the news was welcome news to long-time fans, it doesn't look like the news was met with equal fanfare by the actors in question.

According to show insiders, both Beth Chamberlin (Beth Raines) and Elizabeth Keifer (Blake Marler) have declined offers made by the show to go back on contract. The reason both actresses nixed their deals is said to be the show guarantee portion of the contract. A guarantee is the promised number of episodes that a performer will appear in each week. In this case, both Chamberlin and Keifer were guaranteed just one episode. Essentially what that would mean is that the actresses might appear just one day on-screen and then be blocked for pursuing other acting projects to fill their non-working days. As recurring players, the actresses are free to pick and choose their work days and pursue outside projects at their own leisure.

Meanwhile, another fired vet, Michael O'Leary (Rick Bauer), has not yet decided if he will accept the show's offer of a new contract.

After nearly 20 years with the CBS soap, O'Leary was dropped to recurring status in 2005. Chamberlin, a 14-year veteran, and Keifer, who'd been with the show since 1992, were both taken off contract in 2003.

Guiding Light does not comment on actors' contracts, so no statement was available from the show.