Well, don't know why you get all those $name from a text file cuz you never use them. All your reg mods are done to the local machine. Don't you want to modify the remote machines?
Should it not be:
$nul=writevalue("\\"+$name+"\HKLM\SOFTWARE\Classes\Excel.Chart.5","editflags","00 00 01 00","REG_SZ")
Also, the code is overly optimistic. I don't think it was meant as a complete solution on a silver platter, but rather as a proof of concept. You should check if the machine is turned on, if the reg write was successful, etc.
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