Canada's Gov't is Ready to Lay Out Rules if RIM is Forced to Sell Itself
August 17, 2012 2:28 PM
comment(s) - last by
Ministers first prepped for a sale in March
In March, as RIM prepared to deliver expected news of a
dire quarter of losses
, senior aides in the office of Canada's Industry Minister expected that a sale might be in the cards. According to
a new report
Industry Minister Christian Paradis and Prime Minister Stephen Harper's Conservative government were prepped by the aides to lay out rules for foreign bidding if RIM called with news of a sale.
Instead, when the call came new CEO Thorsten Heins insisted on sticking to releasing BB10 as a final shot at regaining market relevance, stubbornly refusing to cave in to shareholders and sell the firm.
, had Thorsten Heins asked about a CEO, Minister Paradis would be ready with the canned response, "I examine proposed investments on a case-by-case basis and make my decisions based on the facts and merits of each proposed investment..."
The Minister was advised to only discuss the matter if Mr. Heins broached the topic.
10 RIM shares are today worth the price of one share a year and a half ago. It would take 20 RIM current shares to equal the worth of a single RIM share from 2008. In other words, investors who got out on top in 2008 were lucky -- those who stayed have been burned badly.
As RIM continues to fall lower and lower on the sales charts, and with the
brand in shambles
, many are skeptical that its much-delayed
BlackBerry 10 launch
will be the salvation CEO Heins is hoping for.
The RIMdenburg is still afloat -- for a little bit longer. [Image Source: Jason Mick/DailyTech LLC]
If it's not, RIM's leader may be forced into the option he least wants -- a sale. If that's the case, the sale will have to be approved by Canada's Industry Minister, per Canadian law. And it sounds like that's what the Industry Ministry is expecting, as they're already fully prepped for that inevitability.
This article is over a month old, voting and posting comments is disabled
Does This Mean...
8/17/2012 3:35:39 PM
...no more RIM jobs?
It had to be said!!
RE: Does This Mean...
8/20/2012 1:45:35 PM
Takes the puck down the right side, kicks it to the outside, a quick flip to the inside, HE SHOOTS AND SCORES!
"This is from the DailyTech.com. It's a science website." -- Rush Limbaugh
RIM's BlackBerry 10 Phones to Get HD Display
August 16, 2012, 1:34 PM
Amid Soaring Losses, RIM Leaders Preach Optimism; Stock Drops
July 11, 2012, 1:35 PM
RIM Takes Huge Loss, Lays Off 30% of Workforce, Delays BB10 Until 2013
June 28, 2012, 5:15 PM
Buoyed by Strong iPhone Sales, Apple Reports Revenue of $42.1B, $8.5B in Profit for Fiscal Q4
October 20, 2014, 5:21 PM
Windows 8.1 + Android "Sell Mini PC" w/ Bay Trail Creates New PC Form Factor
October 20, 2014, 5:07 PM
OnePlus to Open Pre-orders on October 27
October 20, 2014, 1:34 PM
Apple Releases iOS 8.1; Adds Apple Pay Support, SMS Relay, Instant Hotspot
October 20, 2014, 1:00 PM
Quick Note: Android Gmail App to Gain Yahoo, Outlook Account Support
October 20, 2014, 9:15 AM
Forbes: Microsoft's Smartwatch to Launch Next Month
October 20, 2014, 8:36 AM
Most Popular Articles
Google Launches "Same-day Delivery" Subscription Service for $95/year
October 14, 2014, 10:37 AM
Google Announces Android 5.0 “Lollipop”, Nexus 9 Tablet, and Nexus 6 “Phablet”
October 15, 2014, 12:41 PM
Ireland to Close Loophole Apple and Google Used to Evade EU Taxes
October 13, 2014, 10:45 PM
Update: Motorola Droid Turbo Coming Oct 28, 48-hour Battery Life Confirmed
October 19, 2014, 9:19 PM
Samsung Develops 802.11 AD Wi-Fi, But Will it be Sunk by Poor Penetration?
October 14, 2014, 4:30 PM
Latest Blog Posts
The Surface Mini That Was Never Released Gets "Hands On" Treatment
Sep 26, 2014, 8:22 AM
ISIS Imposes Ban on Teaching Evolution in Iraq
Sep 17, 2014, 5:22 PM
Space Terrorism is a Looming Threat For the United States
Apr 23, 2014, 7:47 PM
Facebook Aims to Provide Internet to "Every Person in the World" with Drones, Satellites
Apr 1, 2014, 10:20 AM
Retail Mobile Sites Experience Outages in Light of Simplexity's Bankruptcy
Mar 14, 2014, 8:48 AM
More Blog Posts
Copyright 2014 DailyTech LLC. -
Terms, Conditions & Privacy Information