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
RE: Mick never disappoints, another quality piece of anti-RIM trolling ;)))
8/18/2012 10:17:13 AM
Jason mick is not a RIM hater, but he is an Apple hater (or at least, his apple "blogs" make him seem that way)
LOL, every thing else he blogs about "is just the facts"... excluding the blog posts that he "gets inspiration" from, those are just hatchet jobs...
"I'm an Internet expert too. It's all right to wire the industrial zone only, but there are many problems if other regions of the North are wired." -- North Korean Supreme Commander Kim Jong-il
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
Google Unveils Solar Panel Lease Plan for Homeowners
April 23, 2014, 9:56 AM
Quick Note: Apple Invites Companies to “Copy” Its Environmental Record
April 22, 2014, 7:58 AM
OnePlus One Images Leak Ahead of April 23 Launch
April 21, 2014, 5:19 PM
Nike Axes FuelBand Team, Exits Wearable Device Market
April 21, 2014, 4:58 PM
UK Teachers Want Parents to Cut-Off Their Children's Internet, Tablet Use at Night
April 17, 2014, 3:40 PM
Quick Note: Chrome Remote Desktop App for Android Launches
April 17, 2014, 9:26 AM
Most Popular Articles
A Bug's Life: Female Cave Bugs Have Penises, Penetrate Males for Three Days
April 17, 2014, 7:20 PM
HTC Hires Former Samsung Marketing Chief Who Developed "Galaxy" Brand
April 18, 2014, 6:00 PM
NASA Finds "Habitable Zone" Planet Sized Similar to Earth
April 18, 2014, 3:13 PM
Mounties Arrest 19-Year-Old Who Delayed Canada's Tax Filing w/ Heartbleed
April 17, 2014, 3:24 PM
Thanks to Government Crackdown, Chinese "Porn Cop" Has Watched 600K Adult Videos
April 21, 2014, 12:00 PM
Latest Blog Posts
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
Tesla vs. BMW: Who Has the Safer EV?
Feb 1, 2014, 2:56 PM
Justice Leaks Details of Next HTC One Two Flagship Phone
Dec 5, 2013, 4:04 PM
Global Cyber Espionage Concerns Reveal Growing Cyber Armies
Nov 29, 2013, 11:04 AM
More Blog Posts
Copyright 2014 DailyTech LLC. -
Terms, Conditions & Privacy Information