Canada's Gov't is Ready to Lay Out Rules if RIM is Forced to Sell Itself
August 17, 2012 2:28 PM
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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.
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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!
"We’re Apple. We don’t wear suits. We don’t even own suits." -- Apple CEO Steve Jobs
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