If Research In Motion decides to call it a day and get rid of everything in a fire-sale, it can return $12.87 per share to investors at a minimum, based on these very pessimistic assumptions.
Any scenario beyond liquidation is pure gravy - if the company (a.) is bought out at a premium, or (b.) successfully licenses out its OS, or (c.) breaks-up the businesses into separate profitable units, or, heaven forbid, (d.) flawlessly executes a transition to the BB10 platform and re-conquers the U.S. market, then sky is the limit.
Regardless of which scenario pans out, it is indisputable that the current market price of RIMM provides a very favorable risk/reward profile for longs.
Based on the lowest earning estimate from First Call analysts, RIM will earn about $3.28 per share in the next two years, which will put its liquidation value at 16.15. The average estimate is actually 5.85 in the next two years, and the high-end estimate is 9.21. These will produce liquidation values of 18.72 and 22.08 in two years, respectively.