RIMM is WAAAAYYYYY Over-Valued.
Patents are worth $0 with licensing agreements they currently have.
Cash is worth $0 after litigation and operating expenses and write downs of BB10 and marketing.
Stock there for is sub $5 possibly Bankrupt.
Where on Earth would you make a judgement that it is trading less than its patents. These items you refer to are almost worthless in their present form.
To unlock the value of the patents RIMM must go bankrupt and void all agreements made with respect to their patents. Then they are worth something.