RIM should not be valued on the cash it holds today as it will burn through it all. For sure.
Instead we should base its value on how much debt it will have once it completely fails. Its outright ownership of its buildings, infrastructure, technology and patents are worth less than zero as by the time the company fails, the will cost more to dismantle than they are worth.
We value RIM at -$3.78 dollars. If you sold it at +2.00 you would be making lots of money as the company is worth less than zero.