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BlackBerry Limited Message Board

  • ultimateinvestor ultimateinvestor Sep 23, 2013 8:46 PM Flag

    Serious Replies only:

    This is an entirely corrupt deal. Prem Watsa (CEO of Fairfax and 10% holder and a Board member until recently) publicly said 3 months ago that Blackberry is worth in the $40’s and he was a board member then and for a couple of months after that. He signed on to the strategy laid out by Blackberry. Now suddenly, Blackberry changes accounting method, delays BBM roll-out and Watsa makes an offer for less than 25% of what he said it was worth recently?

    Everyone has dipped into the cash pile. Lazaridis and Balsillie stole $7 million each after ruining the company, Heins screwed up and will make tens of millions of dollars. Now Watsa is stealing a quarter and nickel form every shareholder’s share and getting paid $160 million if another bidder comes along. Remember he signed a letter of intent, he has no financing in place and even if he did, why would Blackberry agree to pay him $160 million for such a low ball offer? What if he can’t raise money? Will he pay Blackberry anything? No.

    This is one of the most incompetent, corrupt, immoral (possibly illegal) set of events around Blackberry.
    Why Blackberry is not doing an asset sale and spin off BBM and Enterprise business as two separate companies. Those two will be worth $10 billion, more than twice what Watsa is offering? Because all that gravy will be made by these “private equity guys” and Fairfax/Watsa and some crumbs thrown at the Board and Management team to go along in this highly illegal, morally corrupt scam. Yes, the whole thing is a scam.

    Blackberry can easily get at least $25-35 a share if it pursues a smart break-up strategy. But Watsa will pick up for $9 a share and make billions.

    So what’s new?

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