Your mistake is in thinking that TH has any power here. A lowball bid by PW and a few others...that much is obvious. The CYA committee. Obvious. see: DELL. But TH is going to be very wealthy no matter what. He doesn't care about the smaller shareholders. Nobody does. This is going to get ugly. I'm currently out and unless it tanks after earnings, I'll be patient and watch and wait. Far better ways to risk your money.
Haven't posted here in quite some time. Have been long and short RIMM and BBRY for many years. Currently have no position. I've been rooting for BBRY to make it. It would be good for many Canadians (employees, investors, suppliers, et al). I waited for the Z10 instead of getting an Android phone. I like it very much. While I can see the valid criticisms of it versus the other phones, and am disappointed at a number of things (e.g. Blackberry Link is a pathetic piece of software, my phone had the random reboot problem until I loaded an unofficial version, etc), there are things that are terrific about it that no other phone has (such as the Hub). Blackberry management has made mistake after mistake after mistake. Horrible.
In my posts last year, I predicted that BBRY would not make it out of 2013 intact. I stand by that prediction. I foresaw a joint venture, selling off some or all pieces, or privatization (which now looks the most likely).
Longs, if you're counting on a white knight to swoop in and take out the entire company for $x/share in cash, I think you will be disappointed. If they just sell a piece (or two), the cash will not go to shareholders. It might goose the stock price, but not by that much. What seems most likely is that Prem is going to get a few groups together and privatize it (w/wo selling a piece or two). This is not good for common shareholders.
See what happened with DELL? This is very much the same scenario. Prem will not make a high bid. They will take it out with a lowball offer because HE and Fairfax and the remaining principals will make their money years down the road. The pension funds can wait - and they will want to make sure the price of the deal provides a solid return. All of these people are working AGAINST the common shareholder. You need to realize this. There isn't anyone looking out for the small shareholder. The mutual funds don't care, because they are well-diversified.