Fairfax Financial consortium agrees to purchase BlackBerry for $4.7 billion

By Adam Zeis on 23 Sep 2013 01:35 pm EDT
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BlackBerry has signed a letter of intent with Fairfax Financial that means the company could soon be sold in a $4.7 billion deal. While a letter of intent isn't a binding contact, it does bode well for BlackBerry and, if everything pans out, could mean BlackBerry will go private in the very near future.

Press Release

  • BlackBerry shareholders would receive U.S. $9 per share in cash
  • Transaction valued at approximately U.S. $4.7 billion
  • Consortium permitted 6 weeks to conduct due diligence
  • BlackBerry entitled to go-shop during due diligence period, subject to payment of a termination fee in the event alternative offer accepted

WATERLOO, ONTARIO--(Marketwired - September 23, 2013) - BlackBerry Limited (NASDAQ: BBRY)(TSX: BB) today announced it has signed a letter of intent agreement ("LOI") under which a consortium to be led by Fairfax Financial Holdings Limited ("Fairfax") has offered to acquire the company subject to due diligence.

The letter of intent contemplates a transaction in which BlackBerry shareholders would receive U.S. $9 in cash for each share of BlackBerry share they hold, in a transaction valued at approximately U.S. $4.7 billion. The consortium would acquire for cash all of the outstanding shares of BlackBerry not held by Fairfax. Fairfax, which owns approximately 10 percent of BlackBerry's common shares, intends to contribute the shares of BlackBerry it currently holds into the transaction.

The BlackBerry Board of Directors, acting on the recommendation of a special committee of the board of directors (the "Special Committee"), approved the terms of the LOI under which the consortium, which is seeking financing from BofA Merrill Lynch and BMO Capital Markets, would acquire BlackBerry and take the company private subject to a number of conditions, including due diligence, negotiation and execution of a definitive agreement (the "Definitive Agreement") and customary regulatory approvals.

The Special Committee, chaired by Director Tim Dattels, was formed in August 2013 to review strategic alternatives for the company. J.P. Morgan and Perella Weinberg are acting as financial advisors and Skadden, Arps, Slate, Meagher & Flom LLP and Torys LLP are acting as legal advisors.

Diligence is expected to be complete by November 4, 2013 ("Diligence Period"). The parties' intention is to negotiate and execute a definitive transaction agreement by such date. During such period, BlackBerry is permitted to actively solicit, receive, evaluate and potentially enter into negotiations with parties that offer alternative proposals ("Alternative Transactions").

If (A) during the Diligence Period (i) BlackBerry enters into any letter of intent or definitive agreement providing for an Alternative Transaction, (ii) BlackBerry ceases to negotiate with the consortium in good faith with a view to entering into the Definitive Agreement by the end of the Diligence Period, or (iii) an Alternative Transaction is publicly proposed or publicly announced and is consummated within 6 months following the end of the Diligence Period, or (B) during the 3 month period following the end of the Diligence Period, BlackBerry enters into any agreement providing for an Alternative Transaction with a person with whom discussions were held before or during the Diligence Period, then BlackBerry shall pay Fairfax a fee of U.S. $0.30 per BlackBerry share, provided, however, that no such fee shall be payable if the consortium shall have reduced the price offered below U.S. $9.00 per share without the approval of the board of directors of BlackBerry. In the event that a definitive agreement is signed with Fairfax the termination fee will increase to U.S. $ 0.50 per share.

Barbara Stymiest, Chair of BlackBerry's Board of Directors, said: "The Special Committee is seeking the best available outcome for the Company's constituents, including for shareholders. Importantly, the go-shop process provides an opportunity to determine if there are alternatives superior to the present proposal from the Fairfax consortium."

Prem Watsa, Chairman and CEO of Fairfax, said: "We believe this transaction will open an exciting new private chapter for BlackBerry, its customers, carriers and employees. We can deliver immediate value to shareholders, while we continue the execution of a long-term strategy in a private company with a focus on delivering superior and secure enterprise solutions to BlackBerry customers around the world."

In addition to the consortium and its lenders being satisfied with all aspects of the due diligence to be carried out by them during the Diligence Period and the negotiation and execution of a binding definitive agreement approved by the board of BlackBerry, completion of the transaction will be subject to other customary conditions, including receipt of required regulatory approvals. There can be no assurance that due diligence will be satisfactory, that financing will be obtained, that a definitive agreement will be entered into or that the transaction will be consummated.

BDT & Company, LLC, BofA Merrill Lynch and BMO Capital Markets are acting as financial advisors, and Shearman & Sterling LLP and McCarthy Tetrault LLP are acting as legal advisors to Fairfax in connection with the transaction.

Reader comments

Fairfax Financial consortium agrees to purchase BlackBerry for $4.7 billion

839 Comments

I feel for you, but it doesn't do to dwell on it.

--Q10 and Canadian all the way! Posted via CB10 on 10.2.0.1443. #IChooseBlackBerry10

Assuming that the only reason they take it private it is to make changes and try and grow their company to make more money down the road.. If they aren't they would buy off the pieces separately.

ANNNNND here comes the so called experts weighing in on their opinions....but you know someone had to get a FIRST comment in there too. :)

We new it was coming folks, this isn't bad at all. If your a shareholder you'll take a bit of a kicking.

Posted via CB10

BlackBerry get screw again. $9? Just BlackBerry cash alone can pay off this dam take over deal. I have 1200 shares and I will vote against it, period.

It's been significantly above $9 for most of the year, the really bad news is released a trading day before the really 'good' news, to make it look like $9 is a great offer ("look how bad it was Friday! $9 is a premium! Best we could have done, we've tried so hard to make value for the stockholders...<wah wah>" )

$9? What a rip-off!! anyone feel like this was a bit of a setup? maybe the BBM launch was looking so good that they had to stop it to keep the price down? skeptical!!

Last August was a couple weeks ago... Get your facts straight. It is a ripoff. The top guys will benefit, everyone else gets f'ed.

Would you have rather the stock price at $5.00 or lesser? If other bidders think BlackBerry is worth more than $9 they will come forward. If no one else bids then $9 will be more than a fair deal. Unfortunately in life, you win some you lose some.

They don't own them yet. BBRY can still seek a better deal while Prem's folks get 6 weeks for due diligence.

I'm not really sure what that has to do with anything. It doesn't really make the comment/nastiness any more valid, does it? Friggin' guy was banned recently wasn't he?

Hes been around for a very long time has seen alot, may as well be a MOD of the forums.

Me as well. I always observed recent poster.

You used to call out people in the forums if you didn't think they were using BBs, proclaim BB was a great thing for the K-W area, etc. etc. What happened?

I trusted a company named BlackBerry. Who took my hard earned savings and drilled it into the ground.

Wheres BBM? My Features etc.

Damatrix02......earlier you called me an idiot? you trusted the stock market? It's a place you put your money. If you win, someone else loss. If you lose someone else wins. As soon as you use the word TRUST you lost......i won't call you an idiot though!

BlackBerry will survive in the Corporate and Government Sectors! My Z10 is so much better than an iphone!

At least someone sees value, even if it is only $9 a share it is better than $0.09c. The company can go private and do what it needs to without everyday someone looking over it's shoulders.

Awesome news for the future of BlackBerry - Going private takes them out of the spotlight of Wall Street.

Disclosure: I have no positions in BBRY so I am looking at this not from the perspective of a shareholder.

Rite On , private is best for BB, as the shorting going on and negativity is what is killing BB, now they will have to cover there shorts

Prem Watsa has been a backer of BlackBerry, and he's no fool so he may see some value here that the overall market doesn't see. If nothing else, the pressure will be off BlackBerry during their attempts to pivot. I had a strong feeling this would be the outcome of the announcement of the layoffs and the change in strategy.

$9/share is a significant discount considering the present cash and assets of the company. Before Friday's announcement, the stock price was over $10. Nonetheless, it is a step in the right direction for BlackBerry to avoid the stock manipulation going on and pressures from many greedy shareholders for immediate profits and gains. To properly grow a company you cannot be at the mercy of investors who look at things like R&D as a waste of resources.

How is this wonderful news? Tell me how Fairfax will change public perception of the BlackBerry brand? How will Fairfax sell millions more phones and get 200,000 more apps into the ecosystem? Until I see a coherent strategy and plan, nothing has changed. Remember, Fairfax/Prem Watsa own a piece of BlackBerry and were on the board. How did that work out?

My guess is they will abandon the US except for large enterprise customers, and focus on emerging markets. Without shareholders, the pressure to waste resources in the US goes away. The apps may come, but they may be in Kiswahili or Tamil.

Good that the company won't disappear. Bad for shareholders who kept the faith and took a huge bath on this, me being one of them. To each his own, we did our best.

Posted via CB10

If Blackberry would start delivering and keeping their promises things would`ve been different. The fiasco that is BBM4ALL was incredible. I`m sorry, but why would they offer this if they weren`t ready for it with their servers? All this does is keep trashing the BB name more than it already is. Is that even possible?

Think back to a time when BB ever delivered anything on time and good quality. It hasn't happened since I was following the company the last 3 to 5 years.

Damn! I wonder how much info Fairfax had about the previous quarter write offs. Did they wait before making their offer? They are getting BlackBerry for really cheap, 4.7 billions for 2.6 billions in cash and lots of patents.

However I have to say that this is really good news.

Posted via CB10

Why would he and his company spend $4.7B to close it? BBRY is doing a fine job of heading there for free at the moment.

I guess your not vested in this company? Prem is ripping off investors. $9/share is not an offer it is a palm greasing.

$9/share is B.S - a slap in the face to shareholders. Maybe Microsoft or someone else will offer more. There is that possibility.

I hope Lenovo buys them. I have a great deal of respect for that company, maybe they can rebuild Blackberry's image.

Probably is, but I don't know what the regulatory requirements in such matters are. I'm sure the "Warren Buffett of Canada" probably knows, though, and even if he had wanted to do this for a while, he knows how to go about it legally.

Great news! This doesn't save the company, but it lays the foundation to grow outside of the constant public reporting requirements. No company can transform itself the way BlackBerry needs to while staying oared to the short-term needs of the market. When they return to stability, Fairfax may take the company public appropriately.

Posted via CB10

Hey Lookie there! A comment lacking the prerequisite gloom and doom, or euphoric sentiment. Get out of here with your level-headed wait and see temperament. No need for that here.

Probably the best for BBRY at the moment. No more quarterly earning calls causing bad news to spread in the media.

Hopefully BBRY can have time to sit back, do their homework and start delivering without the stress of "underperforming".

Best of luck to all of you "BlackBerries"!

100% correct.
IMHO a great deal of the issues is due to negative press. The quality of the products are good (not perfect) and if not every reporter repeated all the negativity or even said something positive they would have sold more devices.

Some users will select other devices for a variety of reasons - lack of apps etc. but perception of the brand is a real dealbreaker for BBRY.

I think Fairfax is getting a steal, but I'm happy to see a deal in the works. Really would have preferred an investment or purchase by IBM - it would have made sense in many ways - but happy to see BBRY has a lease on life. Waiting for more details!! Thanks, CrackBerry, for your diligence in the matter and keeping up with this story!

This is BS!! Watsa says the company is worth 40 bucks and then makes sure BlackBerry screws everything it touched to run the stock price into the ground intentionally! What a friggin scam. I don't think will pass!

Posted via CB10

Holy shit, didn't expect to see that so soon! I mean, November is still quite a few weeks away...I wonder if any other parties will actively pursue BlackBerry.

I think this is suitable option. Let's hope BlackBerry can get the rest it needs to ensure laser-sharp focus on maintaining and executing their strong points and turn profits up again. After that, let's slowly and steadily refocus on the 'bad' points...

and people cheered when Thorsten Heins took the reigns and look at the shape BB is in today? Premature to be celebrating perhaps?

Yeah whoever buys it needs to restructure it from the TOP. They continue to drop the ball. They should stick to a cpl or few devices. Not releasing flops left right and center...

Posted via CB Q-10

BlackBerry can start working in peace out of the public's eye for a bit. Good things should follow by allowing them to concentrate on the product instead of what makes the investors happy!

If they haven't covered by now this news would have made them sell and the stock would have dropped even further. This tells me that the shorts are either long or out. This realization should increase the stock value.

YES!!!!!!!!!!! this is great news. Trading will commence at 2pm again. Lets see what stock go way up now. Higher than the $9 they are offering for sure. Oh man...now if we could only get the whole BBM debacle sorted...we're back in business!

I am a huge supporter of BlackBerry. I just got screwed by Prem Watsa. But I guess the silver line is I don't have to live in a google and apple world.

Q10

If this deal goes through I might give up on technology altogether! This deal is extremely shady, and for Blackberry's sake it better not go through or there will be alot of investors looking to sue.

Finally - our boys have a chance now. Going private made the most sense after all. No more WSJ leaks and pointless hate. They can restructure and move forward. Prem came through after all.
For any Mad Men fans out there, what does Don always say? "If you don't like what's being said about you - change the conversation. "

Posted via CB10

There is nothing Blackberry could do with the way the press was doing everything to disparage the company and thereby discourage any hope of a sales turn around.

I just hope we don’t end up in an Apple and Google only world because businesses and consumers deserve much better than what these two companies have been able to bring to market.

No suprise. If you still own stock...I'm not sure I feel sorry for you. The day it was announced that Alicia Keys was the Global Creative Director and she further tweeted that fact from her iphone...I cashed out. Been smiling ever since. $9 a share...that's rough.

Well, now we know why the profit warning was issued. Current price of 8.23 makes nine dollars look good to most who will be losing their shirt. Prem is a money man, hard to believe that the "Premi" wasn't to get the stock price in line with the now public offer. I sold mine at 11.00 a couple of weeks ago at a 2.50 loss, now I'll move on to Renewable energy. Still glad I got my Q10, hope the millions of us with BB10 get treated with the respect we're due.

Prem Watsa, Chairman and CEO of Fairfax, said: "a private company with a focus on delivering superior and secure enterprise solutions to BlackBerry customers around the world."

So that's the end of BlackBerry phones then?

:(

Fable Publishing: C0012255F

I guess not, they will reduce the portfolio and the devices will be niche focused. Maybe the bad thing is being a niche device maybe wont ever get the big apps on board.

At this point, I think that's quite a leap. Possibly, no consumer oriented phones and a different pricing structure. These may be our last BB phones or we'll be paying considerably more in the future. I'm just happy that I'm not lugging an iDroid around.

They already effectively announced the exit from consumer market. Do you consider that good for you? Its the best thing that could have happened to keep BlackBerry the company as close as possible to "as we know it", but it will never be the same.

I already have a Blackberry Z10, and this will be the second time I got ripped by this company if they abandon their devices. I thought they learned their lesson with the Playbook.

Yep this is pretty much what I expected to happen. The company once private will be our of the public scrutiny having to air all of their dirty laundry each quarter and can focus on their products and accelerating the deployment of Blackberry 10...any word on weather they are retaining Thorsten or retaining him?

Only negative I can see here is if they bring back Jim.

Posted via CB10

Please explain to me how being out of public scrutiny sells millions more phones, puts hundreds of thousands of apps into the ecosytem and puts BlackBerry back in 3rd, 2nd, of 1st position?

Going private does not resolve it on it's own, but it will give BBRY som relief from all the negative reports from the hedgefunds and so called analysts. That part *could* help providing a better public perception of the company.

Changing the perception of the company will take years, the BBRY has to provide excellent solutions ON TIME.

Hopefully the new owners will provide valuable input and help making the company profitable.
If the succeed they are in for a huge profit. If not they just have to sell whatever is possible and face a loss.

Let's hope this deal helps so that the engineers can focus on keeping the BlackBerry alive and relevant. Granted to a niche market but then again VW is very profitable and considered a "niche" player in the industry.

Posted via CB10

LOL, VW is the 2nd largest car manufacturer in the world and plan to be on top by 2015.

Volkswagen Group sells passenger cars under the Audi, Bentley, Bugatti, Lamborghini, Porsche, SEAT, Škoda and Volkswagen marques; motorcycles under the Ducati brand; and commercial vehicles under the MAN, Scania and Volkswagen Commercial Vehicles marques

Can't have my shares for $9! Friday was a screw job to make today look good. Nokia has surged on Microsoft purchase. Call me when price tops $15 or get lost BlackBerry

Posted via CB10

I 100% agree! They are not getting my shares for $9!!!!!! If this deal is finalized I will be looking for the class action sign up. This is a palm greasing between Prem, and Thor. They will both profit from this gold mine while leaving the long investors high and dry.

Are you high or just don't understand what's happening? This has 1) stopped speculation about whether they have a future, 2) Set a not to go lower than floor on the stock price to stop the slide and 3) BB can still look at other offers that come out of the woodwork now that a floor price has been set. This is the best news possible at this stage.

This will be a enterprise company from now own or it will be nothing at all. You want get a bbry unless your your company offers it.

So lets run the conspiracy theory for how to acquire a company on the cheap.

Step One. Have the board issue guidance prior to the official date, that confirms way lower revenue expectation, and a huge write down to come... driving share price down further.

Step Two. Get board to announce layoffs of 40% of staff to further shake consumer confidence.

Step Three. Totally screw up launch of cross-platform BBM service that has been one positive in the BB brand...again driving price down further.

Now offer investors a price per share of pretty much what the asset/patent value is.

Success!

Congrats Prem

Cheap, ? Nokia ARM was purchased for $5 billion, and $2.3 billion for its patents by Microsoft. $4.7 billion for Blackberry is a great offer. No disclosure of the patents and was not mentioned in the offer.

Well, Watsa is a "successful investor"... he actually managed to be successful here: F up the company, buy it for scraps, then sell it for a higher price... i can't believe it but i'm all but sure the deal will get approved simply because the interested parties (read Watsa) hold enough shares! WOW!

I completely agree with you. Heins and Watsa collaborated on this scandal to sell the company off for cheap.

Is it a conspiracy or has the company continued to fuck up everything for the past several years? I would say its the later.

Correct. This is terrible for the average small time investor and good news for BlackBerry.

The news dropped last week to weaken the share price to get Perma a better deal

We shareholders got the shaft

Posted via CB10

...I guess I will be signing up for the class action. If this isn't a potential insider trading, I'm not sure what is. They killed the stock by not crushing the bad press, and ignoring effective marketing for their devices. $9/share is a joke!

Going private is the best thing BlackBerry could do... it's not over people, stop the wining and let's get it going.

Posted via CB10

I know I keep repeating myself, buuuut Chris? :)

I thought they will, follow Dell, but I was wondering how will they pull it off.

Is this really the best thing for BB? I really hope Fairfax doesn't just think the ship can keep sailing as it is and everything will be fine.

The letter of intent states that other offers can be considered by BlackBerry. If you guys don't like the price, put together your own consortium and make a higher offer!

Great move, go private, restructure, and get the ship back on track! Get out of the public eye and stop all the bad press leaking on a daily basis!

I would appreciate Chris posting an article. Something I'd like to know is does the fact that Watsa was on the board have any implications as to whether this deal will be approved or not?

Will the buyout mean that the people who were supposed terminated will keep their jobs?

Posted from my Zed 10

All of you guys are talking out of your asses. The fact of the matter is, the only ones who benefited greatly from this move are the CEOs. Thorsten just made a fortune. Aside from that, the company will likely license and focus on BBM for ad money. The hardware and patents will be broken up and dispersed to various antities. This is the end... Last call... Curtains closed. The only things part of the 'BlackBerry' name that will survive will be BlackBerry Messenger... Till, like BlackBerry, it becomes passé. I'm a huge fan and it pains me to even see it come to this but its better than lying to yourselve and believing that there stand a shot in hell of BlackBerry surviving as a whole. This is it... Breathe in and deal with it.

@BBMarnel

That is why there is now a bbm logo on hamiltons car... they knew it, screwed the average investor.

***execution of a definitive agreement , some companies have 5 - 7 year contracts with BB10 servers, under the current regulations the company is being purchased as a whole and that means must remain as a whole until all contracts are fulfilled. So Blackberry is staying unless the company purchasing BB goes Bankrupt, but then again another company to acquire BB during that phase is a guarantee.

This probably good for the company overall, but a lousy deal for shareholders. The timing is very suspicious too with last week's announcement and the non-rollout of BBM to iOS and Android over the weekend.

My opinion this is good, the company will be kept as a whole and not divided, we will still get Blackberry devices and BB10 experience for years to come even if the base of users gets reduced from the actual base.

Blackberry will be out of the eye of the street and people inside the company will work more calm.

Well, that's a real option, but I hope they keep it, my guess is they will after all, we'll new about it now sooner than later.

Hooray!! I was hoping for this as the outcome instead of the many horrible alternatives. Kevin, is this cause to celebrate? How about a free Z30 for the first 200 posters of this thread :)

Welp, the CB team is going to be especially busy for a few months. Good luck to you and I hope this goes better than Palm.

I'm voting NO, as a share holder. BBM could be evaluated on its own for 2/3 of the sale price. BS. I'm happy that they might go private, but pissed at the same time. Give me Fairfax shares instead!

BlackBerry for leaders, not followers.

True that they made those cuts and lowered the price (cuts were going to be made anyway) so that they could buy-out the company and go private. Sucks for the investors but investing is a risky business in itself. I think this will definitely save the company and limit the vultures and nay-sayers to talk about the product and not the company, which we all know is a great product. Time is still needed to restructure, but the general public will not know what is happening. This is what I was hoping for and saying to the family and friends for the past couple of weeks.

If the sec was capable of doing their job, upper management, certain board members, M.L. , prima watsa and others should all be indicted for illegally screwing the shareholders...... this crime has transpired right under our noses...... so sad that this can pass like this...... it's just obvious.....

Posted via CB10

F,ing scam is right. So we hire that terd to sell the company for a discounted price to someone who was on the board. What happens to the money of 3.1 billion?

BlackBerry for leaders, not followers.

Whats next now? What this mean for most consumer ? Any changes? Less? More support? A drop of apps support from devs? Does anyone can reassure me on this?

Posted via CB10

I knew it.....Heins been crushing the image to reduce stock price.

BlackBerry will survive in the Corporate and Government Sectors! My Z10 is so much better than an iphone!

So the inevitable is upon us at long last. A sad reality, but can't say I'm overly disappointed seeing BlackBerry under new stewardship.

Posted via CB10

Prem steps down. They posted earnings then the shares got hammered on Friday. Prem then offers 9 bucks a share when the stock was halted at $8.23 on the Nasdaq. Is BlackBerry really worth 4.7 billion? Then TH gets a buy out of over 50 million. This my friends is how the rich get richer. This was all planned when TH joined BlackBerry. TH was just a pawn. Man I wish I was that pawn. Lol. So what now Prem? I believe this is a turning point for BlackBerry. Finally we get some real leadership.

Posted via CB10

I think this is good for BlackBerry to be able to survive from all the bullies outside. Keep alive and strong BlackBerry I'm with you! :)

Now it take sens what happened friday with bad news and the big layoffs reported from Waterloo, that made share plunges and so Fairfax can make this insane offer ! 9$/share

It was gonna happen one way or the other.

Still, things need a massive shake up internally at management level.

I purchased shares at 10 and sold at 15, that's the way it works. Had I held out and lost money, then I would have only myself to blame.

Posted via CB10

This is very true, although it doesn't rule out the deliberate manipulation of the stock price through the timing of the news Friday and today, and the BBM rollout f/u over the weekend (and continuing lack of news thereof.)

When was the offer from Fairfax put on the table / signed? That's what I'd like to know. Not that I can do a thing about it, as a small-time shareholder.

I'm sure they covered their behinds. I'm also sure that the deal wasn't reached overnight. The timing is just way too much to be a coincidence. To think that I will even consider buying another Blackberry product after all this company did to their loyal in the last three years...

Well I held on for the ride this long, might as well see what's next. I feel they may drop the consumer market altogether and stick with Enterprise. Although I have a corporate account, I feel that the downside is that it was the consumer side that "kept them moving". If they only focus on Enterprise then I feel they will go idle again.

I will vote no as a shareholder. Shareholders ought to ouster the board and all the other greedy bastards in collusion against the shareholders...... what a pathetic crime....

Posted via CB10

Is $9 too low?
Maybe, but if no one was willing to pay more than this..and BlackBerry was in a death spiral, than it's the right $ amount.
Stability to this company is CRITICAL to any chance it staying alive.

Bring it on. Now they can concentrate on the business instead of what Wall Street says they should or shouldn't do.

Posted via CB10

Going private means no more "intentional fuckups" to drive stock down, means less negative media coverage driving away private corporations from taking up blackberry solutions, means capability to actually risk and venture, explore and innovate without shareholder pressure!

Great news for the company, seriously disgusting news for the shareholders,

It's quite obvious that TH and his team drove the stock down, and hence hurting the investors, I don't know if that was the right move to entice the only buyer he had, or just greed to get his 55 mil, and I believe the later!!

In all cases TH and team need to be questioned before their payoff to determine if they acted on good faith or pure greed!

Crackberry Q10 / Playbook

I don't care!! I love my z10. I hope Fairfax continues with BlackBerry 10!

Posted via my white Z10. LG banter- blackberry bold 9900- Z10

Another deal on Wall St., is all. Fairfax will buy hoping for no biding war and then break it up in pieces. These guys don't buy distressed assets at a premium, so yes, $9 a share is a discount to what it is valued and a "White Flag" for BlackBerry. Let's be honest, it's not like Fairfax has a hard-on for BlackBerry.

Posted via CB10

Those who think the company will stay whole got another thing coming.
Fairfax will break up the company and see it for parts, as they cannot keep losing money.

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