[Chuck Finley69]

This is the whole problem in a single sentence. Why can't you believe it? Does it have poor growth? Poor price/revs ratio? Involved in a dying industry? Are it's key metrics much worse when compared to it's peers? People with poor track records in the wheel house? No. None of those at all. Well why then is it so hard to believe that this stock would be recommended when all the numbers look good? Oh that's right, for the sole, encompassing, impossible to quantify fact that it's Blackberry.

Here's a stock that by any rational measure, comparison to peers, or valuations by even notably bear analysts suggesting this is a stock that is undervalued by somewhere between 50-300%. Despite all that, it's still hard to believe someone is there recommending it. Why? Because Blackberry.

Just imagine how ludicrous that headline would sound modified along the lines of "believe it or not, Apple is a top pick". or "believe it or not, we're recommending a woman for supreme court" The entire unwritten assumption there is that BB (or a woman) is so fundamentally flawed that they could never conceivably be selected for greatness.

As written, part clickbait and part reality that brand toxicity is real not just for BlackBerry alone. Think Kodak and Polaroid brands or IBM that could never get away from some old perceptions. I still don’t totally accept that BB shouldn’t rebrand again. Perhaps that’s long game after some more acquisitions. Prem and Fairfax don’t care where price sits as it’s their long game anyway since they’re making the rules.

[Dunt Dunt Dunt]

As written, part clickbait and part reality that brand toxicity is real not just for BlackBerry alone. Think Kodak and Polaroid brands or IBM that could never get away from some old perceptions. I still don’t totally accept that BB shouldn’t rebrand again. Perhaps that’s long game after some more acquisitions. Prem and Fairfax don’t care where price sits as it’s their long game anyway since they’re making the rules.

Don't get me started on Polaroids....

Have you seen the comeback these silly cameras are making? And the film is a 1/3 the size it use to be. Kids today just don't know what a physical picture feels like to hold?

Maybe 20 years ago someone will make BlackBerry PKB phones for some retro reason?

[app_Developer]

As written, part clickbait and part reality that brand toxicity is real not just for BlackBerry alone. Think Kodak and Polaroid brands or IBM that could never get away from some old perceptions. I still don’t totally accept that BB shouldn’t rebrand again. Perhaps that’s long game after some more acquisitions. Prem and Fairfax don’t care where price sits as it’s their long game anyway since they’re making the rules.

But it isn’t just about old perceptions. BB has not been growing. It *should* be growing maybe. Or might be soon (we hope). But that’s not the same as actual growth.

So I hope Cylance ARR growth is great this quarter. But until we see this, it’s really hard IMO to keep thinking of this as “oh poor BB is getting an unfair price”.

[Chuck Finley69]

But it isn’t just about old perceptions. BB has not been growing. It *should* be growing maybe. Or might be soon (we hope). But that’s not the same as actual growth.

So I hope Cylance ARR growth is great this quarter. But until we see this, it’s really hard IMO to keep thinking of this as “oh poor BB is getting an unfair price”.

The share price, should always be reflective of future expectations but should reflect certain intrinsic value based on positive cash flow, growth etcetera. It’s brand name could even partially be hurting Cylance in the respective markets Cylance operates.

Ultimately, it doesn’t really matter. Fairfax and Prem have this like Berkshire Hathaway does. Let company just keep paying on it’s notes and make cash money....

In 1991, 2000 and 2008, Berkshire did similar tactics like Fairfax with debt/equity positions. BRK did well for it’s shareholders.

[app_Developer]

The share price, should always be reflective of future expectations but should reflect certain intrinsic value based on positive cash flow, growth etcetera. It’s brand name could even partially be hurting Cylance in the respective markets Cylance operates.

Ultimately, it doesn’t really matter. Fairfax and Prem have this like Berkshire Hathaway does. Let company just keep paying on it’s notes and make cash money....

In 1991, 2000 and 2008, Berkshire did similar tactics like Fairfax with debt/equity positions. BRK did well for it’s shareholders.

Yes, I totally agree that Fairfax will do ok. I’m not and never have been a Fairfax shareholder, though.

I think if Cylance is growing we could very easily see $8-10 quickly. On the other hand, if Cylance is slipping compared to competitors then BB will be in real trouble. I think of the current price as the equilibrium between those two real possibilities.

(QNX is a healthy, but small business IMO)

[Corbu]

Preview earnings

BofA

Daniel Bartus

BlackBerry

3Q20 preview – expect mostly in-line quarter, some risk to FY20 guide

Maintain Rating: NEUTRAL | PO: 7.00 USD | Price: 5.67 USD

Sales execution issues may linger with COO departure

We preview Blackberry’s 3Q20 earnings results, scheduled for release Dec 20. Following weak 2Q results, the stock is down roughly 25% and we believe investor sentiment remains cautious. We expect a mostly in-line 3Q and model revenue/EPS at $275mn/0c vs consensus’ $276mn/2c. However, we see risk to management’s FY20 revenue growth guidance, up 23-25%. We note that consensus already bakes in lower 20% growth and we model 19%. With the lower expectations bar and likely negative sentiment, we see some room for stock support despite a FY20 guidance cut. We also note that the valuation remains supportive, with the stock trading at 2.3x our CY20 EV/S estimate (also see recent upgrade on sum of parts valuation). The top risk remains sales execution which we expect to linger for the next few quarters, especially following the departure of COO/President Bryan Palma on November 4; we maintain Neutral rating and $7 PO.

Enterprise may take a few quarters to turn around

A key area of weakness in 2Q was the lower than expected Enterprise revenue growth (~30% of total), down double-digits YoY. Management attributed the softness to retooling the sales force under new leader, Bryan Palma, and expected the impact to last a few quarters. Following Palma’s sudden departure, we expect some added risks to the Enterprise turnaround efforts. However, positives include the integration of Cylance with the Unified Endpoint Management (UEM) platform which should help Blackberry better differentiate in the competitive UEM market. Separately, we model Blackberry Technology Solutions growth (primarily QNX) to fare better, up 12% YoY in 3Q, helped by software content growth with auto partners such as Ford and Land Rover.

IP Licensing upside; patent trial developments positive

Licensing strength has surprised to the upside in 1H20, and we now model Licensing up +3% YoY vs original FY20 guidance for -5%. Most importantly, we look for signs that management is shifting the licensing model to a more attractive recurring model. We also note that multiple press reports suggest German courts recently ruled in favor of Blackberry in its patent dispute vs Facebook, which adds to upside optionality.

---

Price objective basis & risk

Our $7 PO is based on roughly 3x EV/S on our CY21E software sales. This multiple is roughly in line with other low growth/challenged software/services companies and supported by our sum-of-parts valuation.

Downside risks to our PO are: 1) Slowdown in smartphone or enterprise software market due to macroeconomic weakness, 2) Margin pressure from SAF decline and low software growth, 3) Competitive risks from Apple, Google (Android), Samsung, VMware, Microsoft, and more, 4) Increased investment required to support new products, and 5) Security breach and reputational risk.

Upside risks to our price objective are: 1) Success of new product launches, 2) Restructuring efforts, asset sales, or transformative M&A, 3) large unexpected IP deals.

[Corbu]

RBC

Paul Treiber

December 13, 2019

BlackBerry Limited

Discounted valuation suggests near-term challenges are priced in

Our view: BlackBerry’s shares are likely to be volatile when the company reports Q3 results; however, given BlackBerry’s discounted valuation, which implies no value for BlackBerry’s ESS segment, we believe “less bad” results may be a short-term catalyst for the stock. Longer-term, BlackBerry faces challenges in its ESS segment, which need to be addressed to sustain a valuation re-rating upwards. Maintain Sector Perform.

Key points:

• Expect mixed Q3. BlackBerry is reporting Q3/FY20 results (quarter ended November) on December 20, before market open. We expect Q3 non-GAAP revenue to rise 21% Y/Y (-2% organic) to $277MM, essentially in line with the Street at $276MM. For adj. EPS, we expect $0.01 Q3, slightly below the Street at $0.02.

• Sales execution challenges in ESS to weigh on organic growth. Our outlook calls for -2% organic growth Q3, which is similar to Q2 (-2%). The contraction stems from ESS revenue, which we expect to decline 12% Y/Y to $86MM. ESS is experiencing sales execution challenges, as a result of its sales force re-organization earlier in the year, along with competitive pressures from Microsoft and others. Additionally, BlackBerry announced that President and COO Bryan Palma left the company on November 4.

• IP Licensing may continue to surprise. We believe the bright spot of the quarter may be IP Licensing. In 8 of the last 9 quarters, BlackBerry has reported IP Licensing revenue above our expectations. We believe upside to our Q3 estimate for $72MM IP Licensing revenue (+2% Q/Q) is possible, considering management’s positive comments on IP Licensing momentum and given that guidance calls for 2H revenue above 1H revenue. Regarding BTS, we expect healthy results, with revenue up 17% Y/Y to $62MM on the launches of more vehicles with digital instrument clusters and other next-generation features. For Cylance, we anticipate revenue up 5% Q/Q to $54MM on the availability of new products (Guard, Optics 2.4).

• Valuation implies nominal value for BlackBerry’s ESS segment. BlackBerry is currently trading at 2.4x FTM EV/S, below enterprise security software peers at 4.0x and at the low-end of BlackBerry’s 3-year historical range of 2.4-6.4x. On a sum of the parts basis, current valuation implies ESS is valued at 0x FTM EV/S, assuming Cylance at 4.5x EV/S ($1.1B, below $1.4B purchase price), BTS at 4.0x EV/S, and IP Licensing at 2.0x EV/S.

• Maintain Sector Perform, $7.50 target. Our Sector Perform thesis reflects our view that stronger organic growth is required to drive material upside for the shares. Our $7.50 target equates to 3.0x CY20e EV/S on software revenue. In our sum of the parts, we value ESS at 2.0x CY20e EV/S, BTS at 4.0x, Licensing at 2.0x, and Cylance at 4.5x, plus $554MM net cash.

Source:
https://www.rbcinsight.com/WM/share/...N4GR75hg==&a=a

[Corbu]

More BNN:
https://www.bnnbloomberg.ca/market-c...kberry~1853046

Stephen Takacsy discusses BlackBerry
Stephen Takacsy, president, CEO and chief investment officer at Lester Asset Management, discusses BlackBerry.

Some good points...

[EchoTango]

Lots of great commentary of the the upcoming ER next week from the "professionals", amateurs and the mentally challenged, like myself.

Many of the comments deal in generalities and the now standard fare of; would have/should have/could have based arguments. In my view, specifics are the key to understanding and evaluating this company and I for one will need listening to the management commentary on SPARK delivery, Cylance Integration and ESS sales/management progress. It will be interesting to see what the "Chief Revenue Officer" has been up to for the last few months. We can only hope he has rattled a few chains with the senior management team. I've always believed in the management principle of continued floggings until the morale improves.

Interesting comments from Stephen Takacsy around the necessity of senior management and Board changes. I wonder who the was referring to as "dead wood", could it be Chen ?

Thanks again to all who contributed.

[Redzinaldas]

More BNN:
https://www.bnnbloomberg.ca/market-c...kberry~1853046

Stephen Takacsy discusses BlackBerry
Stephen Takacsy, president, CEO and chief investment officer at Lester Asset Management, discusses BlackBerry.

Some good points...

Some fresh blood.. And maybe change the name.. Definitely good points

[Dunt Dunt Dunt]

Lots of great commentary of the the upcoming ER next week from the "professionals", amateurs and the mentally challenged, like myself.

Many of the comments deal in generalities and the now standard fare of; would have/should have/could have based arguments. In my view, specifics are the key to understanding and evaluating this company and I for one will need listening to the management commentary on SPARK delivery, Cylance Integration and ESS sales/management progress. It will be interesting to see what the "Chief Revenue Officer" has been up to for the last few months. We can only hope he has rattled a few chains with the senior management team. I've always believed in the management principle of continued floggings until the morale improves.

Interesting comments from Stephen Takacsy around the necessity of senior management and Board changes. I wonder who the was referring to as "dead wood", could it be Chen ?

Thanks again to all who contributed.

At this point... what is Chen doing for the company? He is really a poor communicator. Really need someone to get their enterprise customers excited about their products. A true salesman that has an understanding of what it is they are selling. Anyone think Chen knows what Cylance really is?

A guy that can oversee the reorganization and the blood letting isn't what they need now....

But then what would it cost to give him the pink slip? And if what he's doing is enough for Prem....

[BanffMoose]

Preview earnings

BofA

Daniel Bartus

Downside risks to our PO are: 1) Slowdown in smartphone or enterprise software market due to macroeconomic weakness, 2) Margin pressure from SAF decline and low software growth,

SAF declines? Still? I get that declining SAF is a negative, but had analysts known SAF would have a 6+ year tail, analysts should have counted SAF as a reason to ADD TO value or MAINTAIN value instead of using declining SAF as a huge reason to DEvalue BlackBerry!


None-the-less, despite what BofA or RBC say, if performance comes in on the weak side, we'll likely see another 20%-25% drop in value. The market isn't done until BlackBerry's been acquired by someone or hits zero.

[Chuck Finley69]

At this point... what is Chen doing for the company? He is really a poor communicator. Really need someone to get their enterprise customers excited about their products. A true salesman that has an understanding of what it is they are selling. Anyone think Chen knows what Cylance really is?

A guy that can oversee the reorganization and the blood letting isn't what they need now....

But then what would it cost to give him the pink slip? And if what he's doing is enough for Prem....

He’s doing what the institutional shareholders that are Prem and Fairfax related want. Look back when Berkshire provided the backstop for Salomon Brothers almost 30 years ago. Has repeated the move several times since with other companies.

If you want to make positive return, you have to mimic the strategy of call and put writing to generate risk adjusted income. The notes income allows Fairfax to dollar cost down in essence.

[Chuck Finley69]

He’s doing what the institutional shareholders that are Prem and Fairfax related want. Look back when Berkshire provided the backstop for Salomon Brothers almost 30 years ago. Has repeated the move several times since with other companies.

If you want to make positive return, you have to mimic the strategy of call and put writing to generate risk adjusted income. The notes income allows Fairfax to dollar cost down in essence.

https://fortune.com/1997/10/27/warren-buffett-salomon/

Twenty years later same preferred type deal with Goldman Sachs as in deja by...

https://dealbook.nytimes.com/2008/09...-salomon-saga/

[rarsen]

OT for those with interest in Security and Privacy:

VISA warns of POS malware incidents at gas pumps across North America
https://www.zdnet.com/article/visa-w...24037827013043
While the in-store POS terminals of some merchants might support chip-and-PIN transactions, most of the card readers installed on gas pumps do not.
These gas pump card readers still operate on older technology that can only read payment data from the card's magnetic stripe. Data from these outdated card readers is sent unencrypted to the gas station's main network, where crooks have realized they can intercept it.

8 data center predictions for 2020
https://www.techrepublic.com/article...24037827013043
6. 5G infrastructure: With OEMs rolling out both devices and networks by the end of 2020, 5G will be the standard. This means any company expanding its edge computing profile will find 5G critical to the success of this new adoption.
At a speed that is expected to be 10 times faster than 4G networks and the ability to support millions of devices per square mile, 5G will allow far-away sensors to instantly update connected devices. This increase in real-time processing means you'll be deploying tech capable of handling and managing 5G. For any business leveraging IoT and edge computing, 5G is not just a reality--it's a necessity.
7. Skynet looms: The coming year will see a larger dependency on artificial intelligence (AI) automation.

[Corbu]

https://news.bloomberglaw.com/ip-law...tion-n-d-cal-4

Case: Patents/Claim Construction (N.D. Cal.)
2019-12-16 18:48:24.70 GMT

(Bloomberg Law) -- A federal district court in California construes disputed terms in Facebook Inc.'s action against Blackberry Ltd. for infringement of patents directed toward a management system that uses G.P.S. receivers to track remote units from a central office and further determine if those remote units have varied from a set of predetermined parameters of operation; providing user-configured telephone service to a user of a data network telephone; providing security for a computer system using a dedicated security processor that receives a request for a file, validates the file, and provides the requested file to another processor; placing a computer entity into a trusted state and monitoring that state using a trusted component; and establishing both instant messaging and voice communication through an instant messaging host. The court construes “central location” as“an integrated set of components that receives, stores, and analyzes G.P.S and other data from one or more remote unit"; “data network telephone” as “a fixed communication device with a communications interface for connection to a data network"; “state” and “operating/operational state” to mean “a mode of operation of the computing entity in which a plurality of functions provided by the computing platform may be carried out,” but neither term covers operating systems; “multimedia data delivery information” as “information related to the delivery of multimedia data"; “mobile device transmission profile” as “a profile containing information about transmission characteristics of a mobile device, including the wireless protocol and the wireless channel environment of the mobile device"; and “generic signaling interface channel” as “a channel used to establish an initial connection in which local IP addresses are exchanged if the parties permit such an exchange and then is no longer used.” The case is Facebook, Inc. v. Blackberry Ltd, 2019 BL 478652, N.D. Cal., No. 4:18-cv-05434-JSW, 12/13/19.

[Corbu]

https://www.prnewswire.com/news-rele...300976187.html
BlackBerry to Unveil Next Generation of Secure Transportation Solutions at CES 2020
Company to present its vision for a connected future with advanced AI and ML-based security for auto and transportation

Damon Motorcycles (from vancouver):

[Corbu]

More on CES 2020:
https://www.blackberry.com/ca/en/events/ces-2020

[Corbu]

More on Damon Motorcycles:
https://www.prnewswire.com/news-rele...300967877.html
https://electrek.co/2019/12/03/damon...e-comfortable/

[Corbu]

https://www.telegraph.co.uk/technolo...-argue-people/
BlackBerry boss John Chen on its smartphone failure: 'You can't argue with what people want'

Olivia Rudgard, us technology reporter, san francisco

18 DECEMBER 2019 • 6:00AM

There was a time, a decade ago, when owning a BlackBerry, asking your friends for their BBM pin and busily texting on a full QWERTY keyboard was the ultimate teen status symbol.

Those days are long gone. BlackBerry was slow to move and innovate. It was swept away by the iPhone and Apple's willingness to move fast and win over customers with exciting product launches and big colourful screens.

Despite this, chief executive John Chen, 64, who has been in charge since 2013, is sanguine. “Necessity is always the invention of everything great,” he says. "We had to change some six years ago. We were just not going to survive in the game."

Some might be surprised to hear that BlackBerry even still exists. Under Chen's leadership the company has moved away from handsets and hardware, where it once had 30pc market share, towards cybersecurity, forced out, he says, by the companies that now dominate its old market.

“We started being attacked by Apple and Google. They're not necessarily better phones. They're definitely not as secure. But on the other hand, they are the phones that people want. You can't argue with what people want. You can say it is illogical. But that's what they want,” he says.

Now, the company still has branded phones with the trademark full keyboard, which run on the Android operating system. BlackBerry only provides the software, while electronics company TCL makes the hardware. Its latest one, the Key2, was released in 2018 and sold for a pricey £579, with a cheaper version on sale for £349.

They've probably lost the teen market for good, but there is steady interest from corporate customers, newly concerned about the security of their employee devices.

BlackBerry's wider business is now providing software for cars, drones, smart meters, power plants and the international space station. Its software is used by all of the G7 countries, three quarters of Fortune 100 companies, and is in 150m cars. It’s an interesting move for a company previously known for its consumer hardware.

But Chen thinks the others will end up being swept away, too. “Six plus years ago, the biggest phone manufacturers were Ericsson, Motorola, and BlackBerry. And none of the three are really making phones anymore. The next generation of phones, they will move on too.”

This certainly seems to be true of Apple, which, struggling to make money on its wildly popular handsets, is attempting to become a software and services business, pouring attention and investment into its app store, advertising and Apple TV.

Apple’s other shift has been to play up its stance on privacy, positioning itself as the responsible alternative to Facebook and Amazon, the company you can trust to place microphones in your home and not misuse what it hears.

Does Chen feel vindicated now that his competitors are also on the privacy bandwagon? “We feel vindicated but we don't have money! I guess vindication is the first step, [but] you know, I need some money. I achieved my moral obligation but I need the financial obligation,” he says.

He has a point. BlackBerry isn’t exactly thriving. When we meet at Techonomy, a technology conference in Half Moon Bay, California, shares are down by almost 30pc since it announced its most recent results in September.

The company, which reports results for the three months to November 30 on Friday, lost $44m (£34m) in the previous quarter, compared to profit of $43m a year earlier. Its president and chief operating officer, Bryan Palma, also left the company in October.

Has it turned a corner? “The journey is never straight up or straight down,” he says, before pausing. “Well, it could be straight down. The journey is never straight up. My job is to make sure it isn’t straight down. We're making good improvements, we’ll continue to make that happen, and I'm not worried about it at all.”

Chen, born in British Hong Kong but educated in the US at Brown University and Caltech, says he is sad that he gave up his British citizenship. But he is ambivalent about the protests currently taking place in Hong Kong.

“In the beginning, when it was peaceful, I actually feel that was the right thing...Until they turned violent. When they start destroying infrastructure they are forcing everybody to suffer,” he says.

“There are hundreds of thousands of people that lost their jobs. The small shop owners [are] afraid to open shop. The big shops, people like Prada, leaving Hong Kong, going to Beijing. Taxi drivers have a problem making a living, because whether they rent a taxi or don't rent a taxi they don't have fares. I think that's wrong.”

What are the biggest risks from the Internet of Things? Self-driving cars are a significant one. “If you don’t control the security of a car, and the safety of a car, and anti-hacking a car, it becomes a weapon, because you have a platform that moves to whenever they want to move to with a basically full tank of gasoline.”

Currently there is no universal safety standard for self-driving cars, something Chen thinks should change. Self-driving car companies have pushed back against this idea, saying it would limit testing and the development of the technology.

“That electric plug has a safety standard. You won't electrocute yourself,” he says. “The overall safety standard of a car, before it could be deployed onto the road, needs to be defined.”

Six years ago, when he took the BlackBerry job, it was still a consumer technology company. Did he foresee that he would end up pitching for power plants and nuclear reactors?

“I wouldn't say that I was thinking about talking to power plants. I do know that I was going to talk about securing endpoints, because a lot of the DNA of BlackBerry is actually in that area - cryptology, security, businesses, enterprises, communications,” he says.

The biggest challenge is to make things secure without stopping them being usable, because if they are annoying to use, people will find workarounds. Security, he says, needs to be “friendly”. “Humans do a lot of things to get around systems for productivity reasons, convenience reasons. Set passwords that you can remember and all that good stuff.

“So unintentionally, you actually have violated a security or you compromised security. And so our job is to make it humanly usable, but prevent any of the kind of the human factor that gets around it.”

Clients need no persuading of the need for better security. Often the questions are more logistical. “I was talking to one of the government officials and they're talking about weaponry systems that were put together in the 1950s, the height of the Cold War.

"It is not something where I could upload a set of new APIs, and all of a sudden everything is connected and then I could control the usage of it. It doesn't even come remotely close,” he says.

As a result, making the Internet of Things a moneymaker will be tougher than most people think. “There are a lot of discussions in the industry about how - ‘how do you retrofit this, do I have to buy new equipment...’

“Of course the new equipment will come out. It will take longer than most people realise to make the IoT business a profitable business.”

BlackBerry’s hope is that it can ride the wave of demand for internet privacy and security. “This is going to be not only a selling point [but] a demand point, not only by individuals but by the government. This is what Facebook is going through right now. All the hearings around the world, especially the United States, EU,” he says.

“When I give speeches I say [that] in the Facebook case, you are the product. Are you aware that you are the product when you sign up? Not really in that sense - I don't think you think of that way. But the world is shifting to be aware of this now.”

[Corbu]

https://www.businesswire.com/news/ho...s-Addition-New
The Hartford Enhances Cyber Service Offerings With The Addition Of Two New Partnerships
Customers now have access to protection from dark web exposures and malicious cyber attacks

"The Hartford has expanded the range of services designed to protect customers from the costly risk of cyber-attacks. The new additions to The Hartford Cyber Center include detection of digital risk exposure across the dark web from Terbium Labs®, as well as a custom product that uses BlackBerry’s CylancePROTECT® artificial intelligence (AI) and machine-learning software to safeguard business infrastructure."

[Corbu]

https://www.theregister.co.uk/2019/1...esman_lawsuit/
BlackBerry tells UK High Court that security outfit SentinelOne is its direct rival
Non-compete legal brouhaha reveals how once-mighty handset biz now sees itself

[dalinxz]

https://www.theregister.co.uk/2019/1...esman_lawsuit/
BlackBerry tells UK High Court that security outfit SentinelOne is its direct rival
Non-compete legal brouhaha reveals how once-mighty handset biz now sees itself

So typical of a dying company to get enthralled in all types of lawsuits instead of progressing, seems like Chen is about to tip this company into bankruptcy. With Chen's debenture coming due, failing in profitability and taking losses, they have 300M net cash left, seems like they will fall short on operating cash, and will allow takeunder by Watsa as was probably planned all along with Chen's poison pills allowing him his full compensation as well as for the BOD. Shareholders have been had, taken for a ride, Chen and Watsa about to destroy any remaining value, look at the interview with Chen - this is what you call capitulation. Led market for a ride to hyping what never existed, misled investors and partners all along.

[Chuck Finley69]

So typical of a dying company to get enthralled in all types of lawsuits instead of progressing, seems like Chen is about to tip this company into bankruptcy. With Chen's debenture coming due, failing in profitability and taking losses, they have 300M net cash left, seems like they will fall short on operating cash, and will allow takeunder by Watsa as was probably planned all along with Chen's poison pills allowing him his full compensation as well as for the BOD. Shareholders have been had, taken for a ride, Chen and Watsa about to destroy any remaining value, look at the interview with Chen - this is what you call capitulation. Led market for a ride to hyping what never existed, misled investors and partners all along.

The company won’t fall into bankruptcy, as Fairfax won’t let that happen unless prepackaged deal would allow complete takeover. Don’t worry as the regulators will assuredly make sure everything’s reviewed for conflict of interest.

[Dunt Dunt Dunt]

https://www.theregister.co.uk/2019/1...esman_lawsuit/
BlackBerry tells UK High Court that security outfit SentinelOne is its direct rival
Non-compete legal brouhaha reveals how once-mighty handset biz now sees itself

From another article that talked of nine defections

"The Cylance partner who didn't wish to be identified told CRN they're surprised BlackBerry didn't offer the leaders coming over bigger retainment packages to keep them longer. The executives that have left Cylance since the deal closed are well-known and respected across the industry, the partner said, and many other younger security companies with shares to give out are eager to hire them."

Think it's an issue many startup have once they get bought out.