|
|
11-04-2013, 08:53 AM
|
#1
|
Grumpy Moderator
Join Date: Aug 2004
Location: Somewhere in the swamps of Jersey
Model: SGS7
Carrier: Verizon
Posts: 27,948
|
Heins out; Fairfax to invent $1bn.
Please Login to Remove!
From today's Wall St. Journal
BlackBerry Ltd. has abandoned its plan to sell itself and instead will sell $1 billion of convertible debt to its major shareholder, Fairfax Financial Holdings Ltd. and other institutional investors, the company said Monday.
The company also said it will replace its chief executive, Thorsten Heins. It said John Chen will act as interim CEO.
Struggling to compete with bigger rivals, the Canadian smartphone market had agreed to a tentative deal in September to sell itself to Fairfax for $4.7 billion, but the Canadian company struggled to raise financing for the deal.
BlackBerry was recently down about 18% in in pre-market trading in New York.
|
Offline
|
|
11-04-2013, 10:02 AM
|
#2
|
BlackBerry Extraordinaire
Join Date: Sep 2010
Location: Toronto
Model: Priv
OS: 5.1.1
PIN: 2AB9C463
Carrier: WIND
Posts: 2,365
|
Re: Heins out; Fairfax to invent $1bn.
Guess Watsa couldn't secure the funding for an outright purchase. Unless they go back to a private model and buy all their shares back, I'm not really interested in what BlackBerry does anymore. Clusterf*#$, after clusterf*#$.
Heins should get SFA.
__________________
fere libenter homines id quod volunt credunt
|
Offline
|
|
11-04-2013, 12:59 PM
|
#3
|
Grumpy Moderator
Join Date: Aug 2004
Location: Somewhere in the swamps of Jersey
Model: SGS7
Carrier: Verizon
Posts: 27,948
|
Re: Heins out; Fairfax to invent $1bn.
I am sure this can be spun that he could of course get funding, but not on acceptable terms. Which means he couldn't get funding. So instead he tosses in $250mm (not $1bn - the rest comes from others) and effectively puts his team in charge.
SFA? In any event, Mr. Chen can't do worse than Heins & Co. At least he was able to take another tech company and sell it off.
An excellent article in today's NY Times; Watsa jumps to the front of the line if there is a bankruptcy, has a 6% load deal with BlackBerry and makes a fortune if (and nothing is a bigger if) BBRY stock goes over $10.
Win/Win.
For ordinary shareholders? Not so much.
|
Offline
|
|
11-04-2013, 01:11 PM
|
#4
|
BlackBerry Extraordinaire
Join Date: Sep 2010
Location: Toronto
Model: Priv
OS: 5.1.1
PIN: 2AB9C463
Carrier: WIND
Posts: 2,365
|
Re: Heins out; Fairfax to invent $1bn.
Quote:
Originally Posted by NJBlackBerry
I am sure this can be spun that he could of course get funding, but not on acceptable terms. Which means he couldn't get funding. So instead he tosses in $250mm (not $1bn - the rest comes from others) and effectively puts his team in charge.
SFA? In any event, Mr. Chen can't do worse than Heins & Co. At least he was able to take another tech company and sell it off.
An excellent article in today's NY Times; Watsa jumps to the front of the line if there is a bankruptcy, has a 6% load deal with BlackBerry and makes a fortune if (and nothing is a bigger if) BBRY stock goes over $10.
Win/Win.
For ordinary shareholders? Not so much.
|
SFA = Sweet F&^% All
__________________
fere libenter homines id quod volunt credunt
|
Offline
|
|
11-04-2013, 04:25 PM
|
#5
|
Grumpy Moderator
Join Date: Aug 2004
Location: Somewhere in the swamps of Jersey
Model: SGS7
Carrier: Verizon
Posts: 27,948
|
Re: Heins out; Fairfax to invent $1bn.
OH THAT - yes.
I guess he tried his best. Was dealt a terrible hand, went all in and lost.
|
Offline
|
|
11-04-2013, 07:03 PM
|
#6
|
BlackBerry Extraordinaire
Join Date: Sep 2010
Location: Toronto
Model: Priv
OS: 5.1.1
PIN: 2AB9C463
Carrier: WIND
Posts: 2,365
|
Re: Heins out; Fairfax to invent $1bn.
Can I be dealt a losing 22 million dollar hand?
__________________
fere libenter homines id quod volunt credunt
|
Offline
|
|
11-05-2013, 06:08 AM
|
#7
|
Grumpy Moderator
Join Date: Aug 2004
Location: Somewhere in the swamps of Jersey
Model: SGS7
Carrier: Verizon
Posts: 27,948
|
Re: Heins out; Fairfax to invent $1bn.
That's the way the game is played. They keep falling forward.
|
Offline
|
|
Posting Rules
|
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts
HTML code is Off
|
|
|
New MSA Altair Pro O2 Gas Detector (Part Number 10074137c) - Open Box $269.99
Altair2X Co Instrument CO Gas Detector $499.99
MSA Altair 4X multi gas Meter Monitor detector, (O2,H2S,CO) *Parts Or Repair* $200.00
MSA Safety 10087913 Charger for Altair 4X and 5X Multi $58.00
MSA altair 4X multi gas meter Monitor detector, O2,H2S,CO,LEL Charger calibrated $450.00
MSA altair 4X gas Monitor detector, O2,H2S,CO,LEL Charger calibrated $450.00
|
|