Pretty Simple Explanation...... as to why there was no insider buying. Nobody has posted this yet so here goes:
Insiders couldn't buy because they were in negotiations to sell and/or partner with another party. Of course, no insiders are allowed to buy or sell nor was RIM allowed to retire shares during this period of the strategic review process. Pretty simple actually.
The last insider transaction was June 30, 2011 so this all makes sense. They started fielding offers at that time - to Balsillie's and Lazaridis's detriment, the stock kept declining in value. My take is that they want this process over and then they will buy and/or retire shares. They probably want a significant premium. Funny, the strategic review was supposed to increase shareholder value but instead insiders hands are tied and they cannot due anything to stop the decline (i.e. share buyback, institute dividend, etc.). That's why now there is all this talk they want to "do it alone".
Now this brings up a most interesting point which shareholders should consider - was there a breach of fiduciary duty? Was there a breach of duty of loyalty and duty of care? These are all significant legal principles in which a Board of Directors has to handle their day-to-day activities. Was the BOD supposed to come back to shareholders to say that there were offers on the table? I think all the savvy investors out there have been in the game long enough know what I'm talking about.
Thoughts?
Bull G
Disclosure - I have a long position in RIM and am looking to buy more on pullbacks