BlackBerry Ltd T.BB

Seeking Alpha

[Pancho2]

https://seekingalpha.com/article/1716262-shareholder-inequality-fairfaxs-other-motivations-in-its-bid-for-blackberry?source=email_rt_article_readmore

One comment,
Chris,
"The whole deal reeks of total insider actions that should be thoroughly examined by our securities commissions - but of course, they won't!
Just a few facts make the case of insider actions very probable....
1) PW resigns from the board.
2) BBmesses up their product launches, the public is much less than impressed with the products, sales are slack, and down goes the share price.
3) Fairfax's BB position is getting hammered and the ship is sinking, so out of the blue, BB pre-announces numbers, during the market, and re-opens their stock so it can drop like a stone. Shareholders get creamed, again!
4) Miraculously, PW comes back Monday with an offer that is higher than the price of the stock's close on Friday. Of course, there couldn't have been any possibility that the BOD and mgmt at BB knew this was coming....right! Somehow, over the weekend, PW and his gang thought, "hey, let's put a deal together for BB and present it this weekend". Don't think so!
5) BB's BOD and mgmt accept the offer, which only offers PW and Fairfax any real chance of making money, and it is not even a legitimate deal...it is a letter of intent!

This is clearly one of the most blatant examples of insider goings-on ever in the market, and not a word is spoken about it. What a sham, and what a shame that the common shareholder is getting beaten to death over the silliness of the deal.
It is like one person said when they used this type of deal in comparison with someone buying a house in the same manner....
"Hey, I'm going to buy your house, okay? I haven't got the money but I am going to see if someone will give me the money to do so, or go in partners with me. I know your home is not really worth what I am offering, but that is okay....maybe someone else will come and make you a higher offer. And oh, by the way, if I walk, you pay me....if you walk, you pay me....and did I tell you that I already own part of your property, so if a higher bid comes in, I get some of your money"....
This may seem like a silly comparison, but it is what happened with this deal, and it is unbelievable how these people can get away with these shenanigans and not be held liable for what appears to be the actions of insiders working together to grease their own hands, and nothing more.
And also don't forget, the CEO walks with $54M if he is no longer at the helm...for what? Doing a great job? Building shareholder value? Rescuing RIMM from the depths of destruction.
We shouldn't be surprised....the execs at Nortel walked away scott free as well, and they lied and restated numbers numerous times, all the way from $124 to pennies on the stock.....and they never paid a cent in penalties, nor served time, even though they repeatedly stated that "they were done restating" and all the bad news was out.
I may sound like a bitter shareholder, but I don't own a share, and have not been hurt by the share price drop whatsoever. But I do know a rat when I see one, and there is a pack of them involved in this scam deal!
Can't imagine what is next for these guys"