RE: Sub $7.00 SP This is basically the same discussion I had with many posters time and time again for the last year or so. You are looking at the static state of RIM and then looking at the share price and saying "It does not add up"...and you want to know something...You are right.
The problem with your logic is that you believe share price is set by the current (static) value of the company. It is not, has not, and never will be that way. The market prices a stock by where they believe they will be 6-12 months from now.
Under the current conditions the market gives no value to the cash because they believe they will burn through that in the next 9 months. Next , because of the delays and the speed at which Samsung and Apple are moving, the BB10 launch will be a non event if it is even launched at all. If that is the case then without competitive phones what happens to their subscription base? Last but not least is the patents. I have heard anywhere from under $1 Billion to $3 Billion, so choose what ever number suits your fancy.
Bottom line is RIM either has to sell or merge before they burn through much more money. The longer this drags on with only old products being sold at below cost, then the lower the share price will go. Short of some great news that has some meat on it's bones (Not fluff) then RIM most likely will visit $ 5. If you are steadfast holding then all your hopes rest on BB10 being a miraculous success or a generous White Knight comes in and buys you out.
My long standing position on RIM still stands and that is that it is only a trade until management gives you a solid reason to believe otherwise....and to date they have not.