https://www.theglobeandmail.com/business/article-blackberry-patent-deal-financing/
A couple of interesting points from yesterday's G&M article:
- Part of the rationale for Third Eye pulling the plug is other opportunities (maybe Wilan is one of them)
"Earlier this month, after Catapult still hadn’t raised the equity, Third Eye informed the company it was pulling out, along with the rest of its lending syndicate, a source familiar with the matter said. The source said the lenders grew impatient tying up capital as the deal dragged on and as other investment opportunities surfaced."
- The cost of the deal, while US$600M on the face was closer to US$900M figuring in the cost of maintaining the assets.
- The patent quality was suspect with a large portion of the high quality assets set to expire in 2024.
While Blackberry/Catapult's deal falling off the table may not read well on a Wilan sale, it could just as easily push a Wilan deal closer to getting done. Remember Gillberry spoke of pension fund interest in IP monetization and pension funds were an integral part of the Third Eye syndicate.
Time for patience...it will not be too much longer for the Wilan strategic review to come into better focus.