Things just keep getting bleaker for RIM . With its revenues stagnating and smartphone market share dwindling , the BlackBerry maker is now facing new financial pressure from Jaguar Financial Group — a Canadian merchant bank and RIM shareholder that’s calling upon the corporate to do one in all two rather unpleasant things: sell itself, or sell its patent portfolio. In an open letter to RIM’s board of directors, Jaguar CEO Vic Alboni criticized the manufacturer for failing to “inspire consumer enthusiasm” for its products, and for bringing its devices to market too late. And, as share prices continue to drop, Alboni thinks it is time to make a transformation:
The established order isn’t acceptable, the corporate cannot sit still. It’s time for transformational change. The administrators have to seize the reins to maximise shareholder value before more market value is lost.
Jaguar didn’t specify the dimensions of its RIM stake, but claimed to be calling for upheaval on behalf of “other supportive shareholders” who, in total, hold lower than five percent of the corporate. The Ontario-based firm is hoping that a brand new line of QNX -based smartphones will curtail its slump, but Alboni doesn’t sound so optimistic. “You can’t put all of your eggs in a single basket,” he told Bloomberg. “The board must be saying, ‘What if these products don’t pan out?’ You do not want RIM to show into another Nortel.” A RIM spokeswoman, meanwhile, declined to touch upon the letter. Hit up the source link below to read it for yourself.
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