Shareholder Group Demands RIM Shake-up

An activist shareholder in Research In Motion said on Tuesday it wants the struggling BlackBerry maker to seriously ponder selling itself or spinning off its patent portfolio, sending RIM’s share price higher.

Jaguar Financial Corp said it wants the Canadian company’s board to take control from co-Chief Executives Mike Lazaridis and Jim Balsillie and for up to five of RIM’s independent board members to explore options to maximize shareholder value.

RIM shares were up 1.3 percent at midday Tuesday at $30.52 on the Nasdaq and gained 2.3 percent to C$30.26 on the Toronto Stock Exchange. Both markets were down sharply
overall. RIM shares have lost almost half their value since the start of the year.

“Our call is for (RIM’s board) to take action; no more study, take action. Take action now, before it’s too late,” Jaguar Chief Executive Vic Alboini said in an interview.

Alboini said Jaguar has talked to a select group of shareholders and received broadly positive feedback for its plan.

“We haven’t found one who wasn’t supportive,” he said. “We haven’t found any opposition.”

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RIM’s PlayBook Gets Harsh Reviews

RIM’s PlayBook tablet didn’t fare so well with influential technology reviewers who called the iPad competitor a rushed job that won’t even provide RIM’s wildly popular email service unless it’s hooked up to a BlackBerry.

The overwhelmingly bad initial response to a device the company hopes will get it attached to the tablet computing explosion overshadowed a splashy coming-out party in New York Thursday evening, where co-CEOs Jim Balsillie and Mike Lazaridis played up the gadget’s attractiveness with corporate users.

There was little mention of the blistering reviews only hours before.

“RIM has just shipped a BlackBerry product that cannot do email. It must be skating season in hell,” New York Times’ David Pogue wrote in a review published on Thursday.

Research In Motion built its reputation on a BlackBerry email service that it says is so secure that it can’t bow to government requests to tap messages, winning high-profile customers in business, defense and politics before branching out to a wider consumer market.

But the PlayBook, which hits North American store shelves on Tuesday, offers that secure service only in tandem with a BlackBerry. RIM says secure email and other key services will come later, not at launch.

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