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Just yesterday, I expressed concern over being long Research In Motion (RIMM) March $20 puts in the $10,000 portfolio. Much thanks to RIM management for working nicely alongside Prozac and deep breathing to calm my nerves.

The headline to RIM's Friday morning press release says it all:

In other words, we intend to stay the course of failure and take our shareholders straight into the abyss of total destruction. Enter RIM co-CEO Mike Lazaridis:

RIM is committed to the BlackBerry PlayBook and believes the tablet market is still in its infancy. Although a number of factors have led to the need for an inventory provision in the third quarter, we believe the PlayBook, which will be further enhanced with the upcoming PlayBook OS 2.0 software, is a compelling tablet for consumers that also offers unique security and manageability features for the enterprise... Early results from recent PlayBook promotions indicate a significant increase in demand across most channels. We look forward to continuing to grow the installed base of PlayBook users and to attracting more and more developers to expand the volume of applications, content and services that leverage the power of the industry leading QNX-based platform.

We've been hearing this song from RIM for months not only in reference to Playbook, but on BlackBerry and QNX. This is not how good tech companies roll. Good tech companies hum along like Apple (NASDAQ:AAPL) with a product pipeline that keeps on giving. Each new, on-time release makes way for the next one. Given the massive consumer and corporate demand for its products, Apple could likely afford delays. They would only increase pent-up demand. RIM enjoys no such luxury.

This only increases the bear conviction. Like other companies on the verge of complete implosion, all bulls can hope for is for management to come to its senses and step aside for young, sane blood or for a buyer to come in and offer what amounts to a bailout. That said, it will still be entertaining to hear what the remaining RIMM bulls come up with in defense of one of 2011's biggest failures.

Disclosure: I have no positions in any stocks mentioned, but may initiate a short position in RIMM over the next 72 hours.

Source: RIM's Never-Ending Epic Battle With Ineptitude