With Prem Watsa's Fairfax Financial not putting additional cash into its BlackBerry (BBRY -2.2%) acquisition offer and having failed to provide details about its buyout consortium, skepticism is growing the deal will get the financing it needs.
Wedge Partners' Brian Blair: "Watsa is trying to salvage his 10 percent investment in the company and create a backstop while other potential investors hopefully bid it up."
Fund manager Marc Gross suggests financing could arrive if it's secured by BlackBerry's patents. Raymond James estimates the company's patents, software licenses, and network could be worth $2.8B.
Watsa, for his part, is making the case his deal would avoid the regulatory review that would come if BlackBerry was to be acquired by a foreign firm.
Shares are now 7% below Fairfax's offer price, and not far removed from where they traded before the deal announcement.