Seeking Alpha

BlackBerry cancels FQ2 CC

  • Though BlackBerry (BBRY) will release its FQ2 results at 7AM ET on Friday (as planned), the company has decided to cancel its earnings CC, citing the letter of intent it signed with Fairfax Financial. (PR)
  • Additional FQ2 details will provided in BlackBerry's MD&A and consolidated financial statements, which it will file next week.
  • The cancellation comes even though doubts about Fairfax's ability to raise the financing needed to go through with its bid are mounting.
  • Also: T-Mobile USA says it will no longer sell BlackBerrys within its stores due to insufficient demand, though it will continue selling them online. Compared with Verizon and AT&T, enterprise users make up a small portion of T-Mobile's subscriber base.
  • The FQ2 warning: I, II
  • More on BlackBerry
Comments (59)
  • Seppo Sahrakorpi
    , contributor
    Comments (1889) | Send Message
     
    This is getting insane...
    25 Sep 2013, 08:54 PM Reply Like
  • Tasos Galanopoulos
    , contributor
    Comments (114) | Send Message
     
    TH can't face any questions... He just wants his golden bonus while leaving everyone holding the bag.
    25 Sep 2013, 08:57 PM Reply Like
  • KIA Investment Research
    , contributor
    Comments (7982) | Send Message
     
    Ouch.
    Still have my Puts Seppo, but there is this.

     

    The head of Fairfax Financial Holdings Ltd. says he has every intention of completing the acquisition of BlackBerry despite doubts that the $4.7 billion deal for the troubled smartphone maker will go through. http://abcn.ws/1bH4nHS
    25 Sep 2013, 08:58 PM Reply Like
  • Dantes_Will
    , contributor
    Comments (324) | Send Message
     
    So, Thorston Heins, and the board, after having put BBRY's shareholders through the ringer with one perceived blunder after another, decide that they want to use Prem Watsa's fake deal as an excuse to hide from having to answer for their actions.

     

    Oh... and in case anyone missed it. Thoston and Bidulka dumped 51% of their newly vested BBRY shares on, get this, 9/20... right before they released their warning and 1BB write down. Of course since they only dumped 51%, it's legal under Canada law.

     

    This is bad beyond words.

     

    This is like a sinking ship... but the captain and crew are climbing over the women and children to get to the life boats first. And they'll be stuffing those life boats with their own gold... no room for passengers.
    25 Sep 2013, 09:04 PM Reply Like
  • Badonkadonk
    , contributor
    Comments (234) | Send Message
     
    Source? Keep in mind that RSUs are treated as income, and therefore you need to pay income tax (at ~50%) on them when they vest. So could be that they elected to keep their RSUs on vest, but required sale of 51% to cover fees and taxes.

     

    Interesting data all the same, but would like your reference.
    25 Sep 2013, 10:27 PM Reply Like
  • Christopher Wallace
    , contributor
    Comments (1053) | Send Message
     
    They exercised rights, and a relatively small amount. Not illegal, but still, the optics on that move sucks.
    25 Sep 2013, 11:25 PM Reply Like
  • Skylander2011
    , contributor
    Comments (439) | Send Message
     
    dammm...BBRY is like 8 bucks now..it went under 8 today briefly ..and im still holding 50 put contracts for 8strike..omg..this is actually getting some play ..so the 0.30 i paid for it now is 0.20..hmmmm i guess i could get 2/3rds of my money back...and loose only 500 which in reality aint losing since its monopoly money after i sold 10.50 puts on monday ...or do i keep it till FRIDAY ?? after earnings? hmmmm geezsss..now what do i do hmm..hmmm..
    any idea guys? ive never seen this stunt before BBRY just pulled..and watsa and heins ...
    wait..MAYBE!!! there is explanation to this..There is insufficient oxygen on their NEW corporate jet when they use it..so oxygen deprivation cause moronic behaviors?..and decisions ?..this stuff is beyond bizarre...still..hmm sale or hold till friday ..hmmm..flip a coin perhaps..hmm..
    25 Sep 2013, 09:05 PM Reply Like
  • Andreas Hopf
    , contributor
    Comments (7968) | Send Message
     
    You could, for one, relax somewhat before wildly hacking out trading thoughts that no other commenter can understand or learn from.
    26 Sep 2013, 04:48 AM Reply Like
  • Coalfan
    , contributor
    Comments (42) | Send Message
     
    Why do seeking alpha moderators allow such posts?

     

    I went to the donut store... I was gonna buy chocolate....no no no changed mind to a fritter..,no no no vanilla..... No no no maple one at last.
    Duh
    26 Sep 2013, 05:02 AM Reply Like
  • DumpsterDiver
    , contributor
    Comments (266) | Send Message
     
    U sticky fingered maple donut choosers are going DOWN!!!

     

    LONG FRITTERS! Fritters forever! All the way to the bank!

     

    :)
    26 Sep 2013, 12:03 PM Reply Like
  • Skylander2011
    , contributor
    Comments (439) | Send Message
     
    whats wrong with my post? i was under the impression that this is open forum for people who trade or r interested in trading and anything related to it..and not some muzzled and moderated say only what we permit u to say commie gulag
    26 Sep 2013, 02:14 PM Reply Like
  • DumpsterDiver
    , contributor
    Comments (266) | Send Message
     
    SA generally favors commenters who express their thoughts in complete sentences, punctuate them, and type out words in full (even if that means having to type a grueling two extra letters in the case of "you" and "are").

     

    More broadly, the world as a whole favors doing those things in just about any endeavor that involves making money, because not doing it makes it that much more difficult to treat you seriously.

     

    It's not the content; it's the style. You give the impression that you are doing all your thinking while you're typing, rather than doing the thinking first.
    26 Sep 2013, 02:37 PM Reply Like
  • Andreas Hopf
    , contributor
    Comments (7968) | Send Message
     
    Sky - DumpsterDiver goes deep and finds fresh words, still in their shrink wrapper and often entirely fresh sentences at the bottom of the deepest bins, having his punctuation brush & pan set ready at all times. And - so can you!
    26 Sep 2013, 02:59 PM Reply Like
  • jamesingram32
    , contributor
    Comments (559) | Send Message
     
    jeez, DD and Andreas...grumpy old men, get a balcony! http://bit.ly/1h6iBA1
    26 Sep 2013, 04:42 PM Reply Like
  • Andreas Hopf
    , contributor
    Comments (7968) | Send Message
     
    Got one.
    26 Sep 2013, 06:01 PM Reply Like
  • DumpsterDiver
    , contributor
    Comments (266) | Send Message
     
    I believe we may both be grumpy old punks, which is a thousand times worse, especially when you find them lurking on a stock board.

     

    But hey. Question was asked; I answered it.

     

    Skylander, to be clear, I like the substance of most of your posts once I've teased it out of them; I just wish you didn't feel the need to go all William Carlos Williams on us every time you set fingers to keyboard and make it so much work to accomplish that.
    27 Sep 2013, 03:39 AM Reply Like
  • jamesingram32
    , contributor
    Comments (559) | Send Message
     
    Jello Biafra used to say being a hippie was a training to become a corporate animal. Where do grumpy old punks end up? Here is Steve Ignorant from Crass, settled at the seaside, doing good work for the community....which shouldn't be a surprise I guess. http://bbc.in/1aulQQ3
    27 Sep 2013, 04:04 AM Reply Like
  • Andreas Hopf
    , contributor
    Comments (7968) | Send Message
     
    Now this is uncanny stuff; just before reading this post mentioning Crass, I read this here http://bit.ly/1ftRTG1 (Bing Translate) about fake luxury punk jackets with Crass reference for "real underground kudos".
    27 Sep 2013, 05:19 AM Reply Like
  • Loon-a-tick
    , contributor
    Comments (1448) | Send Message
     
    No shares.... no suit. This is ridiculous. Are regulators going to stand for this? Liquidate and share the proceeds. I want my share. Screw the 9$. F%$&' em!
    25 Sep 2013, 09:09 PM Reply Like
  • Rubenov
    , contributor
    Comments (410) | Send Message
     
    BBRY shareholders… you better pray this $9 per share deal goes through. I know I am. It could get much worse from here on.
    25 Sep 2013, 09:11 PM Reply Like
  • WisPokerGuy
    , contributor
    Comments (800) | Send Message
     
    The stock has been dropping the last two days because investors are not sure the $9.00 deal will actually happen. All Fairfax did was sign a letter of intent. They aren't committed to anything. The financing segment of this deal isn't even close to complete. Meanwhile BBRY continues to burn cash at an astounding rate.

     

    Can we all agree that Blackberry as a viable independent company is now history? If so, then should the Fairfax deal collapse for any reason (which is still a distinct possibility), BBRY share price would push below $4 pretty quickly. After that, can bankruptcy be far behind?

     

    This is an "end to an era" folks. This company is disintegrating at an almost unbelievable rate. Personally, I'd sell this turkey immediately and count myself lucky I got any tangible return at all.

     

    Just my .02
    25 Sep 2013, 10:11 PM Reply Like
  • davidyaciuk
    , contributor
    Comments (12) | Send Message
     
    Where is the marketing? TH sabotaged BlackBerry for his bonus.
    25 Sep 2013, 09:21 PM Reply Like
  • davidyaciuk
    , contributor
    Comments (12) | Send Message
     
    Where is the BlackBerry marketing? TH sabotaged the company for his 50 million.
    25 Sep 2013, 09:21 PM Reply Like
  • davidyaciuk
    , contributor
    Comments (12) | Send Message
     
    Where is the BlackBerry marketing? TH wants his 50 million and he sabotaged the company to do it.
    25 Sep 2013, 09:21 PM Reply Like
  • Loon-a-tick
    , contributor
    Comments (1448) | Send Message
     
    Screw it in my opinion....if the company goes Private then all the evidence of Stock manipulation ,insider trading and ....Blah blah get buried. I don't feel there has been enough transparency.
    This is great for the 10 biggest shareholders but we get screwed. There is still value in the company but we don't get to share in it....We are "Share Holders"! Sell all your stocks ...lose confidence and send all the A wholes to hell! If the system won't support honest small shareholders like us the system has failed.
    Bring on Armageddon in the stock market. Your shares are worthless at the whim of a Fairfax , or a Lehmans, or a Bank of America.
    If the system doesn't support us wee shareholders then it deserves to fail. Buy Gold and send these financial companies back to the Dark Ages. (We may visit the Dark ages as well mind you)
    If BB and Fairfax can get away with this fleecing then the system is rigged. Where are the regulators?
    This has been a Public Service announcement.
    I will be liquidating all my shares across the board on Mon. Oct 1.I encourage all people on this board to at least pretend to agree if not. Put the worry of National Disaster in the frigging Financial system into these guys.
    It's about time!
    25 Sep 2013, 09:24 PM Reply Like
  • Arduino_RaspberryPi
    , contributor
    Comments (376) | Send Message
     
    I feel your pain brother.

     

    http://bit.ly/19H9GBg
    26 Sep 2013, 12:03 AM Reply Like
  • Tufenk
    , contributor
    Comments (963) | Send Message
     
    Best quote of the day: "This is a management that, after costing shareholders $2B during the last earnings announcement decided to buckle down and buy a larger jet."
    25 Sep 2013, 09:39 PM Reply Like
  • Infinity Group
    , contributor
    Comments (550) | Send Message
     
    WOW,
    Insane ..... very insane ....
    where is Carl Icahn or another activist investor

     

    or a class action lawsuit.

     

    Remember this has to go to a shareholders vote and I am sure with this someone will get organized and the board may get the boot.
    25 Sep 2013, 09:41 PM Reply Like
  • Arduino_RaspberryPi
    , contributor
    Comments (376) | Send Message
     
    It is quite remarkable how much fukery has transpired on both sides. It is ALWAYS the shareholder holding the bag. I learned this the hard way since 2008. I have a feeling this is heading toward scorched earth. I can see the BOD and TH resigning rather than facing the music and wrath of investors. My only solace is in the fact that there is so much value in this company still that even in breakup it will be worth more than Prem's offer.
    25 Sep 2013, 11:58 PM Reply Like
  • jamesingram32
    , contributor
    Comments (559) | Send Message
     
    Carl Ichan is in AAPL.
    BBRY is a disaster, and a national shame for Canada. But as individual investors, you have to look past the emotion, if possible at this time, and move on and make your money elsewhere. As Michael Corleone said in the Godfather 'Don't hate your enemy. It clouds your judgement'
    26 Sep 2013, 07:17 AM Reply Like
  • Skylander2011
    , contributor
    Comments (439) | Send Message
     
    someone should tell this to my X :)
    26 Sep 2013, 07:25 AM Reply Like
  • Infinity Group
    , contributor
    Comments (550) | Send Message
     
    class action filed in the spring, even though this was dismissed there is way more now, and probably will be refiled.

     

    sorry so mad forgot link

     

    http://reut.rs/15V16kG
    25 Sep 2013, 09:44 PM Reply Like
  • Tufenk
    , contributor
    Comments (963) | Send Message
     
    In my opinion, Class action will come soon, this is a takeunder http://seekingalpha.co...
    25 Sep 2013, 09:55 PM Reply Like
  • tiger8896
    , contributor
    Comments (600) | Send Message
     
    The more details that come out about this deal the more unlikely I think it happens. $3B in bank loans backstopped by BBRY assets, $1B in equity from new investors and if you can't find new blood, get a bridge loan using BBRY cash to backstop the bridge loan. I thought one of the reasons to go private was to give BBRY a cash infusion in going private not bleed them dry.

     

    The BOD and the minority shareholders would have to be desperate and insane to accept a deal like that. Remember Watsa and the rest of the big stake holders don't control more than 50% of the stock so you still have a say in whether this deal goes through.
    25 Sep 2013, 09:50 PM Reply Like
  • rmiers1
    , contributor
    Comments (50) | Send Message
     
    This can't be legal. But if Goldman Sachs and friends can charge 400+billion to buy back the phoney AAA (AIG insured) bonds sold to Germany and other unsuspecting euro's with United States taxpayer money, then whats the big deal of cheating a few more investors out of a few billion?
    Lots of money counting rooms in the red hot basement
    25 Sep 2013, 09:54 PM Reply Like
  • Black Truck
    , contributor
    Comments (39) | Send Message
     
    I'm starting to feel we have entered a parallel universe where "crazy" is the norm.

     

    How else to explain the actions of the board and the management of BB. Not a single word to calm the markets or reassure their stakeholders or to explain this offer and its acceptance. And no conference call to explain the crazy (that word again) write down of inventory and change in revenue recognition.

     

    The one thought that is nagging at the back of my mind is that Mike L is not buying into this. Wouldn't that be something if he rode in as the white knight. He may not have known consumers, but it would seem he did know the enterprise side.
    25 Sep 2013, 09:57 PM Reply Like
  • Zzoot1
    , contributor
    Comments (192) | Send Message
     
    If the Governments and Regulators are going to stand by
    and watch this BB management destroying their Shareholders and Employees for greed, I just lost my faith in this justice system.

     

    I am not going to touch the Stock Market anymore.

     

    It was obvious that they were trying to take this company, private,
    with their all out efforts at showing bad Quarters' earnings

     

    Sad situation.
    If They get away with this, then Others will do the same.

     

    Greed gone wild
    25 Sep 2013, 10:02 PM Reply Like
  • Andreas Hopf
    , contributor
    Comments (7968) | Send Message
     
    "I am not going to touch the Stock Market anymore."

     

    Why not? Just don't be come a fan of a business, don't put all your funds into only one or two securities, don't believe in averaging down to recuperate a losing position. See http://bit.ly/12EOIiv and don't let your funds rot in a savings account where inflation will nibble it away. Diversify and only gamble with a tiny part of your overall portfolio.
    26 Sep 2013, 04:37 AM Reply Like
  • Loon-a-tick
    , contributor
    Comments (1448) | Send Message
     
    Do you ever get tired of being so irritating? Why not go to the General Motors site and start telling them how stupid they are?
    26 Sep 2013, 08:52 AM Reply Like
  • Andreas Hopf
    , contributor
    Comments (7968) | Send Message
     
    Irritating?

     

    I think for many retail investors, these are two good links. Of course not for the "kamikaze investors" I learned of here yesterday.
    26 Sep 2013, 10:01 AM Reply Like
  • LYogi
    , contributor
    Comments (2012) | Send Message
     
    What We are witnessing is the orchestrated theft of the company.
    25 Sep 2013, 10:03 PM Reply Like
  • Chris Lau
    , contributor
    Comments (1633) | Send Message
     
    If Mike L were in, the share ownership would be comparable to when Dell bought his company back. Dell got back 75% ownership. Mike L should look at doing something similar. This is more than money.

     

    This is a banker and management robbing BBRY. Is he not interested in righting the ship?
    25 Sep 2013, 10:05 PM Reply Like
  • docgastro
    , contributor
    Comments (32) | Send Message
     
    At one hand Watsa was fully aware of the financial situation before stepping down and therefore made sure BBRY drove down the price by announcing their guidance and then bid a little over that, while on the other hand he is to rake it $157million plus if BBRY went with another offer. The small investors can go *&^% themselves.

     

    People talk about they legacies...BBRY will be taught at every major institution in their economic, accounting and financial class, with the title 'How not to run a company'.
    25 Sep 2013, 10:45 PM Reply Like
  • Scal80
    , contributor
    Comments (40) | Send Message
     
    Fairfax says it won't abandon Blackberry bid:
    http://yhoo.it/1eIBNXP

     

    "We've got a track record of 28 years of completing what we've done. We've never re-negotiated," Watsa said. "We thought long and hard before we offered $9 dollars a share and we're not in the business of offering a number and at the last minute changing the figure. Over 28 years our reputation is stellar on that front. We just don't do that."
    25 Sep 2013, 11:20 PM Reply Like
  • LYogi
    , contributor
    Comments (2012) | Send Message
     
    I take a small measure of solace in hearing Prem put his reputation on the line.

     

    Expecting a bounce tomorrow.
    25 Sep 2013, 11:23 PM Reply Like
  • Scal80
    , contributor
    Comments (40) | Send Message
     
    If his word is his bond... then it looks like the $9 floor has been set. Let's hope another bid comes in.
    25 Sep 2013, 11:28 PM Reply Like
  • Skylander2011
    , contributor
    Comments (439) | Send Message
     
    WHAT??? LONG AND HARD? before doing what? like hell they must be joking about THINKING>.friday before close BBRY screws people with BAD news while price is 10.50 price dives to 8.50 or so ..
    MONDAY barely 3 hours into trading Watsa makes proposal of buyout. HELLO???? you THOUGHT LONG AND HARD mr.Watsa??
    are you effin sh.tnme?? so you want us to believe that friday afternoon you had NO IDEA you wanted to buy BBRY..then out of the blue you decided hell..ill get it for 9 bucks and in a span of hours you wiped out a letter and came with the price..to do it you held meetings with BOD or other people to talk things over and so on and on whatever it is boiler rooms call their war planning..
    whats to stop ya mr.watsa from comming then after few days and saying..
    well forget what we said..i guess there is always the first time..
    and after 28 years we decided it wouldn't BE FAIR to our stockholders or some other crackcrapcake and Fairfax can't afford buying a dead horse in hopes of frankensteining ballerina out of it and making money. We now want to offer 2 dollars for everything including the 2 bil cash BBRY has...
    this is a farce...imho...and a criminal one at that..
    26 Sep 2013, 02:33 AM Reply Like
  • Dampflok
    , contributor
    Comments (807) | Send Message
     
    Skylander you are loosing it. Have you gambled away your children's college funds?
    26 Sep 2013, 09:54 AM Reply Like
  • Andreas Hopf
    , contributor
    Comments (7968) | Send Message
     
    Some commenters confuse an SA thread with a Facebook or WhatsApp "conversation".
    26 Sep 2013, 10:02 AM Reply Like
  • DumpsterDiver
    , contributor
    Comments (266) | Send Message
     
    "buying a dead horse in hopes of frankensteining [a] ballerina out of it" does have a certain poetry, however.
    26 Sep 2013, 12:19 PM Reply Like
  • Skylander2011
    , contributor
    Comments (439) | Send Message
     
    @damflok
    no i didnt lose a penny..i actually mad over 40 000 usd last three weeks and recovered losses from last bbry joke of report in june...why do u ask
    damp?:-)
    do i sound too emotional? crazy?...we all r to some degree:-)
    26 Sep 2013, 02:20 PM Reply Like
  • Skylander2011
    , contributor
    Comments (439) | Send Message
     
    thank u:-) at least someone here appreciates my writings:-)
    26 Sep 2013, 02:21 PM Reply Like
  • Christopher Wallace
    , contributor
    Comments (1053) | Send Message
     
    Cancelling the conf call is appalling. These guys seriously sh*t the bed and now they don't want to answer to those very shareholders who pay them millions in salary, bonus and options. Disgraceful.
    25 Sep 2013, 11:30 PM Reply Like
  • Christopher Wallace
    , contributor
    Comments (1053) | Send Message
     
    Oh, and lest I forget, big bloody jets, too! Shameful beyond words.
    25 Sep 2013, 11:32 PM Reply Like
  • Arduino_RaspberryPi
    , contributor
    Comments (376) | Send Message
     
    George Carlin explains this bbry situation: http://bit.ly/19H9GBg
    26 Sep 2013, 12:23 AM Reply Like
  • pman6
    , contributor
    Comments (270) | Send Message
     
    how the mighty have fallen. I wonder when apple will become the next bbry
    26 Sep 2013, 03:43 AM Reply Like
  • Andreas Hopf
    , contributor
    Comments (7968) | Send Message
     
    T-Mobile USA removes Blackberry handsets from shops. David Carey says they do not sell.
    26 Sep 2013, 04:33 AM Reply Like
  • Dampflok
    , contributor
    Comments (807) | Send Message
     
    As I said before, the $9 buy-out price is not a safe put for the longs, its a worst case call protection for the shorts!
    26 Sep 2013, 09:56 AM Reply Like
  • la cabanya
    , contributor
    Comments (70) | Send Message
     
    Is there a conspiracy?
    When BBRY pull out the launching of the BBM application for Android and iOS, could be that this was going to be so successful that could drive the stock much higher and that was better to hold the launching for after the moment that PW takes over the company and that way he had not to rise his bid!
    I would like to question with a polygraph right now the person in
    charge of the project inside BBRY to find out which is the real issue for the delay and if is not take-over related or a TH idea to protect the agreement with PW where he will have some sharing of the 150 Million overseas!
    26 Sep 2013, 04:17 PM Reply Like
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