RIM's got a great balance sheet. Any Financial Analyst will concur. But it's in trouble. At this point, I don't believe there's reasonable foresight that developers will return to BlackBerry OS. This spells catastrophe for their ability to innovate where it now matters - through apps. Their products certainly pioneered mobile telecommunications, but they have been surpassed. They are so far behind the game now in North America that the most pertinent question is whether they believe with extremely high certainty that they can quickly and cheaply obtain a leading market position in developing economies. Because if the answer is no, it doesn't matter if the book value of RIM's assets are worth $40 a share. The market may not agree.
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