Not Worth It
“The No. 1 key takeaway for me here is that the intellectual property is not worth a lot,” Genovese said. “They don’t own intellectual property that’s really worth fighting over.”
Fairfax, a Toronto-based investment firm, had until 5 p.m. today to come forward with a more definitive offer for the Canadian smartphone maker, following a preliminary takeover proposal it made six weeks ago. The company had been struggling to attract the financing for the deal, according to people familiar with the deliberations. It also never named any other members of its takeover coalition.
Cerberus Capital Management LP, the New York-based firm that specializes in investing in distressed assets, also had been seen as a potential bidder. Cerberus has been discussing a joint offer with BlackBerry co-founders Mike Lazaridis and Doug Fregin and chipmaker Qualcomm Inc. (QCOM), two people with knowledge of the matter said last week.