This was sent to us to publish here by one of our BBM Channel subscribers, Darryl McKinnon:
Dearest Member of Parliament,
My name is Darryl McKinnon. I’m a Canadian and a strong supporter of Canada.
I’m contacting you today to express my deep concern over the current circumstances surrounding Canada’s titan of innovation: BlackBerry.
My biggest concern right now is the lack of support from Canadians and the government of Canada for BlackBerry, as well as the strange circumstances surrounding the current sale of the company.
The American financial News “makers” Bloomberg & CNBC among others, have sold Canada a story of no value in BlackBerry and we as a nation are believing it!
Americans support their technology companies through the Financial Markets! Tech companies in the USA trade at 100’s of times their earnings, years before they ever make money! These valuations protect the said companies and empower them to go out and buy real value, by acquiring other companies.
Linkedin trades at 650 times their earnings.
Netflix trades at 376 times their earnings.
FaceBook trades at 180 times their earnings.
Tesla is over 1000 times their earnings
Canadian BlackBerry is being sold at 0.5 times their book value!
The sale of BlackBerry looks to be rigged, like it was planned out, well in advance of the situation being as critical as it now appears. The CEO and BOD installed incentives to sell the company. It seems as though current products are purposefully being scuttled to ensure a low bar is set for the current bidder.
I believe the BlackBerry CEO has neglected his duty to shareholders, when he first set himself up to benefit from a sale of the company. He then signed a deal to sell the company, with financial obstacles for others to enter. BlackBerry traded at a higher price than the existing Fairfax offer, the day before the offer came. There was not enough time for anyone to do the due diligence. This deal was cooked up prior to being announced, to benefit only those in positions of power, neglecting long term shareholders like myself.
I believe the current BlackBerry CEO should be removed before a sale is completed to ensure its not a fraud!
The government of Canada could request/recommend, Jim Balsillie to return as CEO to ensure this situation is handled legally and in a fashion that meets the needs of Canada by protecting Canadian jobs and intellectual property.
It would be helpful if the Government of Canada could show more support! The Canadian government could buy a stability stake in the company which it could hold for 2 to 3 years. This would send a strong signal to the enterprise market that they can continue to count on BlackBerry. Canada has a strong history as a fair arbitrator and protector of personal privacy! The message would resonate in the market.
Saving BlackBerry would be as easy as spinning out BBM and Channels into a new company, distributing shares to current holders, while BlackBerry retains a controlling stake. Do the same with Mobile Device Management, and BES10, if need be. This would create value and erase the myopic view of the company by the market. Offering up BB10 to other mobile manufacturers in China & India would increasing BB10 distribution. From there BlackBerry can remain public, right size, and move forward with BB10, Mobile Device Management, Software, Services, Social & Security for the mobile world, and so much more!
The technology inside BlackBerry will guide Canada’s future in the mobile world! They have a proven business model, they only need to complete their transition and right size the company. BlackBerry is not late to the market with their offerings, they’re early!
BlackBerry’s announcement of the special committee was beyond poor timing. Interest in the platform from developers was, and still is, strong and sales were coming. Any new platform needs more then 6 months for users to asses it’s value. BB10 has true, differentiated value. I can assure you of this. I believe this is Canada’s moment to show our resolve. To ensure our technology sector remains strong. We can do this. Success is assured. We just need to provide some time, in the form of support to protect Canadian IP and jobs in a modern industry.
Please support my effort to see BlackBerry remain public and Canadian!
My attempts to communicate via email, with BlackBerry Investor relations have gone ignored since August 16. First they responded saying we could set up a call after the coming earnings report. But since this report they have not responded to my email requests for information.
I’ve been an investor in BlackBerry for 5 years! I feel the pain of the current situation. But I, and millions of people around the world, believe in this technology 110%! I have no desire to sell my shares! Certainly not in a forced sale, where it appears the CEO and BOD, have scuttled the stock price to help facilitate the deal. If Canada can’t find a way to facilitate the completion of the BlackBerry turn around, or loses BlackBerry to a foreign bidder, I fear we will always be seen as a second class market, unable to compete, let alone support our innovative companies, jobs and intellectual property in high tech sectors. Is BlackBerry to be another Nortel? I say, no, stand up Canada and government of Canada for all Canadians and people who want a secure and private platform!
Your support is greatly appreciated.
Sent from my BlackBerry 10 smartphone.
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