Former RIM Co-CEO Jim Balsillie Dumps His Remaining Stock
We've always heard that you can't take it to your grave, but one has to wonder why the former co-CEO of Research In Motion chose now to dump every last bit of remaining RIM stock. Jim Balsillie has liquidated his shares in RIM, leaving him zero shares, zero power to vote, and zero percent of class. He sold everything. A year ago, he still help 5.1% of the whole company, and now, he's powerless over it. In December of 2011, Balsillie had 26,840,490 shares of RIM stock. Even with RIM's amazingly low stock price of around $11, he's still coming out with nearly $300 million.
But the timing here makes you wonder: does the man that helped form the company have no faith left? You could assume that him holding onto his stock a bit longer would signal his faith that BlackBerry 10 would act as a savior to the company. By selling now, it sure seems that he feels things are only going to get worse. Of course, he may have just been tired of waiting, or needed a down payment on a new mansion. Whatever the case, he's free and clear of RIM now, while the company itself can't quite wash its hands just yet. There's a lot of work left to be done from the inside.
But the timing here makes you wonder: does the man that helped form the company have no faith left? You could assume that him holding onto his stock a bit longer would signal his faith that BlackBerry 10 would act as a savior to the company. By selling now, it sure seems that he feels things are only going to get worse. Of course, he may have just been tired of waiting, or needed a down payment on a new mansion. Whatever the case, he's free and clear of RIM now, while the company itself can't quite wash its hands just yet. There's a lot of work left to be done from the inside.
