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RIM BlackBerry 10 smartphones delayed, PlayBook written off

BlackBerry Playbook

Research in Motion wrote off $485 million worth of PlayBooks that it was unable to sell, as net income and revenue both fell significantly from a year ago.

RIM also said that a delay in a key dual-core chip will push back the release of the company's first BlackBerry 10 smartphones to the latter half of 2012.

Both Jim Balsillie and Mike Lazaridis, the company's co-chief executive officers, said that they asked the company's compensation committee to reduce their respective salaries to just a dollar, even as a cross-management team works to cut costs. Balsillie said that the decision had been made because of a perception that the company's management had “fallen short” of expectations.

In all, RIM reported a number of future disappointments, even as the company's top line continued in the black, thanks to its success overseas. RIM was profitable, even through net income fell to $265 million from $911 million a year ago. Revenue fell 5 percent from the same period, from $5.5 billion to $5.2 billion.

“We ask for your patience and confidence and hope to report further progress in the coming quarters,” Lazaridis said in a conference call with analysts.


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Jerry Moyes, Phoenix Coyotes face bankruptcy hearing next week

Phoenix Coyotes

The Phoenix Coyotes’ relocation fiasco took another turn Wednesday when the NHL filed motions in an Arizona bankruptcy court. The hearing, between the league and the franchise, will take place Tuesday, May 19 to determine whether or not the franchise is to be considered legally bankrupt.

On one side you have Moyes and the Coyotes. From Moyes’ perspective, the Phoenix Coyotes are a losing investment with which he wants no part. If bankrupt, Moyes can then part with the team with less complication because they will not need to undergo the traditional owner application process. The noted offer of $212.5 million is Research in Motion co-CEO Jim Balsillie’s attempt to take the struggling franchise off Moyes’ hands. It is, however, conditional on the franchise moving to southern Ontario.

The NHL on the other hand contests that since Moyes received financial support from the league last season (which according to the Arizona Republic he did, in order to pay stadium rent), that he no longer holds the right to put the team into bankruptcy.

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