Research In Motion Ltd. (RIMM) shareholder Fairfax Financial Holdings Ltd. (FFH) practically doubled its stake within the BlackBerry manufacturer, which makes it RIM's most significant trader as well as offering a vote of confidence on the ailing Canadian organization.
Fairfax, an insurer function by Toronto-based trader, Prem Watsa is now RIM's biggest shareholder, manages 51.9 million RIM stocks, according to a regulatory filing nowadays. It hosted 26.8 million equities as of April 1, according to data provided by Bloomberg. The corporation lifted its share to 9.9 percent, value about $351 million.
RIM stocks have tumbled 95 % off their 2008 maximum as falling product sales of BlackBerry touch screen phones erode RIM's industry share with a market it as soon as took over. A recuperation at RIM, that has lost shoppers to Apple Inc. (AAPL)'s iPhone along with products developed on Google Inc. (GOOG)'s Android software, may possibly take 3 to five many years and the BlackBerry maker's stock is overlooked, Watsa said in April. He became a member of RIM's board in January as component of a management overhaul that incorporated the substitute of co-founders and also co- CEOs Jim Balsillie and Mike Lazaridis with German-born CEO Thorsten Heins.
Watsa's decision to double down on RIM had him previous Lazaridis as well as Balsillie plus Primecap Management to turn into RIM's biggest shareholder. He boasts a history of generating contrarian bets, having hoped for the downfall of U.S. banks linked to the failure in the subprime mortgage market. Fairfax's revenue in advance of one-time items hit a document $1.69 billion in 2008 because the company's bet on credit-default trades on U.S. banks as well as providers paid back.
Fairfax Historical past
Prem Watsa started Fairfax in 1985, modeling his supervision style following billionaire value investor Warren Buffett, who purchases the property and assets of out-of-favor investments.
Watsa, a long-time good friend of Lazaridis, mentioned in April he's positive RIM will turn around its performance in the forthcoming years.
"All you can do as being a member of the board is to make them look at the long-term, really don't 2nd guess the supervision," he stated back then. "In Thorsten Heins, they've got terrific supervision."
RIM attained 1.3 percent to $6.86 at the close in New York. The Waterloo, Ontario-centered company's stock has decreased 53 % this yr. Is RIM is trying to make a comeback?
Fairfax, an insurer function by Toronto-based trader, Prem Watsa is now RIM's biggest shareholder, manages 51.9 million RIM stocks, according to a regulatory filing nowadays. It hosted 26.8 million equities as of April 1, according to data provided by Bloomberg. The corporation lifted its share to 9.9 percent, value about $351 million.
RIM stocks have tumbled 95 % off their 2008 maximum as falling product sales of BlackBerry touch screen phones erode RIM's industry share with a market it as soon as took over. A recuperation at RIM, that has lost shoppers to Apple Inc. (AAPL)'s iPhone along with products developed on Google Inc. (GOOG)'s Android software, may possibly take 3 to five many years and the BlackBerry maker's stock is overlooked, Watsa said in April. He became a member of RIM's board in January as component of a management overhaul that incorporated the substitute of co-founders and also co- CEOs Jim Balsillie and Mike Lazaridis with German-born CEO Thorsten Heins.
Watsa's decision to double down on RIM had him previous Lazaridis as well as Balsillie plus Primecap Management to turn into RIM's biggest shareholder. He boasts a history of generating contrarian bets, having hoped for the downfall of U.S. banks linked to the failure in the subprime mortgage market. Fairfax's revenue in advance of one-time items hit a document $1.69 billion in 2008 because the company's bet on credit-default trades on U.S. banks as well as providers paid back.
Fairfax Historical past
Prem Watsa started Fairfax in 1985, modeling his supervision style following billionaire value investor Warren Buffett, who purchases the property and assets of out-of-favor investments.
Watsa, a long-time good friend of Lazaridis, mentioned in April he's positive RIM will turn around its performance in the forthcoming years.
"All you can do as being a member of the board is to make them look at the long-term, really don't 2nd guess the supervision," he stated back then. "In Thorsten Heins, they've got terrific supervision."
RIM attained 1.3 percent to $6.86 at the close in New York. The Waterloo, Ontario-centered company's stock has decreased 53 % this yr. Is RIM is trying to make a comeback?
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