Great work! You do your homework!

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Nicely broken down Antonio, thanks!

Am I correct in saying that the company is still not realising revenues from their legacy IP patents? (In anticipation of sale).

I heard Chen mention in the Q&A section that in the event of non-sale, they can back-date and realise the revenue. Sounds like a nice safety net if they cannot complete the sale. Obviously the $500m + cash from a potential sale would be more ideal.

Thanks again

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I just finished your recent article on Blackberry. Two things stand out that I find unusual. First, your expertise in reading the financials is very impressive. From my experience this expertise often is limited to numbers and the analysis stops there or just repeats the jargon commonly known in the investment community. Your analysis however is very different. in my opinion it shows a deep understanding of BB as a business and what future scenarios are likely. In a word, EXCELLENT.

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