RIM hires Milbank, Tweed, Hadley & McCloy LLP to oversee a potential restructuring
Over the past few weeks there have been plenty of talks surrounding the future of RIM and what exactly to do about their current situation. Many reports suggested that RIM was seeking financial council on how to further proceed and today Reuters is reporting they’ve now taken on council from Milbank, Tweed, Hadley & McCloy LLP to help oversee a potential restructuring plan, possible selling of assets, licensing of patents and joint ventures.
Reports previously suggested that RIM was working with some of the world’s larger carriers to create a system that would open up their network to them, essentially allowing non-BlackBerry devices and their data to be routed through the RIM NOC and offering some of RIM’s added value services to those devices such as BlackBerry Messenger. These ideas were originally brought forth by former Research In Motion co-chief executive Jim Balsillie and said to of have been shot down internally by RIM’s board due to fear of dilution of the BlackBerry brand.
With the news of RIM now taking on council from Milbank, Tweed, Hadley & McCloy LLP it seems as though those plans may once again be rising from the inside, for better or worse. Realistically, the ideas that Jim Balsillie had weren’t all that bad — they made sense and would certainly help keep RIM from going any further into the red if adopted. Whether or not those plans will be put into action remains a mystery though as RIM may choose a different path.
Source: Crackberry.com
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