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Globe says fight erupts over sale of BlackBerry patents
BlackBerry Ltd (C:BB) Shares Issued 583,226,580 Last Close 6/7/2023 $6.92 Thursday June 8 2023 - In the News
The Globe and Mail reports in its Thursday edition that the company that failed to close a deal to buy BlackBerry's legacy smart phone patents is trying to unwind the subsequent sale by the Canadian company to another purchaser and get a second chance to buy the intellectual property. The Globe's Sean Silcoff writes that Catapult IP Innovations on Tuesday filed a complaint against Malikie Innovations in the U.S. District Court for the Eastern District of Virginia, seeking an order compelling the defendant "to participate in arbitration to resolve disputed ownership" over roughly 32,000 patents Malikie bought from BlackBerry this year. In its complaint, Catapult said its action "is made necessary because of a breach of contract" by BlackBerry, which is not a party in the matter. The Baltimore-based, Delaware-registered plaintiff disclosed it also began a separate arbitration process against BlackBerry as laid out in their original contract. Catapult stated it believes the Malikie deal is invalid and that BlackBerry breached their original contract. It is asking a New York arbitration panel to unwind the deal "and to convey the patents to Catapult instead." Malikie's Dublin-based parent is Key Patent Innovations.
10:26 AM EDT, 06/22/2023 (MT Newswires) -- Dorsey R. Gardner, a long-standing shareholder of BlackBerry Limited (BB.TO, BB) on Thursday urged the company's Board of Directors and shareholders to vote against V. Prem Watsa as lead director at the company's upcoming Annual Meeting.
According to a statement, Gardner is concerned by the board's recent announcement that it is considering strategic alternatives-on the eve of the company's projected return to profitability and the maturity of the 1.75% debentures, when Fairfax Financial Holdings (FFH.TO), led by Watsa, will be able to convert its debentures to common shares and increase its stake in the company to 16% at a mere $6.00/share. Gardner believes these circumstances make the company and its common shareholders "susceptible to a buyout by Fairfax at an unfairly low price". Accordingly, Gardner is urging the board and shareholders to vote against Watsa as a director, given his conflict of interest as Fairfax's principal. Gardner is also urging the board to resist unfair take-private bids and implement safeguards to protect minority shareholders.
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