RIM Investors: 'Enough!'

The return to the courts may be a negotiating tactic by one side or the other. As Balsillie noted on the conference call, the U.S. Patent & Trademark Office has undertaken a review of NTP's patents. The PTO has made an initial ruling, which is subject to further review or appeal, that some of the patents in dispute are invalid, Balsillie said. In the absence of a settlement, a ruling that the patents are invalid could wipe out NTP's case.

Likewise, NTP may be trying to pressure RIM into paying it royalties on an ongoing basis in addition to the $450 million lump sum, or into allowing NTP to pursue patent claims against wireless carriers or other BlackBerry partners.

NTP "turned down a $450M deal, despite the fact that some of their patents got negative reviews" from the PTO, notes the analyst who thinks the move took a lot of nerve and consequently speculates that NTP may have an "ace" up its sleeve.

"Think about it: That's a lot of money to turn down."

Regardless of whether the latest legal maneuvering is just a charade or the opening volley of a lengthy battle to come, the moves have revealed a key blemish on RIM's stock that many investors assumed had gone away, and could result in the patents being thrown out or a reduced settlement charge for RIM. Also, the company could be locked out of its most important market.

Many analysts expected a RIM's rebound after the settlement announcement in March. After a somewhat rocky road, shares recently seemed to be complying.

But uncertainty over the stock is again an issue. And even worse, as Rothbort points out, investors have more reason to doubt RIM's management.

"I think [RIM's stock] heads lower til they can get this thing resolved," Rothbort says. "There's too much downward momentum on this thing now. I think people are going to be sick and tired of it. They've had enough of this damn roller coaster."

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