NEW YORK ( TheStreet) -- Research In Motion ( RIM) investors were left overwhelmingly disappointed with the announcements made during the handset maker's annual shareholders' meeting yesterday. Participants on The Street's live blog struck a decidedly negative tone. "The
Street was expecting what I was hoping for: Definitive financial and product development road map for the next 3 quarters...to ease fears of further delays and fears of cash crunch over the short-term - Didn't get it," blog participant "Woo" wrote in reference to RIM's falling stock price on Tuesday. Shares ended the day at $7.29, down almost 5%. Trading volume was almost double the average, as 41.9 million shares changed hands. RIM CEO Thorsten Heins instead reiterated the messages conveyed on the company's recent first quarter earnings call, attempting to sell investors on management changes, cost cutting measures and the BlackBerry 10 smartphone. Some participants on TheStreet's live blog speculated that the BlackBerry maker will sell its intellectual property (IP) in an attempt to boost its share price. Blog contributor "Ed" guessed that RIM "will liquidate (not license) their patents somewhere around $15 to $20 per share over the next year or two. Don't think a true turnaround is feasible anymore." He added that the company would never disclose the valuation of its IP, but later estimated that the BlackBerry Enterprise Server IP alone is worth $1.5 to $2 billion.
Despite the blog participants' interest in patents and a potential sale, shareholders at the meeting questioned RIM on government involvement in cyber security and the board of directors' performance. A frustrated blog contributor called "Username" said, "No questions about sale of company, no questions about licensing to whom? Fire the shareholders." Unsatisfied with Heins' comments on the forthcoming BlackBerry 10 launch, "DeathToRIMM" wrote, "I'm confident January 2013 is way too late to try and get into this game, yet again...Failed once already, it becomes twice as hard to win back the consumer." Even with the overall negative tone of the blog, there were loyal fans of the Waterloo, Ontario-based company who defended its prospects. "RIM is not the first company to stumble and fall... It's the getting back up and being stronger for it. I have faith in BlackBerry," said a participant contributing as "Guest." "Ovo" agreed, writing, "RIM started this game, they will innovate it too. Sometimes hitting rock bottom is the only way to look around and get back up. It's happening! BlackBerry will be a hit by Christmas 2013." "One thing that RIM has going for them is that a lot of the remaining BB users are very loyal and WANT to own a BlackBerry," contributor "Greg" said. "They have lost a huge chunk of market share, but their total users haven't dropped, and many people are waiting for BlackBerry 10 to come out before they purchase a new phone. People aren't factoring that in when they count RIM out already." --Written by Nathalie Pierrepont in New York. >To submit a news tip, send an email to: email@example.com. Check out our new tech blog, Tech Trends. Follow TheStreet Tech on your wireless devices. >Contact by Email. Follow @nrpierrepont