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RIM as ‘Wounded Puppy’ Trails Book Value With Faith Fading

Research In Motion Ltd.’s decline below book value for the first time in nine years leaves the BlackBerry maker worth less than the net value of its property, patents and other assets in a sign of investors’ lowered faith.

“This is a wounded puppy,” Timothy Ghriskey, who oversees $2 billion as chief investment officer of Solaris Group LLC in Bedford Hills, New York, said in an interview. “They’ve been losing business, there’ve been operating technology problems. There isn’t a lot of customer loyalty anymore.”