With Research in Motion stock down over 50 percent in the past year activist investors are pressing for strategic change, such as a sale or break-up of the company.
Vic Alboini chairman and CEO of Jaguar Financial, a Canadian bank that targets underperforming business, is one such activist.
He tells Fast Money that he has 12 major shareholders on his side and that he scheduled a meeting with 2 independent directors in good faith.
But shortly before the meeting, RIM canceled it and issued the following statement.
Upon consultation with outside counsel, and consideration of Jaguar's past activities with respect to other companies, Mr. Richardson does not believe that Jaguar's interests are aligned with RIM's long-term shareholders, and therefore instructed the company to contact Mr. Alboini and decline a meeting at this time.
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Trader disclosure: On Oct 19, 2011, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s "Fast Money" were owned by the "Fast Money" traders; Seymour is long AAPL; Seymour is long BAC; Seymour is long INTC; Seymour is long NOK; Adami Owns (AGU); Adami Owns (C); Adami Owns (GS); Adami Owns (INTC); Adami Owns (MSFT); Adami Owns (NUE); Adami Owns (BTU); Finerman owns AAPL; Finerman wons JPM; Finerman’s firm owns JPM leaps and puts; Finerman’s firm owns AAPL and short calls; Finerman’s firm owns IBM and short calls; Finerman’s firm owns YHOO and short calls; Najarian has AAPL call spreads; Najarian has GS call spreads; Najarian is long RVBD; Najarian is long Long CIGX; Najarian is long CME; Najarian is long CBOE
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Trutina Financial owns GOOG
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Trutina Financial owns JWN
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Stutland is long V and has short V calls
Stutland Equities is market maker holding options and underlying positions hedged in VIX, VXX, SPX, SPY
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Peak Investments has vix positions
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