A Canadian merchant bank has called on Research In Motion to consider a sale of the company or its patent portfolio in order to return the cash to the shareholders.Jaguar Financial is recommending that RIM's Directors appoint a Special Committee of the Board consisting of four or five of the current seven independent directors to pursue a shareholder value maximization process.The bank argues that the company's "chronic underperformance and repeated delays in executing its strategy" have led it to the conclusion that fundamental change at RIM is requiredThe do acknowledge that while few would question the email and security capabilities of RIM's BlackBerry platform, the state that the reality is that RIM has failed to develop the multi-purpose device that meets the requirements of today's dynamic consumer landscapeJaguar believes RIM's current corporate structure, which includes James Balsillie and Mike Lazaridis as Co-Chief Executive Officers and Co-Chairmen of the Company, is ineffective and requires meaningful change. The company is however already looking into that specific issue following a previous shareholder revolt.

The bank also noted the current patent-bubble with sales generating substantial pots of cash for sellers, although there is concern in the industry that the bubble may be about to burst, so pressure to sell the patents before prices drop will intensify.

Vic Alboini, Chairman and CEO of Jaguar, stated: "The status quo is not acceptable, the Company cannot sit still. It is time for transformational change. The Directors need to seize the reins to maximize shareholder value before more market value is lost."