Broken RIM can't find the floor -

RIM shares are continuing to fall and things have gotten so bad that the BlackBerry maker's shares are now below the value of its cash, receivables and other current assets.

You can pick up a share in the Canadian smartphone maker for less than $13 which is a nasty joke. Part of the problem is that RIM's two headed monster of a leadership cannot seem to make a step without cocking it up. Last week, RIM said that it was delaying the release of its make-or-break new smartphones until late 2012.

As far as the share market is concerned RIM has a market capitalisation of less than $7 billion. RIM's current assets, which include short-term investments and discounted inventory, are $7.2 billion.

In long-term investments, such as property and intangible assets such as patents, RIM is worth an additional $7 billion.

Analysts think that RIM cannot fall much lower before it all gets silly. Susquehanna Financial analyst Jeff Fidacaro told Reuters  that $12 is a possible floor, based mostly on a valuation of RIM's patents and its services business.

But RIM can't find many buyers for its PlayBook tablet computer. In fact it seems to be hoping that a software update to the thing in February might spark some interest.

There is some hope and no hope in this. Some tablets are fast looking like a fashion toy and RIM's market was all business related. It also suffered from a knock in confidence due to a massive network outage, falling US market share and a string of botched and delayed product launches.

At the beginning of the year, in February, its share price was more than $70. Things have not been this bad for RIM in years.

Wall Street does not seem particularly interested in the outfit posting solid quarterly sales. It made $1.8 billion in the third quarter. Many are starting to making comparisons to Palm, which it is a long way from becoming yet.