As soon as Prem Watsa stepped down from Blackberry's board in August, speculation that he would launch a bid for the troubled smartphone maker started to swirl. Six weeks later, the man some call Canada's Warren Buffett has delivered, beginning a rescue project he once said could take four or five years.
Just over a year ago, Watsa (pictured) said BlackBerry was a "Canadian success story," a good buy and a likely turnaround story even though its market share was tumbling.
BlackBerry's fortunes have only deteriorated since then, with the latest blow coming on Friday, when Blackberry said it would cut more than a third of its workforce as it retreats from the consumer market in favor of its traditional strength serving businesses and governments.
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