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Colin Gillis, an analyst with BGC Financial, called it a downward slide that’s not going slow. He said he doesn’t see any buyers for RIM coming forward soon.

Gillis said the advisers are likely presenting a number of options, including a sale, split up of the software and hardware business or a continued attempt to turn the company round. Gillis said RIM could license something like its popular BlackBerry messenger service.

“Unfortunately, it falls into the too little, too late category,” Gillis said. “It doesn’t mean somebody won’t try it. It doesn’t mean it’s going to be a savior for the company either.”

Gillis said he believes RIM is fighting against some of the best talent in the world in Google, Apple and Samsung in a fast-moving marketplace.

“They were the leader and this is what happens in the technology cycle of creation and destruction. They rode the first wave of the smartphone revolution and Apple is riding the next one,” Gillis said.

BlackBerrys lag iPhones and Android phones when it comes to third-party applications, or “apps.” The iPhone’s popularity has continued to skyrocket as Apple has developed a vast ecosystem of apps. Now, RIM must persuade developers that it’s worth their time and effort to make apps for the BlackBerry 10 platform.

RIM has tried to make phones with touchscreens that resemble the iPhone, but those offerings have largely flopped. And so has RIM’s tablet, the PlayBook, which uses the very software that will be in the new BlackBerry 10 smartphones.

RIM is following the same trajectory as struggling Finnish handset maker Nokia and California-based Palm, both of which attracted consumers with trend-setting phones and technologies in their heyday, only to be outmaneuvered by competitors. In Canada, there is fear that the nation’s biggest technology company could go the way of former Canadian tech giant Nortel, which declared bankruptcy in 2009 and was picked over for its patents.

“It is a very bad situation for Canada, primarily because this was the national champion,” Misek said. “What this illustrates is you have to be globally competitive and you’ve got to remain globally competitive.”