Hugo Miller and Matt Walcoff:

Research In Motion Ltd. (RIM)’s decline below book value for the first time in nine years leaves the BlackBerry maker worth less than the net value of its property, patents and other assets in a sign of investors’ lowered faith.“This is a wounded puppy,” Timothy Ghriskey, who oversees $2 billion as chief investment officer of Solaris Group LLC in Bedford Hills, New York.

Investors had the chance to kick the co-CEOs to the curb at the last annual meeting and they didn’t. Instead they asked the pair softball questions and accepted their lame explanations. The downfall of the stock is as much the fault of the investors as it is the CEOs at this point.