A bid to go private has to be on the cards.
RIM is *only* a business play. It's great at secure, reliable email (outages notwithstanding). They got lucky with teenage girls wanting BBM and that gave them ideas above their station. But teenage girls are fickle and what RIM saw as continued growth was a spike which masked the business decline.
Playbook was never going to fly.
The greatest asset they have is actually the BBM PIN. If they licenced it to an Android phone manufacturer it would give that company the USP that any player in the Android market really needs. Ideally they would choose someone that was weak in the US market such as Sony (Ericsson).
RIM can then go back to a good, solid business of selling the best corporate email solution. It's a great business but not high growth. They should refocus the devices around this, there hasn't been a good one since the Bold 9000.