They've Got Stuff
They've got some technologies that might be valuable.
Their mainframes, while priced high, and aimed at legacy customers, are far more secure than Windows servers, and, in fact, I think that z/OS has an advantage over Linux and even BSD in this department. But if they made that tech available at competitive prices - would it sell enough to pay for its development? Or would it just throw away money by cannibalizing their existing customer base?
So I can understand why they're paralyzed... but the world does need genuinely secure servers, and IBM is uniquely positioned to meet that need.
But if they try to meet that need with what they have, and it fails, they could lose a big revenue stream for no return. I wish I knew what to recommend to them.