A lot of companies would love to be in RIM's "dead" position, with no debt and high profitability.
Analysis, as always, have overreacted and so has the market. The company was overvalued but not to the point where it needs to drop 75%. But alas, mean reversion is usually anything but neat. We should see a healthy 25-30% gain on this one in the coming year as people come to their senses.
Hiring Goldman Sachs for anything is like hiring an arsonist to watch a warehouse full of timber. They "helped" Greece into the Euro zone by fudging the books through shady deals, helped crash the housing market and they've been there at every turn of every economic disaster the world has ever suffered. The only advice Goldman will give RIM is the one that provides GS with the highest possible fee, all other players of the deal be damned.