Is Blackberry ($RIMM) undervalued?

The co-founder, co-CEO, co-chairmans are close to giving up their board seats. The board, let's be honest, won't make a move without the mutual acquiesence of the founders..

That said, just the news that this may happen has sent the stock on a rare upward trajectory.

Is it enough?

As I write this, $RIMM is $15.12(US), and has a market cap of $7.9 billion.

The company has about $1.3 billion or so in cash on hand. Meaning, all of Blackberry has a value of about $6.6 billion. 

Motorola Mobility could have gone to Microsoft, which Google could not allow. Motorola Mobility effectively blackmailed Google by threatening to sue other Google Android handset makers.

Thus, it was not much of a surprise that Google spent $12.5 billion on Motorola Mobility, despite the fact that the company does not make a profit, and despite the fact that the company stood ready to threaten the Android ecosystem. Google badly wanted to get hold of all those Motorola patents.

Seems to me, given the value of Moto's patents, that RIMM, a long-time leader in mobile services and smartphones, is undervalued.

When you consider how desperate giant, wealthy companies are to get real traction in the smartphone market -- the future of personal computing -- companies like Microsoft, Ciscso, HP, Dell and numerous Chinese companies, than it seems easy to imagine a bidding war could ensue.

A bidding war that could double RIMM's value.

What do you think?