At current prices, yes, but selling will drive the current price lower... assuming as you suggest news doesn't negate some of the downward price pressure. My hunch is we'll see upwards of 100MM shares added before the conversions are over... avg price 6-7 cents, knowing some will go at 15 cents, and suspecting many will go below 5 cents.
Again, lets assume RIM has all you believe they have... they still need to digest the $6.2MM in conversions and raise untold cash to complete an ASIC... we already have gone through that debate endlessly and the sum is approx another $8-10MM min., in addition to the money they have on hand, which covers their burn rate for up to 9 months.
Even if they do a part cash/stock deal as with HS, nothing is free, and it will have a negative impact on current common shareholder equity. You have to give value to get value.
I believe, and you don't have to agree, and I suspect you wouldn't, that before RIM is attractive to investors who have the ability to put up $8-16MM to get RIM in the market, the overhang must be eliminated and the OS count must be controlled through a reverse split. The latter is critical to RIM too in order to sell fewer shares in exchange for what they need.
My point - if RIM is real, as you believe, then there is much dilution yet to come, they won't commerialize this thing over night, the stock is likely to go significantly lower in the meantime, and then it can get on solid ground (post reverse split) and stay there, assuming they build a proper mgt team, which they don't have now, stop spinning a story, and build a solid growth company.
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