Shares of BlackBerry (NASDAQ:BBRY) got clobbered today after BlackBerry abandoned its current attempt to sell itself. Despite Fairfax Financial's (NASDAQOTH:FRFHF) (TSX:FFH) recent $9-per-share buyout offer, shares had been trading at a substantial discount. That was evidence of investor skepticism on the Fairfax deal, mostly surrounding the latter's ability to secure adequate financing. Those fears proved to be spot on, as lenders have declined to foot the bill due to the risk involved on their end.

Instead, Fairfax and other investors will be buying a total $1 billion in convertible debentures from BlackBerry, which will help beef up its balance sheet. BlackBerry is reportedly still interested in selling itself and is now more open to breaking itself up if need be.

Additionally, CEO Thorsten Heins will be stepping down less than two years after becoming CEO. The executive was dealt a poor hand to begin with, but he likely wasn't the right man for the job in the first place. It was clear that BlackBerry needed some fresh blood with external perception, which is precisely what Heins was not. 

In this segment of Tech Teardown, Erin Kennedy discusses BlackBerry's plunge with Evan Niu, CFA.

Erin Kennedy and Evan Niu, CFA, have no position in any stocks mentioned, and neither does The Motley Fool. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.