From a dead Canadian tech giant to a dying one: Nortel sells patents to Research In Motion (and others)

Nortel, in its prime, was a Canadian legend in the making, set to make our country's history. And in the end, it did, but for all the wrong reasons.

Waterloo's Research In Motion experienced its prime through the mid 2000s, arguably even up until last year. But the company has lost its lustre, becoming the butt of jokes and fodder for media and critics to feast on daily.

But it isn't Nortel yet—far from it. It's difficult to watch RIM's stock plunge from $140 to below $28, a five-year low, but with billions in cash and no debt, RIM's still got a shot at completing its tough transition and remaining a force in its industry—and a Canadian technology legend that makes history for the right reasons.

It's a little macabre to envision RIM as a dying entity, picking the flesh off Nortel's bones in a dog-eat-dog world, but that's essentially what's happened as the BlackBerry maker has picked up some of Nortel's many patents.

As part of a consortium consisting of Apple, EMC, Ericsson, Microsoft, and Sony, RIM picked up $770 million worth patents.

The total value of Nortel's 6,000-patent portfolio was $4.5 billion.

Nortel's patents covered a diverse range of telecommunications technology.

The auction purchase is slated to be court-approved in July.