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An impressive achievement to be sure but does one turnaround qualify Mr. Chen as an expert in the field?

A Toronto-based restructuring expert said the BlackBerry situation “is not a normal turnaround” because the issues extend far beyond typical problems such as the way a company’s balance sheet is structured or a simple error in execution.

“This is as complicated and as uncertain as a turnaround gets and it requires the skills and expertise of more than just a single ‘turnaround’ guy,” the expert said, speaking on condition that he not be identified.

Reversing the slide at the smart phone maker will require “very fast decision making… combined with some great luck, ruthless execution and downsizing, and time (and) support from customers,” he said.

The truth about true turnaround guys is that they’re leaders who manage to rope in support from a range of constituents — not just employees but also board members, investors and even customers. They call the shots but the heavy lifting gets shared out widely.

Another key point about workouts is that very often they involve significant job cuts, which takes discipline, a stiff constitution and often a lot of luck.

But where to begin with BlackBerry? The handset maker still retains a global reputation but its riven with competing interests and objectives. Fairfax Financial chief executive Prem Watsa effectively controls the board of directors thanks to his company’s equity state — Fairfax is the biggest shareholder and will soon be a major creditor in connection with the recently announced debenture financing. But Mr. Watsa is said to be at odds with other existing and potential investors, including Mr. Lazaridis, who propose a different vision for the company.

It goes without saying Mr. Chen has a tough road ahead. But if he can go into the company and sort out the dross from the gold, devise a new plan and persuade all the competing forces to come together in support, then he’ll be at least half way there.

And if he can then rebuild it into a profitable tech company, well, he can rightfully claim the title of turnaround expert.

With files from Barbara Shecter