... just found something that works:
- If you are an ordinary BIS user, perform a security wipe: Options / Security Options / General Settings / Menu / Wipe Handheld. If you are a BES admin, wipe using this procedure to remove the IT Policy: Removing an IT Policy from a BlackBerry phone.
- Format or remove any Media card. Wiping the device does not delete data on the card.
- Contact your carrier and release your pin.
- Remove your phone number using Step 4a or 4b as appropriate.
4a. GSM users: Remove your SIM. That takes your phone number out of your device.
4b. CDMA users: Dial ##000000 and press Send. Delete the Mobile Directory Number and replace it with another 10-digit number that won't violate anyone's privacy. 2025551212 is a good choice. Then press the BB button and select Save. Allow the phone to reboot.
Alternatives that also wipe the device:
CrackUtil
JLCmder
The following URL describes how to use the RIM utility "loader" to reset to defaults
http://www.blackberry.com/btsc/search.do?cmd=displayKC&docType=kc&externalId=KB18998
Lastly, the following key combination only reboots the phone and doesn't wipe the device (which is what lead me to researching this topic):
alt + right shift + del