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These things are not viewed in a vacuum. Symbian was going down, they were losing unsustainable amounts of money, and at this point they didn't have the financial ability to take a risk with Android with no recourse
Nokia is Microsofts white horse, with it comes the implicit guarantee of existence. Nokia got special treatment in OS customization, direction, and financial support to the tune of hundreds of millions of dollars a quarter.
Faced with a rapidly deteriorating cash situation, I don't think they had a choice. They evaluated Android and decided against it, prior to brining in Elop.
I don't understand why they might have thought that Android was riskier than Windows Phone.