Palm, Inc. today announced that Palm stockholders have approved proposals that will permit Palm to conclude a $325 million investment by Elevation Partners, L.P., borrow up to $400 million in an associated debt financing, make a cash distribution of $9.00 per share to Palm stockholders, and make related adjustments to its equity plans.
In other actions, the stockholders elected Gordon Campbell and Donna Dubinsky as Class II directors to serve until the annual meeting of Palm stockholders to be held in 2010, and ratified the appointment of Deloitte & Touche LLP as the Company’s independent registered public accounting firm for the fiscal year ending May 30, 2008.
“We appreciate our stockholders’ strong support of these proposals and look forward to an era of renewed innovation and focused execution at Palm,” said Ed Colligan, president and chief executive officer, in the press release.
In connection with this transaction, Palm will appoint Jonathan Rubinstein, who headed Apple’s iPod business, will become executive chairman of the Board of Directors. Rubinstein also spearheaded development of Apple’s iMac, as well as being part of Apple’s inner circle when Steve Jobs joined the computer company. Fred Anderson, Apple’s former finance chief, will join Palm’s board. Investor Roger McNamee also becomes a Palm director.
MacDailyNews Take: It’s possible that some or all of these ex-Apple execs have an axe to grind. Unfortunately for them, Palm is more like a rapidly melting Jello Pudding Pop. Happy grinding, guys!
” . . . ‘and look forward to an era of renewed innovation and focused execution at Palm,’ said Ed Colligan”
How many failed attempts to do they get?
Shouldn’t he change his name to Ed Mulligan?
Good luck to em.
It’s like when a team wins the super bowl. All the assistant coaches get to be couches themselves.
@ MDN Please prepare the bath for lots of BLOOD!!!! I look forward to that Headline with lots of ticipation!!!
couches??
I know that there is a lot of armchair quarterbacking going on here but….couches?
Sofa.
Sofa things are going swimmingly at Palm.
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No Squirt For You
As many failed attempts as Apple got. That’s how many…
Clearly, MDN really doesn’t like Palm! Perhaps there could be a slight doubt in someone’s mind that something good may yet happen with the new people on board?
Or not.
“Clearly, MDN really doesn’t like Palm!”
Perhaps because Palm threw Mac users under the bus years ago.
Apple can only benefit from the innovations of their competitors, whoever they are. Unfortunately for all of Apple’s competitors, including Palm, the most innovative products (by far) coming out of the computer industry these days belong to Apple. Whatever else any of Apple’s competitors do is really irrelevant, although we could definitely do without all the mean-spirited Apple bashing from various quarters.
Remeber when Ed Colligan laughed at the iPhone? I wonder who’s laughing now.
http://www.macdailynews.com/index.php/weblog/comments/11695/
The open source and hacker community has been able to accomplish more in the past 2 months developing for the iPhone without Apple’s help than Palm has accomplished with their OS in the past 12 years.
Bury ’em Steve. Put them out of their misery.
slike: Aren’t you too clever for this site?
Apple, the company, only made one failed attempt.
They attempted to make a go of it without Steve Jobs.