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!
What Palm really needs to do is to go fsck themselves.
Karma’s a bitch.
Originalrecipes,
Keep dreaming.
If retards dream, that is.
@KFC
I know you guys are all worried that the real creators of the iPod are now at Palm. Sorry if your knees are all shaking. Your reply is a typical knee jerk reaction of fear. Within a year, I’m sure all of you fanboys here will be asking yourself what happened. Go back and read my post then and you’ll remember I was right.
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I don’t mind if Palm manages a turnaround. If they do, they’re producing really good, usable stuff. Just like Apple. After all, the original recipe for a turnaround means doing something well and being recognized for it.
Thanks, Originalrecifeces, for reminding us how amazing Apple’s comeback is and how amazing it would be for Palm to try to emulate Apple’s success. Considering Palm’s size, thy should be as big as Apple 1995 in about 15 years. Enjoy the ride, dude.
@R
Another colorful retort from R. Typical, pulling out false information from his rectum. I suppose the R stands for that certain body part that the sun never shines on correct? Anyway, don’t be so upset. Apple had a nice run, now Palm is about to be the leader again as it should be. Since they are the true innovators of the PDA market.
Originalrecipes,
The father of the iPod is engineer Anthony M. Fadell, Apple Inc.’s Senior Vice President of the iPod Division, who succeeded Jon Rubinstein in 2006.
http://www.wired.com/gadgets/mac/news/2004/07/64286
This concludes retard class.
@KFC
Thats probably incorrect. Manipulated data coming from Apple since they are angry with these executives who bailed out of Apple. Knowing that Apple didn’t properly recognized their real contribution to their iPod success. Chalk it up to RDF induced mind control for you Fanboys.
Ruffled your feathers, I see, O. You’re right, Palm did deserve respect years ago. They seemed to have grabbed a baton and headed full-sprint for the future. Until they dropped it and now need saving.
Needing to be saved is not a negative judgement against them. They’re just clearly not on the right track yet.
Your ad hominem attacks are pretty weak, though– but I’m sure you know that already and have little else to throw out for us to read. Considering the frequency and content of your posts, you have little else going for you.
I, for one, welcome your posts. I’m all for keeping youth busy.
Palm was a pioneer and even today the Treo Palm OS has more functionality than the iPhone (in a much uglier and less elegant interface). The Treo hardware is still a great smart-phone, but the Palm OS is woefully behind the times.
I hope this works out for Palm. I’ve been a customer for years. However; if we ever get true support for 3rd party iPhone apps that will allow the iPhone to do what the Palm can, then I’d be an ex-Palm customer in a heartbeat.
Originalrecipes: Why are you such a douchebag? I’m guessing that you’re really, really lonely and trolling is the only hobby you could figure out.
MW: truth. Hurts?
Palm is in rather dire straits, but if anyone can pull them out of it, Ruby can.
-jcr
KFC,
Tony Fadell isn’t the VP of the iPod division anymore. He succeeded Ruby and is now in charge of all hardware development at Apple.
-jcr
No fingers just a palm, can’t do much with that except swat flies. No way to touch with a palm
This group includes Bono as well. Seems like his buddy Steve Jobs would have warned him.
If Apple comes up with a way to sync notes between the computer and iPhone (and I wouldn’t be surprised if that’s included in the improved iCal that’s in Leopard), that might be the one thing that would kill off Palm.
With flash drives increasingly cheaper (picked up a 1GB for $9.99 at Office Max not too long ago), how many people really need to work on Office documents on a teeny screen like the average Palm? Better to stick them on a small drive then plug that into a USB port at your destination if you don’t bring along your own laptop. And not having work on your PDA/phone means more time to actually relax and unwind, which we need to learn to do more often or we’re all going to wind up with major coronaries from high blood pressure and other stuff.
Damn! Did Zune Tang get on meth and change his name to originalrecipes? That meth ain’t funny…..
Oh! Also, there’s something fishy about the term “Palm Shareholder”….
The new Palms is coming. Smaller and in white. Which looks awesome. I don’t get why you all like the iPhone so much. It’s got nothing usable on it without having to use two hands. The Palm has all the buttons you need right there and you can use one hand while you work on it. Heck you can even use your thumb to have full access on it. This is going to be a big seller and its probably going to be cheaper than the iPhone. New Palm and new BBs are just slamming the iPhone down right now. September numbers will show that, I hope I didn’t burst your happy feel goody bubbles that you get when fondling that iPhone.
“. . . you can even use your thumb to have full access on it.”
Just like you. Coincidence?
Why does the headline not include the word “beleaguered” or the line “more blood on the iPhone’s multi-touch screen”?
Originalrecipies is a silly little girl, isn’t she?
Hey these guys did great work at an important time turning around Apple (even if the press release misstates it). We wouldn’t be so smug with out the work done under these guys. I wish them well.
There is plenty of room for both Palm and Apple in this world. I don’t think it’ll go that way but Palm doesn’t need to die. The idea isn’t to be like MS and call it a success when you wipe out all the minor players a la Zune. The idea is to innovate and build new markets… and just maybe take a bit out of the Evil Empire.
“Manipulated data coming from Apple since they are angry with these executives who bailed out of Apple”
Umm.. I worked at Apple for three and a half years, and I don’t recall hearing any rumblings that anyone was mad at either Ruby or Fred Anderson when they left. They did great work, they cashed out, and good for them.
I interviewed for the software manager job on the iPod group, BTW. Bummer that I didn’t get it, but Jeff Robbin has certainly done a fine job running iTunes development. Tony Fadell ran the iPod group from the beginning, and he was reporting to Ruby, who was in charge of hardware overall.
When I did get a job at Apple a few months later, I was in the developer relations group, and I can tell you from first-hand knowledge that we didn’t think of Palm as any kind of enemy or rival to Apple. They were a developer like any other.
-jcr
For those who did not read the Palm comments — ” Colligan laughed off the idea that any company — including the wildly popular Apple Computer — could easily win customers in the finicky smart-phone sector. ‘We’ve learned and struggled for a few years here figuring out how to make a decent phone,’ he said. ‘PC guys are not going to just figure this out. They’re not going to just walk in.'”
Full article here.
MacDailyNews Take: Palm CEO Ed Colligan is in for a rude awakening.”
I do not think that MDN has it in for anyone (except for MS
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Maybe Dell should sell the company and give the money back to the share holders.
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First blood on the touch screen???
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en
MDN = between Between a rock and a hard place .
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O, please. Your ability to twist truth reminds me of Jack Murtha.