Palm Stockholders Approve Elevation Deal
Palm 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 connection with this transaction, Palm will appoint Jon Rubinstein as executive chairman of the Board of Directors. Roger McNamee and Fred Anderson, both of Elevation Partners, will also join the Company's board.
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RE: The meeting lasted about 12 minutes and...
400 million dollars in debt
Who is going to lend Palm this money just to see it paid straight out to existing shareholders and not invested in capital, marketing or R&D?
RE: 400 million dollars in debt
JLM.
RE: 400 million dollars in debt
Who now will buy this 400 million dollars of debt, and if they do, at what premium and with what restrictions? Perhaps some foolish bank already committed to the deal, and if so what will they do with this debt?
RE: 400 million dollars in debt
Ex Apple Alumni find home at Palm
Jon Rubinstein
Fred Anderson
Can any accumulation of Apple (there are more right?) drop outs help Palm dig itself out of the hole and possibly make some potential competition for the iPhone take over? It will be interesting to see. So far Danger's Apple drop outs have not had major success though they do make a device that I am surprised more Palm users didn't pick up on since Palm has been sucking for so long that its almost surprising they are even still around. If and when Google does come into the picture I think its pretty likely you will hear Palm's name mentioned in the media about as much as you do the Danger Inc. people.
RE: Ex Apple Alumni find home at Palm
RE: Ex Apple Alumni find home at Palm
When they had the Newton devs, we got brilliant innovations...
You mean like this one? http://tinyurl.com/35n3j3
David Beers
Senior Wireless Developer
MapQuest
www.pikesoft.com/blog
RE: Ex Apple Alumni find home at Palm
RE: Ex Apple Alumni find home at Palm
Thats a good question, I've been wondering that myself. There was an interview he was in about 6 or so months ago. I have the sad feeling he is gone - a true loss to Palm, essentially none of the original crew are active anymore.
This could prove interesting
I haven't started reading 1-7 yet, already read 8.
RE: This could prove interesting
Okay, here're ALL the links to the parts!
http://sramanamitra.com/blog/1452
http://sramanamitra.com/blog/1453
http://sramanamitra.com/blog/1454
http://sramanamitra.com/blog/1455
http://sramanamitra.com/blog/1456
http://sramanamitra.com/blog/1457
http://sramanamitra.com/blog/1458
http://sramanamitra.com/blog/1459
Re: 'The Saga of Palm'
Thinking about Vista? Think again: http://www.cs.auckland.ac.nz/~pgut001/pubs/vista_cost.txt
Want an alternative? Try this: http://www.ubuntu.com/ or http://www.mepis.org/
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The meeting lasted about 12 minutes and...