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Palm Sells 25% Stake, Announces New Board Members

Palm Inc LogoPalm, Inc., today announced a strategic relationship with the private-equity firm Elevation Partners and a recapitalization plan that will position Palm to lead the next phase of the smartphone and mobile-computing markets. In short, approximately 1/4 of Palm is being sold to Elevation Partners, a private equity firm led by former Apple CFO Fred Anderson, Investment Executives and Bono lead singer of U2.

Elevation will invest $325 million in Palm as part a deal intended to reorganize and rejuvenate Palm. Palm plans to these proceeds along with existing cash and $400 million of new debt to finance the cash distribution.

Palm has also announced major changes to its Board of directors with long time Chairman Eric Benhamou stepping down. Jon Rubinstein, former senior vice president of hardware engineering and head of the iPod division at Apple, is joining Palm as executive chairman of the board.

Fred Anderson and Roger McNamee, managing directors and co-founders of Elevation, will join Palm's board of directors upon closing of the transaction. Rubinstein, Anderson, and McNamee will replace Eric Benhamou and D. Scott Mercer, who will resign from Palm's board of directors at that time. The total number of directors on the board will be increased from eight to nine in connection with the transaction.

"As a result of this transaction, we will strengthen the Palm leadership team and create a more effective capital structure, which puts us in a great position to attract new talent, significantly strengthen our execution capabilities, and deliver long-term shareholder value," said Ed Colligan, Palm president and chief executive officer.

Colligan continued: "Jon Rubinstein is one of the top engineering executives in Silicon Valley, and he will lead our product-development efforts. As a significant new investor, Elevation brings onboard unique partners and relationships, plus a long investment horizon. For shareholders, the recapitalization provides an immediate return on their investments and our shareholders will retain their ability to participate in the company's success and future growth."

Elevation Partners Team"This is by far the largest investment that Elevation has ever made, which reflects our enthusiasm for Palm and its opportunity. This investment fits perfectly with Elevation's investment strategy of partnering with great management teams to transform businesses in industries with dynamic technology change," said Roger McNamee. "We see Palm as uniquely positioned to deliver the integrated software and hardware solutions that will drive the next generation of mobile computing."

Jon Rubinstein added, "I have tremendous respect for Ed Colligan, Jeff Hawkins and their team, and I am thrilled by the prospect of helping Palm deliver innovative products capable of transforming the mobile-device market. Approximately 1 billion cell phones are sold each year, and mobile computing is a category with enormous potential. This is a company with an impressive history of introducing game-changing products -- it pioneered the smartphone -- and I intend to help extend that legacy."

Under the terms of the recapitalization plan, Elevation Partners will purchase $325 million of a new series of convertible preferred stock. The conversion price will be $8.50 per share, which represents a premium of approximately 16 percent to the implied post-distribution price over the 10 trading days ended June 1, 2007, excluding the $9 per share cash distribution. Upon completion of the transaction, Elevation will own approximately 25 percent of Palm's outstanding common stock on an as-converted and diluted basis, based on the number of shares of common stock outstanding as of March 30, 2007.

The company has secured commitments for $400 million of new debt and a $40 million revolving credit facility which is not expected to be drawn at closing. JPMorgan and Morgan Stanley will be joint bookrunners for these facilities.

Palm intends to use the proceeds from the sale of the preferred stock, existing cash and the proceeds from the $400 million of new debt to fund the cash distribution. The amount of total proceeds to be distributed to shareholders is estimated to be approximately $940 million. The distribution is expected to be treated as a return of capital for most shareholders. Elevation will not be eligible to participate in the cash distribution.

Elevation Palm Leadership Team

The distribution represents more than one-half of Palm's current market capitalization and enables existing equity holders to retain nearly three-quarters of the post-transaction equity on a fully diluted basis. The company expects to have more than $300 million of cash on the balance sheet after the distribution.

The recapitalization is expected to close in the third quarter of the calendar year and is subject to shareholder approval, customary regulatory approvals including clearance under the Hart-Scott-Rodino Antitrust Improvements Act, and other customary closing conditions. A definitive purchase agreement has been executed. The board of directors of Palm has unanimously approved the purchase agreement.

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???

linds @ 6/4/2007 12:17:53 PM # Q
This sounds really great for the future of Palm, or is it just more smoke and mirrors?

RE: ???
SeldomVisitor @ 6/4/2007 12:21:49 PM # Q
If it goes through (has to be voted on by shareholders) then it means significant change for PALM.

RE: ???
Foo Fighter @ 6/4/2007 12:40:20 PM # Q
It means a significant management shakeup is in the works, possibly culminating in the departure of Colligan and Hawkins, which is badly needed. Palm desperately needs new leadership and new product strategy.


-------------------------------
http://www.pocketfactory.com
http://www.elitistsnob.com

RE: ???
rmhurdman @ 6/4/2007 1:18:14 PM # Q
Good news for investors, if they take the money and run. Take your $9.00 and sell your shares a.s.a.p., because Palm is doing what the American consumer is famous for: consuming on credit. Palm is raising a bundle of cash and NOT investing it in R&D or marketing or anything that would generate future returns. They're simply giving it away (to existing shareholders). That's very short-sighted move, unless it is just smoke and mirrors and Elevation or some other shareholders are looking to consolidate their position and buy more shares cheap when people think "I've got my $9, I'll sell these crappy shares at whatever I can get for them."

I don't think this bodes well for Palm's future. I think they're staked their entire existence on the success of the Foleo with an entire new customer base. They've shown they're uninterested in existing customers and they can't put out a smartphone that just works.

RE: ???
numlock @ 6/4/2007 2:28:14 PM # Q
the best news here is that Benhamou is finally getting the boot.
RE: ???
nybble @ 6/4/2007 3:54:56 PM # Q
I think this gives Palm a couple more years to get it right - which means at least one major development if they actually get up and do some work. And with the iPod guy, maybe they'll come up with something good - they'll bring him a new product and say, "look! It's just like the last one, but we made the rocker button easier to use, we're going to call it the treo 900!" Then he'll fire them and hire someone who will actually make a difference. Eh?

Or maybe they'll just release a red treo and pre-load all Bono's songs on it, courtesy Elevation Partners. :)

http://comments.deasil.com/2007/06/04/palm-in-an-apple-bono-threesome/

RE: ???
LiveFaith @ 6/4/2007 5:50:07 PM # Q
** they'll bring him a new product and say, "look! It's just like the last one, but we made the rocker button easier to use, we're going to call it the treo 900!" Then he'll fire them and hire someone who will actually make a difference. Eh? **

That is sadly hillarious!

Pat Horne

Will Palm pull the plug on the FOOLeo + cut its losses?
The_Voice_of_Reason @ 6/9/2007 9:25:00 PM # Q
Old Palm was afraid to be honest, admit the FOOLeo was a steaming pile of sh!t lacking the software needed to make it (barely) functional.

Old Palm decided it was too late to do the right (merciful) thing and pull the plug on the FOOLeo last year.

Old Palm was in denial.

Will New Palm be more willing to amputate this diseased, gangrenous limb (FOOLeo) before it ends up killing Palm? Will New Palm finally realize that the safest route to long(er) term survival for Palm is via a customised Windows Mobile + StyleTap Platform?

Stay tuned, Kiddies...





TVoR

RE: ???
hkklife @ 6/9/2007 10:36:04 PM # Q
I'd wager tha Fooleo is far, far too long along in its gestation cycle to kill it now. I bet they'll just quietly release it on to the marketplace and, as soon as the $100 "introductory" promo rebate lapses, they'll cut the MSRP down by $100.

The Fooleo'll launch to much hoopla but quickly garner about 75% negative/25% wildly positive reviews. It'll then eke out a feeble 2 year lifespan all while being pushed to the back of the Palm product line and seeing perioodic price drops. In short, the Fooleo's life will likely mirror what happened to the LIfeDrive between '05 and '07. Count on it.



Pilot 1000-->Pilot 5000-->PalmPilot Pro-->IIIe-->Vx-->m505-->T|T-->T|T2-->T|C-->T|T3-->T|T5-->TX-->Treo 700P

The FOOLeo will wither on the vine, LifeDrive-style.
The_Voice_of_Reason @ 6/9/2007 11:21:17 PM # Q
The Fooleo'll launch to much hoopla but quickly garner about 75% negative/25% wildly positive reviews. It'll then eke out a feeble 2 year lifespan all while being pushed to the back of the Palm product line and seeing perioodic price drops. In short, the Fooleo's life will likely mirror what happened to the LIfeDrive between '05 and '07. Count on it.

Exactly. Except I'll bet 90% of (honest) reviews are negative. The rest will be "Beersy B.S."-style fluff "reviews" touting the POTENTIAL of the device, if only software (that will NEVER be written for it) existed.

The FOOLeo will be Palm's biggest embarassment ever and will make carriers leery of Palm in the future. As a wise man (George W. Bush) once said:

"There's an old saying in Tennessee -- I know it's in Texas, probably in Tennessee -- that says, FOOLeo me once, shame on -- shame on you. FOOLeo me -- you can't get FOOLeoed again."

Maybe Palm should hire Bush as a spokesFOOL for the FOOLeo. He's the demographic Palm appears to be targeting with the FOOLeo...

TVoR

Reply to this comment

hope the apple engineers can make new Palm look as good as ipod!

johnwong @ 6/4/2007 12:37:59 PM # Q
I need a new Palm with a bigger screen and with the Opera browser installed!

JW

RE: hope the apple engineers can make new Palm look as good as ip
ProfGreg @ 6/4/2007 1:14:29 PM # Q
The day FOLEO was announced - I bought a TX to replace a dying T3.
It came with a "Palm Companion" = free wireless keyboard.

"Large Screen" - near full size keyboard - all available from Palm for years.

... and they are pocket sized.

Sounds like a great product doesn't it? Hawkins' best ideas are going out of
production - perhaps he should take the hint and follow along.

apologies to Treo fans - I just haven't converged.


RE: hope the apple engineers can make new Palm look as good as ip
rpa @ 6/4/2007 1:52:56 PM # Q
ProfGreg: are you aware of any apps to get voice (or VoIP) over a T|X?

rpa
RE: hope the apple engineers can make new Palm look as good as ipod!
gmayhak @ 6/4/2007 2:37:01 PM # Q
Here are a couple voip apps they say work with the TX and our Bud-Mic...

VoYP...
http://www.palmgear.com/index.cfm?fuseaction=software.showsoftware&PartnerREF=&siteid=1&prodID=125678

Articulation...
http://www.palmgear.com/?xyz=124503

Gary
www.talestuff.com


Tech Center Labs

RE: hope the apple engineers can make new Palm look as good as ip
rpa @ 6/4/2007 2:55:31 PM # Q
Gary: Thx.

rpa
Reply to this comment

TVoR's suggestion to stockholders: Take the money and RUN!

The_Voice_of_Reason @ 6/4/2007 12:53:57 PM # Q
Sorry, kiddies, but Palm is dead in the water. After a year of shopping the company around they finally found someone clueless enough to bite (nibble, actually). So much for due diligence. Methinks Bono needs to to get some "edumacation". A fool and his money are soon parted.

A smarter Palm would have sold out (entirely) 6 months ago for a lower than what they were holding out for, but as usual, greed reigns supreme. Palm isn't holding any cards, but Benhamou et. al. are superb bluffers in this high stakes poker game.

With no products, no OS, and having wasted 3 years developing a useless pseudolaptop, smart investors avoided Palm like The Plague. To be honest, I did not believe that anyone would offer Palm such generous terms at this point in time...


High, higher than the sun
You shoot me from a gun
I need you to elevate me here

A corner of your lips
Is the orbit of your hips
Eclipse
You elevate my soul

I've got no self control
Been living like a mole now
Going down, excavation
Higher now, in the sky
You make me feel like I can fly
So high
Elevation

A star
Lit up like a cigar
Strung out like a guitar
Maybe you can educate my mind

Explain all these controls
Can't sing but I've got soul
The goal is elevation

A mole
Digging in a hole
Digging up my soul now
Going down, excavation

Higher now
In the sky
You make me feel like I can fly
So high
Elevation

Love
Lift me out of these blues
Won't you tell me something true
I believe in you

A mole
Digging in a hole
Digging up my soul now
Going down, excavation

Higher now
In the sky
You make me feel like I can fly
So high
Elevation

Elevation
Elevation
Elevation
Elevation

TVoR

RE: TVoR's suggestion to stockholders: Take the money and RUN!
jeffhoward001 @ 6/4/2007 2:29:08 PM # Q
The_Voice_of_Reason, huh?

Information coming from a name like really makes me value your opinion on corporate strategy in the technology sector. Generally speaking, people who give themselves names like this usually have very little actual knowledge, experience, or clout on the given topic, therefore they rely on clever names to advertise how they would like the world to perceive their opinions. Before you get upset, this is not a personal attack on you, just a canned response I have to the millions of geniuses the Internet has produced by giving the average-joe the ability to post information to the masses.

Rather then anonymous posting, why don't we share a little information about each other to provide a little weight to these seemingly anonymous comments. I'll start off to make sure everyone's comfortable with this:

Hello, my name is Jeff Howard (as my screen name implies). I'm a System's Engineer that works for a major software corporation, in fact, on of the largest. I work in the architecture and design of enterprise IT solutions. I don't have much experience in mobile product development, but hope to move my career in that direction in the coming years.

The company I work for has a very large stake in the mobile computing sector, so plenty of information flows through our company regarding big decisions such as the one Palm just make. Right now, *the buzz* is that it was a good decision, and if managed properly, could make them a very formidable competitor. Not surprisingly, some large equity firms seem to agree with this view, and while investors do make plenty of mistakes, statistically speaking, I trust them as "The Voice of Reason" long before an anonymous poster on an Internet forum.

But of course I would be more then happy to change my opinion if you would be so kind as to provide some additional details about your knowledge and experience to substantiate your claim as "The Voice of Reason".

- Jeff

Tungsten T --> Palm TX --> Foleo-mini??(like and LD-II??)

RE: TVoR's suggestion to stockholders: Take the money and RUN!
jeffhoward001 @ 6/4/2007 2:33:37 PM # Q
Apologize for the spelling and grammar errors... I'm at work, so I had to type that up in a hurry.

Tungsten T --> Palm TX --> Foleo-mini??(like and LD-II??)
RE: TVoR's suggestion to stockholders: Take the money and RUN!
SeldomVisitor @ 6/4/2007 2:35:17 PM # Q
You don't KNOW who TVoR is!?

Giggle.


RE: TVoR's suggestion to stockholders: Take the money and RUN!
jeffhoward001 @ 6/4/2007 2:52:12 PM # Q
That was the entire point of the post... Please, tell us more about yourself. Doesn't it sound nice to actually know *who* you're talking too, and what information / knowledge they use to form their opinions?

Heck, if you can prove that you have a creditable background in mobile computing, I'll seriously consider your advice. But if you're a 35 yr-old teenager who drinking too much Mt. Dew, and trolls internet forums all day while working at a call center, then it's probably best to give your readers a little perspective.

I've done so, what prevents you from doing the same?

Tungsten T --> Palm TX --> Foleo-mini??(like an LD-II with a small attached keyboard??)

RE: TVoR's suggestion to stockholders: Take the money and RUN!
jeffhoward001 @ 6/4/2007 2:55:22 PM # Q
My apologies Seldom Visitor, I thought your response was from TVoR... I think all the wild opinions since the Foleo release have me a little fired up this morning.

Plus I drank a lot of coffee... :-)

- Jeff

Tungsten T --> Palm TX --> Foleo-mini??(like an LD-II with a small attached keyboard??)

RE: TVoR's suggestion to stockholders: Take the money and RUN!
hkklife @ 6/4/2007 3:01:48 PM # Q
Food for thought:


Are Dr. O and Jeff Howard one and the same?

Are TVoR and Jeff Howard one and the same?

Is Jeff Howard a pseudonym for Jeff Kirvin?

Are Seldom Visitor and TVoR one and the same?

Are Seldom Visitor, TVoR and Jeff Howard one and the same?

I do believe that this indeed calls for a GIGGLE!


P.S. For this record, I see the events of today (700p ROM update & the Elevation/board shakeup) as much more positive for the future of Palm than last week's ho-hum Foleo announcement.


P.P.S. Perhaps Bono will don Yankowski's gold-threaded suit at the next U2 gig and use the occasion to launch the next-generation Treo...featuring "almost 3g" The EDGE technology...(get it?)

Pilot 1000-->Pilot 5000-->PalmPilot Pro-->IIIe-->Vx-->m505-->T|T-->T|T2-->T|C-->T|T3-->T|T5-->TX-->Treo 700P

RE: TVoR's suggestion to stockholders: Take the money and RUN!
SeldomVisitor @ 6/4/2007 3:07:16 PM # Q
I thought TVoR's last (giggle) "I'm never coming back" post outright said he was actually "they".

RE: TVoR's suggestion to stockholders: Take the money and RUN!
The_Voice_of_Reason @ 6/4/2007 3:38:24 PM # Q
I thought TVoR's last (giggle) "I'm never coming back" post outright said he was actually "they".

TVoR returned to warn the clueless about the tar pit now known as Palm. It would be a shame to see someone victimized by this nonsense. Don't say nobody warned you, Kiddies...


TVoR

RE: TVoR's suggestion to stockholders: Take the money and RUN!
The_Voice_of_Reason @ 6/4/2007 3:46:19 PM # Q
But of course I would be more then happy to change my opinion if you would be so kind as to provide some additional details about your knowledge and experience to substantiate your claim as "The Voice of Reason".

- Jeff

"Jeff"? How do I know who you really are? What company do you work for? All we know about you is that you CLAIM to be "Jeff Howard (as [your] screen name implies)... and are " a System's Engineer that works for a major software corporation, in fact, on of the largest." For all we know you could really be Jeff Kirvin. Or Jeff Hawkins. Or Dianne Hackborn. Or... well, you get the point. This is the Big, Bad Internet, Jeffy. You need to figure out who is telling The Ugly Truth and who is full of sh1t. If you don't trust what TVoR says, then simply ignore the posts made by TVoR


XOXOX
Carl Yankowski

RE: TVoR's suggestion to stockholders: Take the money and RUN!
The_Voice_of_Reason @ 6/4/2007 3:53:58 PM # Q
Food for thought:


Are Dr. O and Jeff Howard one and the same?

Are TVoR and Jeff Howard one and the same?

Is Jeff Howard a pseudonym for Jeff Kirvin?

Are Seldom Visitor and TVoR one and the same?

Are Seldom Visitor, TVoR and Jeff Howard one and the same?

I do believe that this indeed calls for a GIGGLE!<

Dianne Hackborn reportedly figured out who one of "The Voices of Reason" is and has threatened to out her. Bring it on, DK! Biotch! (Actually, she guessed wrong!)


P.P.S. Perhaps Bono will don Yankowski's gold-threaded suit at the next U2 gig and use the occasion to launch the next-generation Treo...featuring "almost 3g" The EDGE technology...(get it?)

I'll bet several Palm code monkeys are also smoking marijuana in their cages...

Maybe Palm should dig up some of the Vx they buried, paint them red + black and sell them as a special "U2 Edition" for $50 more.

TVoR

RE: TVoR's suggestion to stockholders: Take the money and RUN!
jeffhoward001 @ 6/4/2007 4:39:31 PM # Q
All your sarcastic replies only further my point:

Most people that make posts based solely off their opinions are trash. You are correct, I could simply overlook them, but I think it's good to call people out. If even one reader walks away wanting more credibility out of the myriad of anonymous posts, then it was worth my time. It seems much more constructive to have a spirited debate based on information from the well informed, but maybe that's just asking too much.

As far as me lying about my creds? I suppose I could be, but for what purpose? All I've posted was the opinions of other people who are much more informed than myself. You could be a janitor and I would still listen to you as long as you cited some creditable sources, and applied a good structural argument to your opinions.

My reply asked one simple question, of which you still have not answered:

All B.S. and sarcasm aside, why don't you *honestly* tells us what you do for a living to give everyone a better idea of who we're talking too? It seems like such a simple question, why are you so shy?

P.S. - I don't mention my companies name out of respect for them. These are my opinions and views, and I would rather not speak on their behalf. My only point in previously mentioning my company was that it's a pretty large group of well-informed people who spend a lot of time researching this sector. I would never assert their opinions as fact, but more just a pretty good sample of people who do their homework.

Tungsten T --> Palm TX --> Foleo-mini??(like an LD-II with a small attached keyboard??)

RE: TVoR's suggestion to stockholders: Take the money and RUN!
cervezas @ 6/4/2007 5:07:34 PM # Q
Jeff, as you can see, "The Voice of Reason" is just troll. The last thing in the world he'd want to do is let anyone know who he really is. On one point he is correct: it *is* the big bad Internet out here, and scarcely moderated forums like this one attract not just people with a sincere interest in Palm and mobile computing but narcissists and loons who like to use it as a platform to make themselves feel important. Bordering on that personality type myself, I can spot 'em every time. ;-)

I'm watching with interest the response from different sectors to the Foleo. It's difficult to assess in some respects because a lot of the people who *are* interested fall into categories that aren't necessarily big bloggers or content producers on the web: heads-down business road warriors and people interested in simpler, cheaper, smaller computers for dedicated uses like word processing or email. On the other hand, the vocal cadre of mobile power users seems on the whole to be pretty disgusted with the Foleo because any product that doesn't deliver better features and specs than the competition is almost by definition of little utility.

I consider the Palm Entrepreneurs Forum to be a pretty level-headed group: they've suffered enough from Palm's shenanigans over the years that they are way past being fanboys, they develop enough for competiting platforms in any case, and they have years of experience providing software and technical support to all kinds of Palm users--not just the kind who hang out here. The most common reactions from that group:

* There's a long thread with the subject "It's for the women" and widespread assent that the Foleo is passing the "wife test."
* There's a nostalgia for a time when computers were simpler and more fun to develop for. (Long thread with the subject "Foleo deja vu" referring to both the early days of Palm and older products like the popular Radio Shack Model 100)
* There is optimism expressed on a few fronts: the fact that this is pure solid state, the fact that Palm's development of this product doesn't involve the carriers, the idea that it is an extension of your phone that could eventually do more.
* There's a sense of opportunity surrounding the fact that this enables the creation of new kinds of applications (esp. that sync between Foleo and smartphone)
* There is concern expressed by some that Linux could actually make it problematic for commercial software developers (lots of free quick-n-dirty ports of Linux apps don't show off the platform well and make it harder to make a living)
* There's widespread opinion that this should be marketed as a mobile computer, not a "mobile companion"

There have been over 200 posts about Foleo on the PEF forum (as of this moment) by 32 different individuals (not counting posts by one Palm employee). I've also had some back-channel conversations with a few that I count as well. The participants break down roughly as follows, by my reckoning:

Favorably inclined toward Foleo: 72%
Neutral/Can't tell: 12%
Negatively inclined: 16%

Frankly, I am really surprised (and heartened) at that breakdown.


David Beers
Pikesoft Mobile Computing
www.pikesoft.com/blog

RE: TVoR's suggestion to stockholders: Take the money and RUN!
jeffhoward001 @ 6/4/2007 5:28:01 PM # Q
Thanks for the info. It's refreshing to see some data behind a post! I've seem that forum mentioned several times, I'll have to check it out. I agree that the Foleo is definitely a "wait and see" product. I think that's the nature of trying to create a new category of device though. I fear that the software running on the device could make or break it, and it sounds like Palm hasn't (yet) invested much on the software side of things. I suppose we'll see after the actual release.

Besides the Foleo, I have a feeling the new management structure will have an affect on Palm's existing products as well. But as mentioned in other posts, I think the remainder of '07 is going to be pretty quiet at Palm as they settle down with the new structure, and get the Foleo officially launched.

Regardless of whether they fail or succeed, I think there's some exciting times ahead for the company.

Tungsten T --> Palm TX --> Foleo-mini??(like an LD-II with a small attached keyboard??)

RE: TVoR's suggestion to stockholders: Take the money and RUN!
LiveFaith @ 6/4/2007 5:57:16 PM # Q
Jeff,

This is PIC, so don't put to many eggs in the serious basket. Thanks for the info and insight, along with the others. But, I do have a tiny reservations with the last comment that "exciting times" and failure can be one in the same. I can run Palm for 1/2 the price and fail. That aint exciting.

Pat Horne

RE: TVoR's suggestion to stockholders: Take the money and RUN!
cervezas @ 6/4/2007 6:02:07 PM # Q
Foleo is definitely a "wait and see" product.

Developers want to see, not wait. As is usually the case, there is a hunger for early release of an SDK, desire to assess the device's capabilities first hand, and disappointment that Palm didn't tap *them* to be in the early developer group.

I'm sure the reason Palm limits the number of developers they do early release to is not because they don't care about having lots of 3rd party apps developed as soon as possible, but because setting up a good developer program, clean docs and sample code, trouble-free tools, and support takes a lot of resources away from product development, which obviously is their first priority.

I fear that the software running on the device could make or break it, and it sounds like Palm hasn't (yet) invested much on the software side of things.

I totally agree. What we saw last week is not the final product. Both Palm and their 3rd party partners are still cranking on this.

David Beers
Pikesoft Mobile Computing
www.pikesoft.com/blog
RE: TVoR's suggestion to stockholders: Take the money and RUN!
LiveFaith @ 6/4/2007 6:03:13 PM # Q
... oh forgot. The real skepticism here may come from years and years and years of mismanagement and downright corporate raiding by those who have held the keys to the Palm jewel. Press releases and corporate restructuring does not sit well with those who have waded through Palm's insane corporate ride since the mid-90s. A 700p ROM update, Treos with a radical new technology called WiFi, and a decent clipboard limit will get a 1,000 times more excitement around here.

Advice IMHO ... don't sink your entire 401(k) in just yet.

Pat Horne

RE: TVoR's suggestion to stockholders: Take the money and RUN!
cervezas @ 6/4/2007 6:55:30 PM # Q
I really think Pat's put his finger on it. Even if Palm had announced a device that is more in-line with the expectations of die-hard Palm users (not to say we all had the same expectation) I think the announcement would have met a lot of skepticism just because Palm has stalled or flubbed its execution on so many fronts: no really new Treo designs, poor after-sale support for buggy products like the 700p, and abandonment of their PDA line, for example. Why should people think a new product line, even if it looked looked very sexy and interesting, wouldn't suffer from the same problems? With that as a backdrop, announcing a product that is an incomplete realization of a bold vision that is probably a few years ahead of its time... well, that's guaranteed to elicit the worst possible response from the Palm user community. So here we are.

As others have said, I'm hoping today's news shakes things up in a positive way for Palm. I think Foleo has a decent chance to evolve into the game-changing concept that Hawkins foresees, but it's saddled with a lot of baggage right now. On top of a disappointing recent history that it needs to shake off, Palm hasn't really satisfied me that it has a good idea of how to market the Foleo to the people who would like to buy one. I foresee a slow start, a prolonged early adopter phase, and more negative buzz around this product if something doesn't change pretty quickly.

That's not to say I'm not jazzed about working on some apps, because *I* know plenty of people that *I* can sell on using devices like the Foleo. Just that for Palm's own sake they had better start firing on all cylinders and come up with a marketing message and applications for Foleo that befit Palm's "future of personal computing is mobile computing" vision.

David Beers
Pikesoft Mobile Computing
www.pikesoft.com/blog

RE: TVoR's suggestion to stockholders: Take the money and RUN!
jeffhoward001 @ 6/4/2007 7:00:11 PM # Q
Agreed. The past few (or more then a few) years have been rocky for Palm, and there are numerous little issues that they seem to continuously overlook (good call on the clipboard limit, that is really irritating...). This is why I'm giving the Foleo, and Palm as a company the "wait and see" rating. Rather then looking at the recent restructuring as the answer to all their problems, I'm looking at it as the first opportunity to trudge the good ideas out of the swamp of little mistakes.

Tungsten T --> Palm TX --> Foleo-mini??(like an LD-II with a small attached keyboard??)
RE: TVoR's suggestion to stockholders: Take the money and RUN!
dukat @ 6/5/2007 5:49:32 AM # Q
Come on guys... This thread started so darn funny. So stop this nonsense, pseudo-serious talk. It is after all a started by TVoR, right?

TVoR, please take over - PLEASE!!!

jeffhoward++, just start another thread and we swear we'll be all SERIOUS all the time!



IIIe -> m505 -> T3 -> Treo650 -> Treo680

RE: TVoR's suggestion to stockholders: Take the money and RUN!
justauser @ 6/5/2007 8:10:29 AM # Q
Here's a conspiracy theory for you -

I've always speculated that Voice was Ryan (no offence Ryan). I figured Ryan may try to spice things up on the site by adding in some controversy - controversy sells. Also, I remember TVoR was acknowledged a year or so back as posting the millionth post (or something) and someone commented that this was ironic if you knew who TVoR really was. Just made me wonder.

I imagine running a site like this it would be difficult to avoid the temptation to post some contentious arguments under an anonymous profile or two. Again no offense Ryan. Just a wacky theory with absolutely no justification.

RE: TVoR's suggestion to stockholders: Take the money and RUN!
SeldomVisitor @ 6/5/2007 8:16:17 AM # Q
Whoever (whoevers?) TVoR is, their posts generate message traffic - win!

[of course, posters are NEVER important - just posts are - but we'll forget that factoid for the moment!]

RE: TVoR's suggestion to stockholders: Take the money and RUN!
LiveFaith @ 6/5/2007 8:16:27 AM # Q
** Just a wacky theory with absolutely no justification. **

Perfect. You can probably get tenured for that.

Pat Horne

RE: TVoR's suggestion to stockholders: Take the money and RUN!
The_Voice_of_Reason @ 6/5/2007 11:39:39 PM # Q
Here's a conspiracy theory for you -

I've always speculated that Voice was Ryan (no offence Ryan). I figured Ryan may try to spice things up on the site by adding in some controversy - controversy sells. Also, I remember TVoR was acknowledged a year or so back as posting the millionth post (or something) and someone commented that this was ironic if you knew who TVoR really was. Just made me wonder.

I imagine running a site like this it would be difficult to avoid the temptation to post some contentious arguments under an anonymous profile or two. Again no offense Ryan. Just a wacky theory with absolutely no justification.

How dare you imply that I would post to my own site just to "spice things up".

RE: TVoR's suggestion to stockholders: Take the money and RUN!
The_Voice_of_Reason @ 6/6/2007 12:32:30 AM # Q
All your sarcastic replies only further my point:

Most people that make posts based solely off their opinions are trash.

Really? Is that you're opinion? Guess that makes you... Beersy-like.

You are correct, I could simply overlook them, but I think it's good to call people out. If even one reader walks away wanting more credibility out of the myriad of anonymous posts, then it was worth my time. It seems much more constructive to have a spirited debate based on information from the well informed, but maybe that's just asking too much.

Go ahead and "call people out". Look back at the sleazy posts we've seen here over the years from self-interested Palm/PalmSource employees, apologists like Beersy who make their living selling PalmOS software (no conflict of interest there, right, Beersy?), etc. Then look back at the brutal honesty dripping from each lovingly written post from TVoR. Who you believe is your own business, but the test of time has shown that TVoR has been the one "call[ing] people out".

As far as me lying about my creds? I suppose I could be, but for what purpose?

You tell me. Are you familiar with the term "Astroturf"? Just ask Michael Mace for the definition.

All I've posted was the opinions of other people who are much more informed than myself.

Really? Can we please have the names of those "informed" elite? Furthermore, so-called "informed opinions" have resulted in products like the LifeDrive, Tungsten T5, i705 and now the Foleo being inflicted upon the Palm faithful. Someone once said opinions are like a**holes... your posts here have clearly illustrated that truism.

You could be a janitor and I would still listen to you as long as you cited some creditable sources, and applied a good structural argument to your opinions.

What's wrong with being a janitor?

My reply asked one simple question, of which you still have not answered:

All B.S. and sarcasm aside, why don't you *honestly* tells us what you do for a living to give everyone a better idea of who we're talking too? It seems like such a simple question, why are you so shy?

The identity of TVoR is irrelevant. What matters is the truth behind what is posted, not who posted it. If Jeff Hawkins comes here and tells everyone that he thinks the Foleo is the most significant product he has ever created - even more significant than both the original Palm Pilot and the Treo 600 - and then the anonymous TVoR comes here and says that the Foleo is a misguided, overpriced, poorly-conceived beta (work in progress) product that does not have a realistic market, who are you going to believe? Again, that is your choice. Unfortunately for Palm, the LifeDrive proved that there is a limit to how far gullible Palm devotees can be pushed before even they tell Hawkins, Colligan, et al to go f themselves.

P.S. - I don't mention my companies name out of respect for them. These are my opinions and views, and I would rather not speak on their behalf. My only point in previously mentioning my company was that it's a pretty large group of well-informed people who spend a lot of time researching this sector. I would never assert their opinions as fact, but more just a pretty good sample of people who do their homework.

Cut the bull, Bubba. Until you give us a lot more details, including the name of your company and the names of the individuals you claim are "well-informed" then you're just as anonymous as TVoR, justlittleme, RhinoSteve, stonemirror, Dr Opinion, etc.

Have a seat, Jeffy.



TVoR

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