Talk to the palm, please - Pre manufacturer up for sale?
Bought a Palm Pre, did you? Thought you'd sock other smartphone manufacturers in the chops by backing the outsider? Love your Pre, do you? Can barely contain your excitement waiting for the day when CEO Jon Rubinstein snatches the crown from the cold corpse of Steve Jobs? Keep waiting. Ain't. Gonna. Happen.
Several major news sources including Reuters and Bloomberg are reporting that the tech manufacturer is working with third parties to find a buyer for the company. It's not that Palm are in financial dire straits - they're reported to have nearly $600 million in the bank - but the Palm Pre, which many cited as the company's last throw of the dice - hasn't sold in the numbers it needed to, leaving Palm exposed with no real plan for going forward.
If Palm is sold, then one company that will do well from the deal is Elevation Partners, the private equity company that owns a 41 per cent stake of Palm, which analysts previously believed to be worth $871 million. And who is the managing director and co-founder of Elevation Partners? Why, it's the holy-blessed humanitarian and, these days at least, tuneless mic-bothering harpy, Bono. How does the man make ends meet, eh readers?
Thanks to avid Bitterwallet reader Michael