Palm closes recapitalization deal with Elevation Partners

No surprises here, but Palm's "strategic recapitalization" effort has officially been closed. Just months after shareholders gave a collective thumbs-up to the idea (hey, who can say no to Bono?), Elevation Partners has indeed "invested $325 million in Palm, which the company will utilize along with existing cash and $400 million of new debt to finance a $9-per share cash distribution." Additionally, a number of new faces have been appointed jobs within the outfit, and the "total number of directors on the board has been increased from eight to nine." Ed Colligan, Palm's president and CEO, proclaimed that this "transaction has laid the groundwork for the firm to recapture its position as the leading innovator and brand of the mobile-computing revolution." Now that's the spirit, Ed.

[Via mocoNews]

[Johnathon Zirkle @ Oct 25th 2007 2:11PM]

They've also decided to pass on the boost to their devices and are introducing some new extra large PDA code-named Brik, for more than one reason.

[blevay @ Oct 25th 2007 3:09PM]

maybe they'll actually make something new and exciting. iPalm anbody?

[Martin Blank @ Oct 25th 2007 11:39PM]

Gung Ho Palm!!! Here's hoping you can get back on top.

[ErikPk @ Oct 25th 2007 5:16PM]

Ed Colligan: "transaction has laid the groundwork for the firm to recapture its position as the leading innovator and brand of the mobile-computing revolution."
Leading innovator? Palm is so behind that it may never catch up.

[numerik @ Oct 25th 2007 5:23PM]

News today is that the new Palm OS is delayed yet again!

http://www.palminfocenter.com/news/9516/new-palm-chief-new-products-will-take-18-months/

[Reid B. @ Oct 25th 2007 6:27PM]

Hopefully Palm will finally regain some huevos and some competence. Get the OS working Ed before I gotta come kick someone's ass. This is ridiculous. My T/X (I paid for the TOP OF THE LINE PALM, ED) still doesn't work right with Vista. Hire a goddamn army of programmers if you have to, Jesus what is so fucking difficult about it.

[strider_mt2k @ Oct 25th 2007 7:01PM]

BLAHBLAHBLAH Palm.

If broken promises and hot air had value you'd be a market leader again.

[gshb @ Oct 26th 2007 4:26PM]

oct 24, 2007 PALM closes at 19.18
oct 25, 2007 Palm closes recapitalization deal with Elevation Partners
oct 25, 2007 PALM closes at 8.50