Palm this morning put a price on its public offering of 20 million common shares: $16.25 a piece. That’s nearly five percent less than Tuesday’s closing price of $17.07, but enough to generate about $313.1 million.
Now we know why it was Palm executive chairman Jon Rubinstein and investor Roger McNamee on stage at the D conference last month talking up the Pre, and not CEO Ed Colligan: Colligan was on his way out. On Wednesday, Palm tapped Rubinstein as its new CEO.
With no more than $220 million in cash on hand, Palm’s working capital position is…how can I put this delicately…abysmal. So news that the company is remarketing a bit of stock to keep itself afloat shouldn’t come as a surprise.
Palm investor Roger McNamee isn’t drinking his own Kool-Aid, he’s drowning in it. In an interview with Bloomberg, McNamee–co-founder of Elevation Partners, which owns 39 percent of Palm–claimed iPhone owners will switch en masse to the Palm Pre when their contracts expire.
The debut of the Palm Pre can’t come soon enough for the long-suffering handset maker. Palm reported preliminary results for its third quarter after market close Tuesday, and they were ugly, to say the least.
Is it too late for Palm? Elevation Partners doesn’t think so. The private equity firm has agreed to make an additional $100 million investment in the foundering smartphone maker, which last week reported an abysmal second quarter and its sixth consecutive loss.
John Paczkowski has been poking fun at the tech industry and the personalities that drive it since 1997. From 1999 to 2007, he wrote the award-winning tech news Web log Good Morning Silicon Valley for the San Jose Mercury News, Silicon Valley's daily newspaper. Read more »
Here is a statement of my ethics and coverage policies. It is more than most of you want to know, but, in the age of suspicion of the media, I am laying it all out.
12:58 AM: Breakfast: Two schools of fish from Tokyo Bay. Calories: 782,000. How I was feeling when I ate this: confused, irradiated, hating my size.
11:37 AM: Exercise: “Taxi Stomp” (alternating legs, for 30 blocks). Calories burned: 148,900,183.
1983. The Beatles announce their first tour in thirteen years, but likewise announce that Michael Jackson will be going on tour with them as a one gigantic mega-concert event.
Best video mashup ever.
A Facebook Memorial
Wow.
Worth it for the Rickrolling photo alone.
Excellent.
Flughumor!
… you vacuous, toffee-nosed, malodorous perverts
Stephen Fry and zoologist Mark Carwardine meet the kakapo — a fat, flightless and very randy rare parrot.
D is unlike any other executive conference. Since its debut in 2003, D has brought to life the energy and excitement of the digital revolution in an unscripted, upfront and unparalleled way. Read more »
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