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bono posts

Palm nabs another $100m from Elevation Partners, takes it to the bridge

by Joshua Topolsky posted Dec 22nd 2008 @ 11:17AM

According to reports today, Palm has managed to snag another $100 million from Elevation Partners (the private equity team co-owned by Bono). The new figure gets tacked onto Palm's existing $325 million buy-in from the firm. The previous sum was put towards the struggling handset / software-maker's "strategic recapitalization," and we can only assume this latest infusion is being used for the home stretch into that New OS and those New devices we're expecting see come CES. It's not completely surprising you'd want to juice your previous large investment, but if Palm's numbers keep shifting downward, it seems unlikely this will be anything other than a Hail Mary. Even if Bono loses $100m in his couch cushions, it doesn't mean Elevation Partners is in for the long haul.

Palm shareholders approve Elevation Partners sale

by Joshua Topolsky posted Sep 12th 2007 @ 5:01PM

In a move that could be described as "totally unsurprising," Palm shareholders have approved the much-discussed partial sale of the company to a private equity firm called Elevation Partners (of which Bono is a member), and also a change in the board of director's makeup. The plan, if you'll recall, is for Mr. MacPhisto and co. to pay $325 million for a 25-percent stake in the company, while Palm itself will pay out a $9 per-share distribution of cash to current shareholders for a reduction in ownership. There will also be a new executive board chair, namely, Johnathan Rubenstein, an Apple alumni who ran the iPod devision from 2004-2006. Fred Anderson (another former Apple officer), and Roger McNamee (a Silicon Valley investor) will also join the board. Our man Ed Colligan said of the switch, "There are a lot of moving parts here, but the goal is to bring in a transformation and change the dynamics of the company," er... okay. Apparently, Palm has hopes that Mr. Rubenstein will help create "innovative products" and "bring them to market quickly." In our dreams guys, in our dreams.

Charitable iPhone auctioned off for $100000

by Darren Murph posted Jul 9th 2007 @ 11:48AM

And you thought forking out five grand for the very first Nokia E90 Communicator was impressive. In the name of charity, "Keep A Child Alive" to be precise, an anonymous bidder pledged a whopping $100,000 in order to acquire the "first iPhone sold" (at least the first one at Apple's SoHo location), two Jawbone Bluetooth headsets, and a pair of round-trip airplane tickets and VIP passes to the Black Ball in New York City later this year. Reportedly, the pricey handset will be "personalized with a voice mail greeting and presented by Alicia Keys" to the generous winner on October 25th, but we wonder if the bidder would be willing to shell out a few more Benjamins to eliminate the excruciating wait.

Palm sells 25% stake to Bono and former Apple execs

by Thomas Ricker posted Jun 4th 2007 @ 4:10AM

The wires are alight with news that Palm will be announcing a deal to sell a 25% stake to Elevation Partners. The private equity firm where Bono is a founding partner will shell-out $325 million for the privilege of helping Palm reorganize. Jon Rubinstein, Apple's retired head of hardware -- yes, that hardware -- joins Palm as executive chairman to head up product development while Apple's former CFO Fred Anderson -- yes, that Fred Anderson -- joins Palm's board of directors. Palm's current Chairman, Eric Benhamou, and board director D. Scott Mercer would then step down assuming shareholders approve the deal. Sure, it's not the sale that many had hoped for, but at least we can look forward to a new limited edition black and red Foleo which is somethin'.

Update: It's official, see the press release for all the recapitalization gore.

[Via MocoNews]

Motorola V3i goes black for RED

by Chris Ziegler posted Nov 5th 2006 @ 8:19PM

We're sure you all immediately recognize the irony in a black phone made specifically for Product RED, so we'll spare you the jokes (though rest assured, it's killing us). The RED V3i eschews the red casing of its V3m cousin in favor of a more understated black, which, let's face it, is only marginally more understated than the phone's original dark gray. Specs appear to be unchanged, too, save for the whole bit about saving the world through charitable donation. Brits can look into rocking their little piece of Bono now through Carphone Warehouse, which is offering the RED V3i free with a contract through O2.

[Thanks, Jewburg]

Sprint to announce red BONORAZR on Friday?

by Chris Ziegler posted Oct 9th 2006 @ 1:58PM

It's no secret that Sprint will be going all Moto on us in the next few weeks, but we didn't realize how soon -- or how red -- their initial offering would be. Sources are telling us that Sprint will be announcing a red RAZR (the V3m, we're guessing, like the mockup above) to benefit AIDS charities, presumably in cooperation with Bono's Red organization, much like the red SLVR before it. Normally, we'd lash out at Sprint for being so late to the RAZR game with this one, but since it's for a good cause, we're going to bite our tongues just this once.

Motorola's SLVR goes Red for Africa

by Ryan Block posted May 15th 2006 @ 5:55PM

It wasn't too long ago we were hearing rumblings about Bono's humanitarian organization Red getting together with Apple to do an iPod. That obviously didn't (yet) materialize, but you can get another vaguely Apple-co-conspired device through Red if you were thinking of a SLVR. For each phone sold, Red's delivering to The Global Fund for African AIDS programs a £10 ($18 US), then 5% of call charges will also trickle through to the charity. We can only hope that with overhead on retail, Moto, Red, and the charity, a decent amount makes it through to the actual cause, but hey, if you're buying a phone anyway it's better than not buying Red at all, right? Unfortunately it's UK only for the time being (go fig), so if you're really concerned with the health and welfare of the Dark Continent, perhaps you should consider some more direct methods of donation.

[Via textually]