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  1.    #1  
    Nice email from Rubinstein below from May 21st SEC filing. Looks like they are already in team integration meetings, a very positive sign that they are planning even before the agreement is finalized. This suggests that they want to hit the ground running when the merger is closed. Palm has an "all hands" meeting scheduled tomorrow which sounds to me like a company-wide or full team-wide mtg (in which some key representatives of HP will speak to the Palm employees).

    From May 21st SEC filing:
    The following is an email sent by Palm Chairman and CEO Jon Rubinstein to Palm employees on May 20, 2010:

    Employee Email

    DO NOT FORWARD

    Team,

    It’s hard to believe that three weeks have already passed since we announced HP’s plans to acquire Palm. We are busily working with HP to close the transaction, and everything is on track. The Legal, Finance and Business Development teams have done yeoman’s work to keep things moving at a very fast pace.

    Before talking more about the HP integration, I’d like to congratulate everyone on getting Palm Pre Plus up and running on AT&T. Within a year of launching the Palm Pre, we are available on all three major U.S. carriers. In addition, we are seeing improvements in sales across the carriers as a result of everyone’s efforts to increase sell-through.

    An integration planning process is in place with participation from representatives across multiple groups from HP and Palm, led by Dave Vadasz and his counterpart at HP. This process includes several teams, identified by function or topic. The list of teams and their Palm leaders can be found on Palm Central here http://central/news/Pages/merger.aspx. Todd Bradley and I lead the steering committee.

    Each of these people sit in regularly scheduled meetings with their HP counterparts to plan for a smooth and effective transition. There are weekly all-hands integration meetings with the entire integration team from Palm and HP, and regular discussions between the working groups. Some of you may have been pulled in to help one of the working groups, and we appreciate your involvement. I realize that we have not been able to answer all of your questions, and that is hard. We will continue to add information to Palm Central as soon as we can share it.

    The most important thing, though, is that I’m very excited about our future. We’ve got the talent and the technology to do amazing things. Some of you may have seen the news from HP’s earnings call the other day, where they talked about plans to incorporate webOS into netbooks, slates and printers. This news lit up the technology community with the expansive possibilities of webOS.

    Let’s talk more next Wednesday, May 26 at an all-hands meeting (see meeting invite for more details). Some HP guests will join us as well.

    Go Palm and HP!!

    jon
  2. jewel's Avatar
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    #2  
    We're rooting for you guys!
  3. #3  
    Palm Central....
    "When there is no more room in hell, the dead will walk the earth"


    PM me your questions, If I cant find an answer, I'll show you who can.
  4.    #4  
    Couldn't ask for more positive developments at this point
  5. cooknn's Avatar
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    #5  
    Quote Originally Posted by bluenote View Post
    DO NOT FORWARD
    That worked
    Dave Cook | Fort Myers, Florida | Palm pre | Touchstone | Vaja iVolution Deco
  6. #6  
    go team!!
  7. #7  
    Quote Originally Posted by jewel View Post
    We're rooting for you guys!
    Wouldn't that actually be "We're homebrewing for you guys" ? Badumbum

    Quote Originally Posted by Cooknn View Post
    Quote Originally Posted by bluenote View Post
    DO NOT FORWARD
    That worked
    I guess copy/paste doesn't count
  8. #8  
    How cool and thanks!

    Looking forward to more info from the All-Hands Palm Central meeting tomorrow May 26th. Sorli...
  9. #9  
    Good stuff!

    Thanks for ...forwarding...uh...copying and pasting!
    The Original Owner of the AT&T Pre3
  10.    #10  
    You are welcome. Er, the Do not Forward instructions were on Jon's original email to his employees, and I imagine he does not want them talking to the press.
    Once he publishes the email in the required public government SEC archive, of course we can all view it.
  11. #11  
    Ha ha. The "Team" seems a bit fractured, what with an email labeled DO NOT FORWARD being forwarded to the rest of the world.

    It creeps me out seeing Ruby and Tod Bradley palling around with each other after what Bradley did to Palm back in 2002-2005.
  12.    #12  
    Ruby published the email the next day into public government records as part of the public records on the merger that Palm is required to maintain as a public co.. I pulled it off those public records.
  13. TomD's Avatar
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    #13  
    Quote Originally Posted by bluenote View Post
    Ruby published the email the next day into public government records as part of the public records on the merger that Palm is required to maintain as a public co.. I pulled it off those public records.
    Care to share the link?

    EDIT:

    ALL of the merger filings are here:

    http://investor.palm.com/sec.cfm
    Last edited by TomD; 05/26/2010 at 09:47 AM.
    Tom
    Pilot Prō --> M100 --> Trēō 600 --> Trēō 700p -- > Prē
  14. bruba's Avatar
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    #14  
    Go tablet!
  15. spare's Avatar
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    #15  
    This should be on the precentral front page.
  16.    #16  
    Dieter has reported on the front page that stockholders are set to vote in a month. This is another positive sign that the merger is set to close in a timely fashion.
  17.    #17  
    Folks, see front page story about Matias Duarte leaving Palm, evidently the guy who ran the design team for Palm and introduced the Pre to the public (back in 2008?).
    If so, makes sense that Jon would pen the email about the Palm/HP "teams" and also hold a full meeting on May 26th--among other things, this is a subtle way to reassure the company that webos is larger than one person.
    It may be that Duarte asked for more money that HP/Palm wanted to give him and negotiations broke down (pure speculation)
  18. #18  
    Quote Originally Posted by bluenote View Post
    Folks, see front page story about Matias Duarte leaving Palm, evidently the guy who ran the design team for Palm and introduced the Pre to the public (back in 2008?).
    If so, makes sense that Jon would pen the email about the Palm/HP "teams" and also hold a full meeting on May 26th--among other things, this is a subtle way to reassure the company that webos is larger than one person.
    Every successful software development effort relies on 'that one guy" to lead the vision and see it through to the end. When "that guy" leaves, so does the vision, and the development often takes a sharp turn to the "next guy's" vision or it fades into obscurity. Duarte's departure is a huge blow to the WebOS franchise.
    Quote Originally Posted by bluenote View Post
    It may be that Duarte asked for more money that HP/Palm wanted to give him and negotiations broke down (pure speculation)
    That's certainly possible. There are lots of reasons why key personnel depart just before an acquisition is consummated like:

    - Salary conditions not met
    - Stock options deal not satisfied
    - Creative control of the project
    - Creative disagreement with the gaining company
    - Avoidance of a draconian employment agreement
    - Desire to do something else (you know, like spend more time with the family )

    Hard to tell why Duarte departed from Palm, but you can be sure his departure will be a serious discussion item in HP's due diligence process for this purchase.
  19.    #19  
    Nice post.

    Well to add to your post, discussions of key employees that have to stay on for the merger to occur usually occurs early on in talks. In looking at Palm's proxy filed with the govt (TomD posted a link above to this doc), it looks like Palm set this up in early April, before the merger with HP was announced. The proxy says that some executive officers were locked up with 2 year commitments. Many other employees, "particularly among the engineering team", were set up with bonuses and/or stock options, with the total amount of cash bonuses for the non-executives totaling $15 million.

    So surely a blow to Palm HP that Duarte left. At the same time, he was not one of those locked up with 2 year agreements and HP knew this before they made the offer. So this one man was not assumed vital for the deal going forward, this is all we can assume from the details above.

    We will have to see if the $15 million bonus pool and the stock option offer is enough to keep most of the key engineering talent at the company. I suppose Google has an unlimited pocket, so to speak, so that if it really wants someone, it could pay their price. But HP is hardly in the poor house. Both Google and HP/Palm have to weigh what they will gain for the money they pay.

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