Anyone who’s ever had a controlling interest – be they boss‚ spouse or capital investor – go off the reservation when they were allowed to unhinge their cake-traps will appreciate this story. Palm Inc. filed a “Free Writing Prospectus Published or Distributed by Media” – basically a series of qualifications and retractions – for Elevation Partners’ Roger McNamee statements to Bloomberg TV during a March 5 interview about the not-yet-released Palm Pre.
Now Roger’s bias is understandable: he and the folks at Elevation have a lot of money riding on the Pre’s ability to save Palm. That said‚ you’re really not doing your investment any favors when they have to swab up your representations of their product to the point where only the prepositions in the transcript remain unaltered (I may have to file my own prospectus for that one). My personal favorites from the interview followed by their corrections in bold:
“You know the beautiful thing: June 29, 2009, is the two- year anniversary of the first shipment of the iPhone. Not one of those people will still be using an iPhone a month later.”
The statement in the second paragraph of the article that “not one” person who bought an Apple, Inc. iPhone on the first shipment date “will still be using an iPhone a month” after the two-year anniversary of that day is an exaggerated prediction of consumer behavior pattern and is withdrawn.
“If you want to go to the web, it’s just going to be a million times—well, not a million times—several times faster (than the iPhone)”
…the Palm Pre is still under development and it is premature to state the speed at which the device accesses the web or the relative speed of the Palm Pre compared to the smartphone products of competitors.
A Palm spokesperson‚ who requested to remain anonymous‚ confided that Roger was asked “What’s your encore? Anally raping my mother while pouring sugar in my gas tank?”.