E

Richard Waters

A year ago, Silicon Valley investor Roger McNamee was talking up the potential for Palm’s latest gadgets to put the iPhone in the shade – and getting into hot water with the SEC in the process (which led to this self-parodying video).

So Wednesday’s hurried sale of Palm to HP marks an ignominious retreat – even if Elevation Partners, McNamee’s buy-out firm, at least managed to protect its downside.

All-in, Elevation put $460m into Palm between 2007 and 2009 in what amounted to a big bet that it could corner a piece of the new smartphone market before slow-moving giants like Microsoft and Nokia (not to mention HP) finally got their act together. Read more