Investor Elevation Partners backs Palm, despite woes NEW YORK, March 19 (Reuters) - Palm Inc's (PALM.O) most influential investor, Elevation Partners, stood by the smartphone maker on Friday, even as other shareholders bailed and analysts warned its days as an independent company may be numbered. Palm shares tumbled 29 percent on Friday to a 14-month low as investors questioned its ability to compete in a tough smartphone market against Apple Inc (AAPL.O), Google Inc (GOOG.O) and Research in Motion (RIM.TO). [ID:nN19134642] The sell-off was sparked by Palm's warning that its current-quarter revenue would be far below Wall Street's expectations [ID:n18254531] Adidas T-mac runnning shoes -779 Adidas Ts Commander KG Low Palm's 7-member board. While Palm's share price has plunged 72 percent since the first deal in June 2007, the value of Elevation's investment has been maintained by the terms of the original deals. Palm's filings show that Elevation has invested a total of $460 million in the company, an investment that is worth $432 million today based on Friday's close of $4.00. QUESTIONS ABOUT ITS FUTURE Few Wall Adidas Samba Nua Street analysts share Elevation's optimism on Palm, whose relatively small size means it does not have the same leverage with retailers or phone carriers as an Apple or Nokia (NOK1V.HE) or Motorola Inc (MOT.N). Kaufman Bros analyst Shaw Wu cut his rating on the shares to "sell" from "hold." "While we believe Palm has some value with its webOS (phone operating software platform) ... we are unsure of the company's prospects as an ongoing concern," he said in a client note. Morgan Joseph analyst Ilya Grozovsky estimated the company may only have enough cash to operate through the middle of 2011, given its expenses and persistent losses. Canaccord Adams analyst Peter Misek said Palm's troubles will likely accelerate as its partners question the company's solvency Adidas T-MAC 1 and withdraw their support. Palm has for years been seen as a takeover target, with Microsoft Corp (MSFT.O), Nokia (NOK1V.HE) and Dell Inc (DELL.O) often mentioned as potential suitors which may be attracted to webOS, Palm's mobile phone operating system software. "The problem is they have shareholders too, and they would be looking at how they can make (a deal) profitable," said C.L. King and Associates analyst Lawrence Harris. "Palm has not been able to get traction in the U.S. market with their two largest ED Hardy customers, so where is the value with webOS? It is neat software which has not proven to be compelling." On Thursday's conference call Palm's Rubinstein responded to a question about a potential acquisition by saying: "We are a public company. And if there's a reasonable proposal, of course the Board has to consider it." "But, that being said, our focus since the day I arrived here, and that's almost three years ago now, is to build a great Company with a great mobile platform and great products. And that has been our focus." He added that the company is working to address its problems. It has upgraded the software to improve speed and battery life, boosted its ED Outlet advertising, and is working to train retailers to better show customers why they should buy Palm phones over its rivals. Rubinstein also mentioned that the company would introduce a new product this year, but provided no specifics. In another twist to the ongoing saga to replace the Air Force's aging fleet of aerial refueling tankers, United Aircraft Corp. of Russia is planning to bid on the $40 billion contract, according to a person familiar with its plans. United Aircraft, an aerospace consortium owned by the Russian government, will seek to offer a tanker version of its Ilyushin Il-96 wide-body jetliner, dubbed the Il-98, this person said. The planes would be largely built in Russia, and assembled in the U.S., this person says. United Aircraft will partner with a "small U.S. defense contractor," which will be renamed United Aircraft Corp. America ED Hardy Outlet Inc., this person said, declining to name that contractor. More EADS Eyes New Bid for U.S. Tanker Contract "UAC will publicly announce by Monday morning the signing of the joint venture agreement for the first of what is hoped to be many opportunities in the U.S.," says John Kirkland, a Los Angeles-based attorney representing UAC. A Pentagon spokeswoman said, "the Department of Defense remains committed to a fair and open competition and welcomes proposals from all qualified offerors." The Air Force's aerial tanker replacement program has been tangled in controversy since 2002, when the Pentagon planned to lease a fleet online ED Hardy of new tankers from Boeing Co. That plan was revoked and in 2008, Northrop Grumman Corp. and its European partner, the European Aerospace Defence & Space Co., were awarded a contract to build the fleet using the Airbus A330 jetliner. Boeing successfully protested that award and the Pentagon restarted the process yet again last year.... Read More

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It is not expenditure but extravagance that we should fear being criticized for; not paying for the legitimate enterprise and undertakings of a great Government whose people command what it should do, but adding what will benefit only a few or pouring money out for what need not have been undertaken at all or might have been postponed or better and more economically conceived and carried out. The Nation is not niggardly; it is very generous. It will chide us only if we forget for whom we pay money out and whose money it is we pay. These are large and general standards, but they are 9L0-827 Exam not very difficult of application to particular cases.

The other topic I shall take leave to mention goes deeper into the principles of our national life and policy. It is the subject of national defense.

It can not be discussed without first answering some very searching questions. It is said in some quarters that we are not prepared for war. What is meant by being prepared? Is it meant that we are not ready upon brief notice to put a nation in the field, a nation of men trained to arms? Of course we are not ready to do that; and we shall never be in time of peace so long as we retain our present political principles and institutions. And what is it that it is suggested we should be prepared to do? To defend ourselves against attack? We have always found means to do that, and shall find them whenever it is necessary without calling our people away from their 9L0-827 Braindump necessary tasks to render compulsory military service in times of peace.

Allow me to speak with great plainness and directness upon this great matter and to avow my convictions with deep earnestness. I have tried to know what America is, what her people think, what they are, what they most cherish and hold dear. I hope that some of their finer passions are in my own heart, --some of the great conceptions and desires which gave birth to this Government and which have made the voice of this people a voice of peace and hope and liberty among the peoples of the world, and that, speaking my own thoughts, I shall, at least in part, speak theirs also, however faintly and inadequately, upon this vital matter.

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There is another matter of which I must make special mention, if I am to discharge my conscience, lest it should escape your attention. It may seem a very small thing. It affects only a single item of appropriation. But many human lives and many great enterprises hang upon it. It is the matter of making adequate provision for the survey and charting of our coasts. It is immediately pressing and exigent in connection with the immense coast line of Alaska, a coast line greater than that of the United States themselves, though it is also very important indeed with regard to the older coasts of the continent. We can not use our great Alaskan domain, ships will not ply thither, if those coasts and their many hidden dangers are not thoroughly surveyed and charted. The work is incomplete at almost every point. 9L0-624 Braindump Ships and lives have been lost in threading what were supposed to be well-known main channels. We have not provided adequate vessels or adequate machinery for the survey and charting. We have used old vessels that were not big enough or strong enough and which were so nearly unseaworthy that our inspectors would not have allowed private owners to send them to sea. This is a matter which, as I have said, seems small, but is in reality very great. Its importance has only to be looked into to be appreciated.

Before I close may I say a few words upon two topics, much discussed out of doors, upon which it is highly important that our judgment should be clear, definite, and steadfast?

One of these is economy in government expenditures. The duty of economy is not debatable. It is manifest and imperative. In the appropriations we pass we are spending the money of the great people whose servants we are,-not our own. We are trustees and responsible 9L0-827 stewards in the spending. The only thing debatable and upon which we should be careful to make our thought and purpose clear is the kind of economy demanded of us. I assert with the greatest confidence that the people of the United States are not jealous of the amount their Government costs if they are sure that they get what they need and desire for the outlay, that the money is being spent for objects of which they approve, and that it is being applied with good business sense and management.

Governments grow, piecemeal, both in their tasks and in the means by which those tasks are to be performed, and very few Governments are organized, I venture to say, as wise and experienced business men would organize them if they had a clean sheet of paper to write upon. Certainly the Government of the United States is not. I think that it is generally agreed that there should be a systematic reorganization and reassembling of its parts so as to secure greater efficiency and effect considerable savings in expense. But the amount of money saved in that way would, I believe, though no doubt considerable in itself, running, it may be, into the 9L0-827 Dump millions, be relatively small,-small, I mean, in proportion to the total necessary outlays of the Government. It would be thoroughly worth effecting, as every saving would, great or small. Our duty is not altered by the scale of the saving. But my point is that the people of the United States do not wish to curtail the activities of this Government; they wish, rather, to enlarge them; and with every enlargement, with the mere growth, indeed, of the country itself, there must come, of course, the inevitable increase of expense. The sort of economy we ought to practice may be effected, and ought to be effected, by a careful study and assessment of the tasks to be performed; and the money spent ought to be made to yield the best possible returns in efficiency and achievement. And, like good stewards, we should so account for every dollar of our appropriations as to make it perfectly evident what it was spent for and in what way it was spent.

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But I think that you will agree with me that this does not complete the toll of our duty. How are we to carry our goods to the empty markets of which I have spoken if we have not the ships? How are we to build tip a great trade if we have not the certain and con,;tpnt means of transportation upon which all profitable and useful commerce depends? And how are we to get the ships if we wait for the trade to develop without them? To 9L0-624  ; correct the many mistakes by which we have discouraged and all but destroyed the merchant marine of the country, to retrace the steps by which we have.. it seems almost deliberately, withdrawn our flag from the seas.. except where, here and there, a ship of war is bidden carry it or some wandering yacht displays it, would take a long time and involve many detailed items of legislation, and tile trade which we ought immediately to handle would disappear or find other channels while we debated the items.

The case is not unlike that which confronted us when our own continent was to be opened up to settlement and industry, and we needed long lines of railway, extended means of transportation prepared beforehand, if development was not to lag intolerably and wait interminably. We lavishly subsidized the building of transcontinental railroads. We look back upon that with regret now, because the subsidies led to many scandals of which we are ashamed; but we know that the railroads had to be built, and if we had it to do over again we should of course build them, but in another way. Therefore I propose another way of providing the means of transportation, which must precede, not tardily follow, the development of our trade with our neighbor states of America. It may seem a reversal of the natural order of things, but it is true, that the routes of trade must be actually opened-by many ships and regular sailings and moderate charges-before streams of merchandise will flow freely and profitably through them.

Hence the pending shipping bill, 9L0-624 Dump discussed at the last session but as yet passed by neither House. In my judgment such legislation is imperatively needed and can not wisely be postponed. The Government must open these gates of trade, and open them wide; open them before it is altogether profitable to open them, or altogether reasonable to ask private capital to open them at a venture. It is not a question of the Government monopolizing the field. It should take action to make it certain that transportation at reasonable rates will be promptly provided, even where the carriage is not at first profitable; and then, when the carriage has become sufficiently profitable to attract and engage private capital, and engage it in abundance, the Government ought to withdraw. I very earnestly hope that the Congress will be of this opinion, and that both Houses will adopt this exceedingly important bill.

The great subject of rural credits still remains to be dealt with, and it is a matter of deep regret that the difficulties of the subject have seemed to render it impossible to complete a bill for passage at this session. But it can not be perfected yet, and therefore 9L0-624 Exam there are no other constructive measures the necessity for which I will at this time call your attention to; but I would be negligent of a very manifest duty were I not to call the attention of the Senate to the fact that the proposed convention for safety at sea awaits its confirmation and that the limit fixed in the convention itself for its acceptance is the last day of the present month. The conference in which this convention originated was called by the United States; the representatives of the United States played a very influential part indeed in framing the provisions of the proposed convention; and those provisions are in themselves for the most part admirable. It would hardly be consistent with the part we have played in the whole matter to let it drop and go by the board as if forgotten and neglected. It was ratified in May by the German Government and in August by the Parliament of Great Britain. It marks a most hopeful and decided advance in international civilization. We should show our earnest good faith in a great matter by adding our own acceptance of it.

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It is a very practical matter, a matter of ways and means. We have the resources, but are we fully ready to use them? And, if we can make ready what we have, have we the means at hand to distribute it? We are not fully ready; neither have we the means of distribution. We are willing, but we are not fully able. We have the wish to serve and to serve greatly, generously; but we are not prepared as we should be. We are not ready to mobilize our resources at once. We are not prepared to use them immediately 9L0-623 Dump and at their best, without delay and without waste.

To speak plainly, we have grossly erred in the way in which we have stunted and hindered the development of our merchant marine. And now, when we need ships, we have not got them. We have year after year debated, without end or conclusion, the best policy to pursue with regard to the use of the ores and forests and water powers of our national domain in the rich States of the West, when we should have acted; and they are still locked up. The key is still turned upon them, the door shut fast at which thousands of vigorous men, full of initiative, knock clamorously for admittance. The water power of our navigable streams outside the national domain also, even in the eastern States, where we have worked and planned for generations, is still not used as it might be, because we will and we won't; because the laws we have made do not intelligently balance encouragement against restraint. We withhold by regulation.

I have come to ask you to remedy 9L0-623 Exam and correct these mistakes and omissions, even at this short session of a Congress which would certainly seem to have done all the work that could reasonably be expected of it. The time and the circumstances are extraordinary, and so must our efforts be also.

Fortunately, two great measures, finely conceived, the one to unlock, with proper safeguards, the resources of the national domain, the other to encourage the use of the navigable waters outside that domain for the generation of power, have already passed the House of Representatives and are ready for immediate consideration and action by the Senate. With the deepest earnestness I urge their prompt passage. In them both we turn our backs upon hesitation and makeshift and formulate a genuine policy of use and conservation, in the best sense of those words. We owe the one measure not only to the people of that great western country for whose free and systematic development, as it seems to me, our legislation has done so little, but also to the people of the Nation as a whole; and we as clearly owe the other fulfillment of our repeated promises that the water power of the country should in fact as well as in name be put at the disposal of great industries which can make economical and profitable use of it, the rights of the public being adequately guarded the while, and monopoly in the use prevented. To have begun such measures and not completed them would indeed mar the record of this great Congress very seriously. I hope and confidently believe that they will be completed.

And there is another great piece of 9L0-623 Braindump legislation which awaits and should receive the sanction of the Senate: I mean the bill which gives a larger measure of self-government to the people of the Philippines. How better, in this time of anxious questioning and perplexed policy, could we show our confidence in the principles of liberty, as the source as well as the expression of life, how better could we demonstrate our own self-possession and steadfastness in the courses of justice and disinterestedness than by thus going calmly forward to fulfill our promises to a dependent people, who will now look more anxiously than ever to see whether we have indeed the liberality, the unselfishness, the courage, the faith we have boasted and professed. I can not believe that the Senate will let this great measure of constructive justice await the action of another Congress. Its passage would nobly crown the record of these two years of memorable labor.

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