ReadWriteWeb is reporting that New York based Harbinger Capital has purchased 10% of the stock interest in Palm, Inc.
Palm, which has seen much brighter days, has been up for sale since Monday. The company has struggled over the past years, in an environment where even WebOS (which, arguably, is still one of the best mobile operating systems in use) can’t save poor marketing.
Harbinger, a hedge fund group, would not have voting rights, since the purchase was of common stock. The news didn’t exactly excite Wall Street, as that common stock was only up 3% at the end of trading. Though 3% might seem sizable, we have to remember that we’re talking about a stock that’s presently trading at just a wrinkle over $5 per share.
Though much speculation has been made as to who will be the ultimate buyer of Palm, we’re sure to see a few people gambling some rather big money in hopes of cashing in on sale day.