Palm has been in financial trouble for quite some time now, and my apologies for sounding a little religious on you but it’s time we all come together and say a few prayers for the company’s survival.  Three Hail Mary and three Our Father a week, until the Palm Pre arrives should be more than sufficient.  The company’s working capital is down to no more than $220 million in cash, and we all know that’s probably not going to be enough to stay a float.

Palm’s last hope is the success of the Pre phone (when it goes on sale sometime in the first half of 2009); but what will they do for operating cash until then?  Well, the company is doing everything possible to stay alive and if that means selling off the 18.5M shares of common stock currently valued at ~$105M USD, originally purchased by Elevation Partners back in January, then so be it.

Unfortunately for Palm, $49M of the ~$105M from the sales of the shares will go to Elevation and Palm will receive the delta.  Palm has said that Elevation plans to purchase share of its own using the $49M.