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Palm will ultimately dump PalmOS and transition entirely to Windows Mobile. Alternatively we might see a custom Linux stack geared towards low-end phones, but the notion that Palm has clandestine plans to secretly roll-out their own PalmOS derived from Linux is little more than pie in the sky.
Considering PalmOS is a dying platform, it makes little fiscal sense for Palm to invest an enormous amount of capitol developing its own successor for platform that's being handed its hat and coat.
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