Can Palm’s upcoming operating system, Nova, revive the fortunes of the flagging company? Palm’s biggest investor, Elevation Partners, is putting $100 million into that Nova, after already spending $325 million for 25 percent of the company last year. Maybe all Palm needs is a really good tune-up, but it is going to be tough to go up against all the newly-polished goodness coming from the iPhone, Android, and Blackberry.

When Elevation first invested, it brought in former Apple hardware chief Jon Rubinstein to head up the company. The fruits of his labors may now be just about ready to be unveiled. But will it be enough?

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