Palm’s CEO Ed Colligan wrote a blog the other day stating that they were going to go ahead and work on Saturday, oh yeah, and Sunday too, no really he decided to do away with the Palm Foleo, at least for now. Not so much because of the deals they made with the devil, Microsoft, but more so because they don’t have enough resources to move forward with both the Foleo and their new OS they are working on.

However he stated that scrapping the Foleo will cost Palm about $10,000,000 and I can only assume that for that kind of money he couldn’t have hired some more “resources” and produced some sort of a product on the Foleo line? Mr. Ed also said that there may still someday be a Palm Foleo, just wouldn’t even give us a roundabout ballpark figure of when.

For those that don’t know or don’t remember, the Palm Foleo was a sup-laptop compact and portable PC type of thing, which was actually just supposed to be an extension of your smartphone, likely a Palm device. It was actually a great idea, really the only thing that I thought needed worked on was the price as the last I heard it was higher than several fully featured laptops.

Palm kills Foleo ‘Smartphone Companion’ to focus on next-gen OS [via SlashGear]