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Blackberry may love U2, but U2 loves Palm, and is showing it in the old fashioned way…money.

In the recent secondary offering of Palm stock, Elevation partners, the private equity firm managed and co-founded by Bono of U2 bought an additional $35 million worth of Palm stock (about 2.2 million shares or one tenth of the secondary offering)  raising their share of the company from about a third to 42% of the extant stock. The market is seeing this as a show of faith in the company and it’s roadmap by Elevation, their largest single backer.

Bono would not return my calls asking for comment, but I did chase down band guitarist The Edge outside NY’s hip club The Jane Hotel and asked him about his view on Palm’s future in the smartphone market, but he just broke my camera and called me a tosser.

(Source: Barrons)