After reading this breakdown of Palm's (PALM) lethal combination of mistakes in the last year, one would wonder where the company is headed (except into the ground). Without following some sound advice from non-CEOs, the company -- which at one point was the premier smartphone company -- may be headed to shutterville faster than 2012. If the company is even worth anything by then, nobody will want to acquire it and investors in it will lose everything. That is, unless a product launch on AT&T (T) can save the company.

Palm Inc. (PALM) seemed like a company with a solid comeback plan last summer. After more than a year of downward spiraling, the company was on the verge of releasing its hottest product probably ever, the Palm Pre. This was supposed to be the wireless handset that would finally challenge the Apple (AAPL) iPhone with it's slick user interface and svelte design.

Sales of the Pre in recent quarters were indeed decent, although Palm's decision to choose Sprint Nextel (S) as its exclusive launch partner may have dampened things a bit. Although Sprint's network, at this time, fares way better than AT&T's (T) network that is constantly being made fun of, the Pre still didn't slow down iPhone purchases.