After Palm investor Roger McNamee of Elevation Partners made wildly optimistic claims about the forthcoming Palm Pre, attorneys at Palm and Elevation Partners issued a free writing prospectus ‘clarifying’ facts that were misstated and ‘withdrawing’ his more exaggerated claims.

McNamee is the managing director and co-founder of Elevation Partners, a private equity firm that invests in intellectual property and media and entertainment companies. The firm is also associated with U2 pop singer Bono (taking its name from a U2 song) and hired Apple’s former CFO Fred Anderson after he left following the SEC’s investigation into options backdating.

Elevation Partners invested $325 million in Palm in 2007, taking a 25% stake of the company as it struggled to find capital. That year, Palm lost over $100 million on revenues of $1.32 billion after canceling its Foleo netbook project, witnessing the collapse of PDAs, and failing to find much success in selling Palm OS devices following the spinoff of its operating system business in 2002 and the subsequent relicensing of the Palm OS from that independent group for $44 million in December 2006.

The document, filed under Securities Act Rules, first clarified a few minor overstatements about the market share of RIM’s BlackBerry and Apple’s iPhone. McNamee had cited 1.2% share for RIM and .9% for Apple, where the document notes that over the past two years, RIM’s share is actually grew from 1.1 to 1.9%, and Apple’s from 0.3% to 1.2%.

It also corrected McNamee’s outlook for smartphones’ share of the mobile market to reach “50% within 5 years,” noting instead that “one third party industry analyst report estimates smartphone share of the U.S. mobile phone market will reach 42.0% in 2012.