Vonage, a slo-mo train wreck?

Martin Geddes swings the cricket bat and hits Vonage IPO in the knees. “Looks like the script is unfolding to plan, give it another 24 months for the economics to start to fall apart. It’ll start with a nice stock pop (because someone underwriter’s bonus depends on it), but I couldn’t think of a worse time to IPO,” he says.