Short logic (Groupon IPO: Pass on this deal) has some compelling analysis which makes Groupon look like a bubble business (my description). Others call it an insolvent Ponzi scheme. Companies that move away from GAAP have to be suspicious, even if they are “new” hypergrowth businesses.

And their previous round of funding? Nearly $1bn of which $190m went to working capital. The rest to early investors. Which you won’t be now.