VoIP IPOs, Waiting to Exhale?

In the wake of megafunding round Vonage just raised, Mike Masnick over at Techdirt asks can Vonage go public? Given the checkered past of Vonage CEO Jeffrey Citron, where he is apparently forbidden from running a public company, this is a good question. I am not sure what Citron’s settlement with SEC was, but there might be a way out. He could sell his equity to a private investor, get some warrants in addition to cash for his shares (so he can participate in future upside), and then the company can go public, since he won’t be an officer of the company. But that’s just pure and unadulterated speculation on my part, and given how tightly he manages everything, that’s not going to happen. Mark Evans believes that the VoIP public offerings are going to stay on ice for a while, given the displeasure stock markets are showing for current VoIP plays – over past three months Deltathree is down 32.4%, 8×8 Inc. is off 51% while Net2Phone Inc. is down 32.2%. Business Week suggested a Vonage IPO in 2006, but will it be too late?