Concerns highlighted are:
- highly complex financial (caused by constant structural changes and acquisitions);
- the company will likely be making a loss at the time of the IPO;
- no voting rights; and
- the proceeds being used to pay down debt at Travelport rather than for capital, growth and investment.
The question raised by GigaOM is not "is Orbitz a great company?". We all agree that Orbitz it is (even Kevin agrees). It has a great business in the US and a hotel powerhouse in Flairview. The question instead is whether or not this is the right circumstance, structure and timing to float the company.
Thanks to fellow Travelport refugee Edd McArdle of Inside C who first sent me the link.
UPDATE - here is Valleywag's equally tough commentary