Ted Shelton draws attention to something I've pointed out before. The spending to the point of excess that Vonage seems to be doing.
The kind of numbers which Ted alludes to numbers that are out of the stratosphere and one would think that Vonage was Coca-Cola.
First off Vonage only has a million lines. I say only because a spend at the rate they are dolling out the cash makes it almost impossible for a profit to be made until Vonage customers acquisition starts costing them less.
Vonage is a company now looking for an exit that missed the right one along the financial hiway. Now they are trying to find the next off ramp, or worse may need to make a U-Turn to get the value they feel the company is worth, or close.
Given how the FCC keeps layering in added costs and requirements Vonage's low cost operations model is starting to look more and more like old news. Their relationship with Level3 for E911 isn't free, and while they still pass calls over the public internet, they can only survive so long on the mantra of only offering cheap calling.