Major Vonage shareholders to SEC: stop us before we sell!

While I am here in my office making tea, I'm also trying to read tea leaves about why a group of Vonage's largest shareholders asked the Securities and Exchange Commission on Tuesday to postpone a regulatory step that would make it easier for these execs to sell their stock.This request relates to the expiration next week of the SEC's mandatory six-month hold on these transactions- which dates back to Vonage's $17 a share IPO nearly six months ago.

While I am here in my office making tea, I'm also trying to read tea leaves about why a group of Vonage's largest shareholders asked the Securities and Exchange Commission on Tuesday to postpone a regulatory step that would make it easier for these execs to sell their stock.

This request relates to the expiration next week of the SEC's mandatory six-month hold on these transactions- which dates back to Vonage's $17 a share IPO nearly six months ago.

What's fascinating is not so much that Vonage Chairman Jeff Citron- who owns 51 million shares of Vonage stock- was among the petitioners.

What's quite fascinating is a list of the other shareholders, and the 64 million shares they own.

Shareholders such as venture capital firms New Enterprise Associates, 3i Group, Meritech Capital, Bain Capital and Institutional Venture Partners.

Keep in mind that counting Citron, these investors own about two-thirds of all Vonage shares.

This is pure speculation, mind you, but could it be that these sell-off roadblocks have been extended to prevent major Vonage shareholders from throwing up their hands and bailing out- such as selling to a potential acquirer?

And if we agree that scenario is plausible, does this whole action sound like a move to quell actual or potential dissention in the ranks? 

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