Dear investors in Vonage

Someone asked me, rhetorically, what exit strategy Vonage could possibly have.  At the time, I thought the worst of it was probably worthless stock as a result of selling a commoditized product, competing with vertically integrated operators, who have a better link to customers and more downward pricing flexibility than Vonage.

It's worse than that.

"A judge has effectively barred Internet phone carrier Vonage from signing up new customers as punishment for infringing on patents held by Verizon, though the company will be allowed to continue servicing existing customers. Vonage is planning to appeal."-WSJ

Dear Vonage Shareholders and customers,



Jeff Citron