How did the Vonage (VG) ever get done? We know that Wall Street has its ways, but the Vonage deal seems to be an unmitigated failure. We have been looking and we found only piece that was at all favorable towards the company or its IPO? A sampling of commentary on the Vonage debacle.

Andy Kessler notes how Wall Street may have "U-G-L-Y" deal on its hands. (via Dealbreaker.com)

Paul Kedrosky points out that free is awfully difficult to compete against.

Kevin Chou at the Telecom Stocks Blog that reminds us that, "This stock is a dog. With bad fleas. Stay away."

Henry Blodget notes how Vonage's attempt to get customers to buy the stock on the IPO will "…endger widespread customer frustration."

The Peridot Capitalist thinks, "…it's hard to see how their business model will survive in the current competitive environment."

Aaron Pressman at BusinessWeek.com reminds us that, "..there's not much there there."

DealBook collects some incredulous comments on the Vonage deal.

If you were still wondering, IPOHome.com had Vonage as its featured IPO this week saying,

While we feel that Vonage is a very risky long-term investment with many uncertainties and the governance picture leaves much to be desired, we believe that investors will place a high value on Vonage's growing subscriber base and expect institutional demand for this deal to be very strong. Further, we believe that its proposed offer price of $17 per share provides attractive upside potential for investors who are willing to take the risk on this growth story.

Schadenfreude aside, the blogosphere did a good job warning investors off of this deal. Now get back to work!

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