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Is Vonage Screwed?

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Andy Kessler predicts that Skype is going to sucker punch Vonage just before their IPO--and Vonage is already hurting:

The buzz on the Street is that the Vonage IPO is on the rocks. They HAVE to raise money or they are in a world of hurt. Their investors don’t want to put another penny in and the company seems to still be bleeding cash, $75 million in the first quarter of 2006. Geez, Vonage is begging customers to buy 20% of the deal - not a great sign.

Kessler suggests that Skypeout, which offers free calls in the US and Canada till the end of the year (during which time, Vonage's IPO would theoretically happen), makes Vonage's $25/month flat fee--and the IPO--considerably less attractive. And why would eBay do that? Because they can. MUAhahahaha! MUAHAHAHAHA! MUAHA--*Cough* cough* cough* ack* cough*...ahem. MUAhah--you get the idea.
Will Skypefree KO Vonage IPO? [GigaOm]