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Anyone who read the Orbitz (NYSE:OWW) S-1 won't be particularly surprised at the reception the newly public travel company received Friday on the public markets.

As I have written before, the Orbitz S-1 is opaque, indirect, and gotcha-filled. This has little to do with "quick flips", as some are alleging, and everything to do with taking public a company without any regard for its current desirability as a public company.