IPO fun and games..

from Reuters Orbitz chief could make lots of money if the company's IPO fails: bq. Orbitz CEO Jeffrey Katz could profit handsomely from a cushion in his pay package if the online travel company's initial public offering is a bust, but analysts say he probably won't have to use it. bq. Katz has an insurance policy of sorts that gives him the option for a one-time cash payout in an amount that increases as the company's shares decline, according to documents filed with regulators. bq. Katz can cash in on the payout 30 days after the IPO, on the first four anniversaries of his July 2003 contract, or if he resigns or is terminated. bq. "I've never seen that before. I think it's a howl," said John Fitzgibbon, analyst at 123jump.com, which monitors IPOs. "What he's done is (essentially bought) a put against his stock -- in other words, he gets money if it goes down." bq. Orbitz, the No. 3 online travel site, plans to sell 4 million shares in its IPO, and stockholders will sell 7 million more, for a total of 11 million shares at $22 to $24 apiece. The offering is expected the week of Dec. 15, according to people familiar with the IPO. bq. Orbitz was founded in 2000 by the top five U.S. airlines, most of which are selling big chunks of stock in the IPO. Interesting... more in the article