One consistent critic has been Sam Hamadeh, CEO of PrivCo, a research firm that tracks private companies.

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"In the last few years, they have missed out on key players because their hands were tied by too much debt, " said Sam Hamadeh, chief executive of research firm PrivCo LLC.

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"They were planning on a fan base of retail investors to buy it, and when institutions buy it, they're hoping to sell it to fans in a few days, " said Sam Hamadeh, chief executive of research firm PrivCo LLC.

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