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GoFish, the online-video site whose IPO we took as a sign of stock-market froth, hasn't been producing as many bubbles lately. A deal struck in February for GoFish to buy Bolt Media, a rival video site, has fallen apart, according to Digital Music News. DMN says that licensing video rights for both GoFish and Bolt proved too complicated, and GoFish decided to go it alone. But we think there's more to this story. And yes, there is.

A tipster sends in a prosaic, but logical, reason for the collapse of the deal. The all-stock acquisition was made in February, when GoFish shares were riding near an all-time high. With GoFish shares now trading at less than a buck, and the entire company only worth $16 million. With its stock currency devalued, GoFish no longer has the means to pay Bolt's shareholders, let alone Universal Music, whose lawsuit prompted Bolt to put itself up for sale in the first place.