First Wind's $450 million IPO a liquidity gusher?Appropriately named First Wind, a wind-generation startup based in Newton, MA with $230 million invested from the likes of JP Morgan, Wells Fargo, DE Shaw and Madison Dearborn Partners which operates 92 kilowatts of generation capacity, has filed paperwork with the Securities and Exchange Commission to file an initial public offering. Small problem, however — it's only generated $37 million in revenue against $138 million in losses, and its mainland plants are competing with electricity generated from relatively inexpensive coal and hydro sources. Add the fact that the motivation for the $450 million IPO is, like the latest funding round, meant to cover debts and you have yourself a dicey proposition, especially in the short term. Who will see the green?The IPO will be an opportunity for vested employees and private investors to cash out, not public investors looking to cash in. Meanwhile, residents of Mars Hill, ME (population 1,480) near the picturesque First Wind turbines pictured here are already complaining about too much noise, not enough sunlight and lower property values. Must not be true believers. You'd think a company with that kind of burn rate would be able to grease a few palms.