Cowen Fizzle Shakes Street

Ben Plotkin, Ryan Beck's CEO, declined to comment about delaying the IPO, referring to the mandatory quiet period during the company's registration period. Jim White, BankAtlantic's CFO, declined to comment on the possibility of a sale, citing the same reason.

Observers say that, of the three boutiques coming public, Ryan Beck's situation is most similar to Cowen's. The firm is breaking off from a larger parent company, and is not getting any of the proceeds of the offering.

Since BankAtlantic hasn't set the price range for the Ryan Beck IPO, it could theoretically continue to push back the IPO and renegotiate selling terms without formally announcing any postponement, Menlow says.

"It's not a great way to bring anybody public," says David Menlow. "I would say that prospects have been dramatically damaged for Ryan Beck."

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