"Full up! Slam the door. Nail the windows. We don't want any more B2B!!"

Oh don't mind that screaming man. That's just the collective voice of portfolio managers as

Ventro

(VNTR) - Get Report

, the old

Chemdex

, has to cancel its common stock offering and cut back its convert.

Remember last week when I said the market has had enough of these deals?

Remember

Ben Holmes

TheStreet Recommends

saying that this is the sickest looking group of secondaries he has seen in some time?

Now we are paying the price of the deals that are being foisted on the market, and we are seeing the dark side of the B2B moon.

Ventro, nee Chemdex, never interested us. Matt "B2F" Jacobs always thought the tiny gross-margin story here would eventually catch up to the stock.

It sure did -- just when the company wanted the money. Now the window is shut, and there are a lot of insiders at a lot of different companies who are hoping that we are not seeing a replay of that excellent last scene in

Blood Simple

, the one where M. Emmet Walsh gets his fingers caught.

Remind me to rent that one again this weekend. And to send the venture capitalists a copy for a little

cinema verite

.

James J. Cramer is manager of a hedge fund and co-founder of TheStreet.com. At time of publication, his fund had no positions in any stocks mentioned. His fund often buys and sells securities that are the subject of his columns, both before and after the columns are published, and the positions that his fund takes may change at any time. Under no circumstances does the information in this column represent a recommendation to buy or sell stocks. Cramer's writings provide insights into the dynamics of money management and are not a solicitation for transactions. While he cannot provide investment advice or recommendations, he invites you to comment on his column at

jjcletters@thestreet.com.