SeaCube ( BOX) is already showing cracks and it's yet to make its debut. Initially, it filed for a $165 million offering and has since lowered the amount it's seeking to $135 million. Revenue has also fallen for the first six months of the year, even though earnings are up. Interest expense eats up one third of the revenue, making this a highly leveraged company. Also, a large portion of the offering proceeds will go to the private equity investors. This ship may sink once it hits the aftermarket. --Written by Debra Borchardt in New York. >To contact the writer of this article, click here: Debra Borchardt. >To follow the writer on Twitter, go to http://twitter.com/wallandbroad. >To submit a news tip, send an email to: firstname.lastname@example.org.