I doubt its even that, and I question the due diligence of the People at said Hedge Fund as Groupon has been using shadow banking and nefarious accounting to hide massive loses since its inception.
There is no accurate way to place a (positive) estimate/valuation of the operation or its profitability, personally I doubt they even have operating capital since it took that dive earlier this month. It looked to me like the tail end of a significant short selling position finally came to fruition by insiders who got in early.
We had a great war of GroupOn like sites in past 6 months. But only one is working on it greatly.
It is a FAD for me.