Spondoolies explicitly stated that it does not endorse this IPO, but merely selling 35 miners and (what appears to be brokering) the hosting.  Spondoolies is either a party to this IPO (in which case the lack of endorsement is somewhat peculiar), or it is not, in which case why the "hefty collateral"?

Further, it's difficult to see how $100k collateral from cowboyminer would assure his adherence to the hosting agreement. According to Spondoolies, the collateral was taken to insure the smooth execution of this IPO.  From this it is reasonable to conclude that it will be released to cowboyminer once the IPO is over.  At that point, cowboyminer is yet to show compliance which the collateral is [presumably] meant to assure.
Could you, perhaps, explain the reasoning behind this collateral?