JP,

Look at this "bizarre" item in the Vonage earnings report,

"As a result of the sharp increase in the price of Vonage's stock during the quarter, the conversion feature of the Company's third lien convertible notes increased in value. GAAP accounting requires the Company to take a mark-to-market charge as a result of this increase. Net loss was $55 million or $0.33 per share, driven primarily by the $63 million non-cash charge associated with the conversion feature. This compares to a net loss of $8 million in the third quarter of 2008 and net income of $2 million sequentially."

The other metrics seem fine...Seems like too much of a haircut losing 1/4 of its value. But then again, thats how these small tech companies bounce around, right :-) Nobody complains when they go up 1/4.