We have a convertible note that can be converted by the lender into stock at any time or times during the term of the note. The conversion price is established by reference to the average lowest closing prices reported by a recognized reporting service in the ten days preceding every conversion. We have built our share price database using Yahoo Finance, whereas our lender prefers to use Bloomberg. While I am not surprised that the reported closing prices may occasionally be slightly different, I am surprised that the Bloomberg prices are universally lower than Yahoo, and not by just a fraction of a cent. (See data below) . In two further conversion calls, Bloomberg's pricing was again universally lower. I am beginning to think that it is not a coincidence that on 30 separate days, Bloomberg has reported a lower closing price than Yahoo, and this pricing is working to our disadvantage. Has anyone out there experienced this differential reporting of a what I would expect to be a factual event, and does anyone have any idea why Bloomberg has been lower in 30 out of 30 occurrences to date?
| 1st conversion | Per Yahoo | Per Bloomberg | Difference | |||||
| Date | Volume | Adj Close | Closing bid | Volume | Close | Volume | ||
| 12/14/2010 | 95700 | $ 0.540 | $ 0.450 | 10,325 | $ 0.09 | 85,375 | ||
| 12/13/2010 | 72900 | $ 0.600 | $ 0.402 | 72,815 | $ 0.20 | 85 | ||
| 12/10/2010 | 21900 | $ 0.560 | $ 0.400 | 21,810 | $ 0.16 | 90 | ||
| 12/9/2010 | 24100 | $ 0.580 | $ 0.505 | 24,085 | $ 0.08 | 15 | ||
| 12/8/2010 | 23900 | $ 0.580 | $ 0.480 | 23,865 | $ 0.10 | 35 | ||
| 12/7/2010 | 30800 | $ 0.520 | $ 0.400 | 30,705 | $ 0.12 | 95 | ||
| 12/6/2010 | 11300 | $ 0.750 | $ 0.610 | 11,250 | $ 0.14 | 50 | ||
| 12/3/2010 | 33800 | $ 0.650 | $ 0.650 | 33,775 | $ - | 25 | ||
| 12/2/2010 | 32800 | $ 0.700 | $ 0.670 | 32,730 | $ 0.03 | 70 | ||
| 12/1/2010 | 89700 | $ 0.700 | $ 0.500 | 89,650 | $ 0.20 | 50 | ||
