Subject: Re: New tickers GOOGM & GOOGN
In general, mandatory convertibles give you a slightly better outcome if the stock price falls, a flat spot (the same return for a range of middling stock prices) in a middle section, and a positive return if the stock soars but your return rises at a lower rate. So lower upside and slightly milder downside.

Though I haven't looked into any issue-specific quirks, the payoff is probably like the first chart here
http://convertarb.net/?page_id...

Jim