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system
does it make sense to trade my googl shares for goog and pocket the difference?
user
to keep it simple, let's say that a shares trade at 500 on average between april 2nd 2014 and april 1st 2015 (one year anniversary), then if c shares trade on average: the payment will be made either in cash or in shares within 90 days. the difficulties come from the fact that the formula is based on an average price over a year, which is not directly tradable, and that the spread is only covered between 1% and 5%. in practice, it is unlikely that the market will attribute a large premium to voting shares considering that page&brin keep the majority and any discount of cs vs as above 2-3% (to include cost of trading + borrowing) will probably trigger some arbitrage which will prevent it to extend too much. but there is no guarantee. fyi here is what the spread has looked like since april 3rd:  * details in the section called "class c settlement agreement" in the s-3 filing
assistant