This seems like a reasonably good explanation: http://www.askthevc.com/wp/archives/2011/09/convertible-debt-%E2%80%93-valuation-caps.html http://www.askthevc.c

This seems like a reasonably good explanation: http://www.askthevc.com/wp/archives/2011/09/convertible-debt-%E2%80%93-valuation-caps.html http://www.askthevc.com/wp/archives/2011/09/convertible-debt...