In a fateful piece of timing, Goodman Group has said it will not be redeeming the perpetual hybrid notes it issued in 2007. Goodman's announcement yesterday came just before APA Group undertakes the bookbuild for its hybrid notes on Thursday and Crown follows on Friday.Goodman's PLUS notes were scheduled to be remarketed, exchanged for Goodman Group equity of equivalent face value or repurchased in March 2013. This was the way out of an otherwise perpetual debt investment. Now investors will not get out, but instead are being offered a restructured security that has terms and conditions very similar to the latest hybrids being offered by APA Group and Crown.However, Goodman's notes will only pay 390 basis points over the 90-day bank bill rate. Crown is offering 500 basis points over.Investors may feel they are being screwed, but not accepting the offer will leave them feeling even worse. They will hold perpetual notes on which non-cumulative distributions, calculated at only 290 points over 90-day bank bills, can be deferred indefinitely at Goodman's discretion.Investors now contemplating taking up the APA Group subordinated notes or the Crown subordinated notes have a live example of the very real downside risks associated with these investments. Promises of repayment within five or six years are just that. More attention should be paid to the words within the prospectus that say the notes being offered will be a key feature of the issuers' capital structure going forward. Goodman said the same thing in 2007 and meant it.Goodman is setting a precedent that will no doubt be followed by many others. It will become the first rated issuer not to re-market, exchange or otherwise redeem its hybrid notes on the first scheduled date for it to do so.Holders of the PLUS notes are now being offered a restructure under which the notes will be referred to as PLUS II.