Two ways, upfront:
AMEX-Hhonors-MileagePlus or
AMEX-Delta-Hhonors-MileagePlus
(example included) AMEX 10,000 points --> HHonors 13,000 Hhonors points --> MileagePlus 1,950 miles
Or, for better results (but takes more time):
AMEX 10,000 points --> Delta 10,000 SkyMiles --> Hhonors 20,000 points (this requires a getting a cert from delta then mailing it to hhonors, which takes time) --> MileagePlus 3,500 miles
THIS IS AN EXAMPLE ONLY for comparative purposes. For exapmle, in the first scenario, the direct Hhonors to MileagePlus transfer must take place in increments of 10,000 hhonors points. But you get the idea witht he numbers. The Delta pass-through has been discussed extesively both on FT and in the magazine, and I have personally done it with great success...in fact, a Hilton rep recently acknowledged (and apologized for) this procedure on a thread in the Hilton forum of this site.
According to my calculations, the second method will net you 45,000 MP miles from your 150,000 Amex points.
CAUTION!!: If you are not Premex or above, you may want to leave the points in Hhonors until you are a month from needing to use them. The Hhonors points do not expire, and you may decide that there are more things to do with 300,000 Hhonors points than 45,000 MileagePlus points...
Good luck and enjoy all those miles!!!!
CAUTION #2: I was never that good at math, so be sure to check my numbers!!!!!!
[This message has been edited by Matt Wald (edited 06-30-1999).]