The quite popular Black-Scholes calculator figures the value of warrants using current price, strike price, time until expiry, interest rate risk and share volatility as variables.

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The blue line shows the number of shares which would be outstanding if all in-the-money options and warrants were exercised at the given share price.

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However, the 758 million shares associated with the warrants were bought at significantly below the market price and they now belong to Sheikh Mansour.

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"I don't think the change in the economics of Sallie Mae's business warrants a 40.0% drop in its stock price, " Long said.

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Goldman has made an offer to buy back the warrants from holders for a 10% premium on their purchase price, plus a fixed payment to cover broker fees.

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The warrants reduce the risk to the government since, if the price the government pays is too low and the banks benefit, the government would own a share of that benefit.

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The new offering also includes warrants to allow the new investors to purchase common stock at a price of 1 cent per share.

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Moreover, the TARP escapees have yet to learn the price they must pay to cancel the government's warrants, which give it the right to buy common shares for ten years.

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Holders also allege that after it notified the exchange of the problem but before trading was frozen, Goldman continued to bid to buy back the warrants while ceasing sell offers that would have meant disclosing the real price based on the prospectus.

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