aper and M13.2 also deal with Microsoft .. E9.10. Conversion of Stock Warrants: Warren Buffett and Goldman Sachs (Easy) In September 2008, in the midst of the credit crisis on Wall Street, Goldman Sachs in- vited Warren Buffett, the legendary fundamental investor, to contribute much-needed eq uity capital to the firm. Buffett seemingly got a very good deal. For a $5 billion cash in- fusion, he received perpetual preferred equity shares carrying a 10 percent dividend (redeemable by Goldman Sachs) plus warrants to buy 43.5 million common shares at $115 per share (for a total of another $5 billion). The $115 conversion price was set at the current share price, a three-year low for Goldman. In June 2011. Goldman's shares traded at $136 each. If Buffet exercised the warrants at that price, what is the loss to Goldman's shareholders