jbog,
if the starting point is on Tuesday... this is what happened, theoretically of course...
From Tuesday to Friday the volume is 10,767,700. Subtract from this amount anything below $11.50 yields ~10.5 million shares. (imo, GS wouldn't sell any of the offering below the offering price- if they did it was to trigger sell stops and they scoop up the affected shares.)
They made a cool $12.75 mill last Friday alone on 8.5 million shares!
($14.50 - $11.50= $3
$3/2 ( to get the median) x 8.5 million shares = ~$12.75 million)
They still have control of 9.5 million shares... theoretically
(20 mill- 10.5 mill)
What will GS do?