Dazel,
I've owned Altius since August of 2010 after I read your posts and ran the numbers. It has stayed about a 5% position which is pretty typical if I haven't spent the time to become really comfortable with it. I've just kept up with your commentary and read reports from the company. I'm about 20% cash right now and have another 20% coming if Jef stays above 17 on options expiration.
I really need a place to put the cash and Altius looks to be the cheapest thing I'm watching right now. It seems to be a great place to put some money, but I need to understand it better. Thus, getting to know it from the other side of the trade. I'll post if I find anything else interesting. So far, other that macro problems, I haven't turned up anything.
You're right on the Alderon position. I was typing faster than I was thinking. Alderon makes up a huge portion of the Altius market cap. If Alderon was backed out, Altius seems fairly valued in an ideal liquidation situation. So the margin of safety is Alderon, which seems to be a great investment so far.