D.E. Shaw still holding 2.5 m shares. Institutional ownership has not dropped - still 80% (from 81%). Less holders with equal amounts of shares means more shares per institution - some would say this suggests long term conviction rather than padding portfolios for customers. Paulson, Blackrock, Steelhead and D. E. Shaw are all holding. It's hard to invest based only on whose holding but if percentages dropped dramatically then I would be more concerned. All top 5 investment companies - that's 5 out of 5 (in terms of assets held) are in ANR. UBS, SSgA, Fidelity, Vanguard, JPM. But all of them make good and bad choices. Only time will tell. it does mean there is confidence in the future and no one is abandoning ship.