Dell valuation by Southeast Asset Management

Interesting analysis and a possible alternative to going private.  Full SEC filing here, I saw the posting initially on Barron's that also linked to an article with Reuters. 

I am long DELL, however my long shares are being called away with February option expiration (short Feb 12 calls against long position). 

I believe that the current buyout offer of $13.65 per share undervalues DELL.  I value DELL closer to $16.50 with a floor price of $12.40.  The problem of initiating a new position today is that the risk/reward is unfavorable. 

The price of the deal could not be raised enough to satisfy Southeastern (or a couple of other funds that are against it) and if the deal is axed I think DELL trades back below 12.