I will say that when a company is trading for 3-4x the average yearly improvement in tangible book value (and, in a time period that includes the Great Recession) it should spark your interest. They are paying down debt like crazy, have someone who appears to be a great executive at the helm, and while they may not be the best operator- they are improving and expanding.
Furthermore, the thing that I really like about this situation, is that they are used a ton of debt to generate their returns. Yes, leverage when poorly used can destroy companies, people, and as we have recently seen, entire economies. However, in the case of Super Valu, the company trades at such a low multiple of it's cash generation that it should have no trouble rolling over it's debt, if it can't make full payments in the near term. When a doomsday debt scenario is baked into a stock price, it can often greatly magnify returns when the perceived problem is "worked out" (anybody remember the absurdity of worrying over Steak 'n Shake defaulting on it's debt?).
In the light of this, I thought it to be appropriate to buy some SVU LEAPS. The real beauty here, is that I am getting to use the implied leverage of the call options, benefit from the leverage the business uses, have limited downside, and get (in my mind) a pretty good chance for huge returns. Certainly, while there is the potential for a total loss of capital; but when representing a small amount of my portfolio, I am more than happy to take that chance.
Disclosure: I own LEAPS of SVU. This is not investment advice. Always do a ton of your own research in regards to anything that I say, do, write, or so much as even think about.