If you look, the alpha channel is fine in his screenshot, but at a certain angle, and with a certain frame of animation, the alpha channel information is missing and hence there's one cavalryman with messed up alphas. The same thing is happening in the screenshot I posted of the unedited CA's buggy Imperial German Bodyguard. The missing alpha issue only appears very rarely, and most of the time you don't see it, so the alpha channel is obviously saved. Maybe there's something to do with the model and the UV mapping of the texture or whatever you modellers call it.