We have to be careful what we say about Sardar Biglari, CEO of San Antonio-based Biglari Holdings(BH). After all, if he doesn’t like it, he might sue us. For the second time in months, Biglari has filed a defamation suit. Marc Gagni of Gagni Asset Management Inc., a San Antonio investment adviser, stands accused of making false statements… Read More »
Earlier this year, Nick Swenson dared to threaten Sardar Biglari’s reign at Biglari Holdings(BH) by launching a proxy fight. Due, in part, to Biglari voting company owned shares in his own favor, Biglari was successful in fending off the attack. He followed up by using company funds to tender for enough shares at $420(and not retiring them) to… Read More »
Sardar Biglari, for the first time, seems concerned about his reputation. He certainly didn’t mind repeated questionable transactions which transformed a small stake in Steak N Shake into majority control of Biglari Holdings(BH), using the company’s own money. He didn’t mind breaking early promises about compensation, or an egregious licensing deal for his own name. Apparently, he did… Read More »
Fresh off his successful campaign to to take the company from its shareholders using their own funds, Biglari Holdings(BH) CEO Sardar Biglari is spending his time creeping out supermodels. Sexy Brazilian model and actress Alessandra Ambrosio appears in a nude cover photo on the new issue of Maxim — but it is a photo inside that has her… Read More »
This information was all included at the end of a long post earlier today, but, in retrospect, I buried the lede. So here it is again, on it’s own. Sitestar(SYTE) borrowed money from CEO Frank Erhartic’s mother at an interest rate that was 8% in one filing and 10% in one much later. At both times, prevailing interest… Read More »
I hesitated for a long time before posting about Sitestar(SYTE) yesterday. Now that I have, I am gratified by the response. I have been contacted by a number of Sitestar shareholders, representing a significant ownership % of the company. Every one of them shared my concerns. It would appear that the only shareholders who don’t agree are the… Read More »
I’ve been hesitant to publicly speak about Sitestar(SYTE). With a market cap of under $3MM and 50% held by directors, it’s too thinly traded to be relevant to most investors. I also have no intent or interest to move the stock price in the short term. I personally have a relatively large position, comprising between 1 and 2%… Read More »
The title on this morning’s press release from J. C. Penney(JCP) reads “J. C. Penney Company, Inc. Announces Settlement of Class Action Lawsuit,” and, indeed it did. But hidden in the same press release, in the fourth paragraph the company comments on Q3 numbers. “While we are confident of our position, resolving this litigation removes any uncertainty and… Read More »
Nearly two weeks after Valeant(VRX) cut ties with specialty pharmacy Philidor, which it owned but didn’t own, when we were told that “The [ad hoc] committee will be meeting promptly to determine the work plan for its review in consultation with counsel.”, the company has decided to host another conference call today. the Company will provide a business… Read More »
Herbalife(HLF) has been the target of a very public campaign by Bill Ackman, who is short and insists the company is a massive fraud. This morning, Herbalife is clearly enjoying the schadenfreude as Ackman prepares for a conference call in support of his long position in the embattled Valeant(VRX). The entire text of the press release: “I hope Bill… Read More »