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 »
Turnaround magician and Oracle of HisOwnMind, Biglari Holdings(BH) Chairman and CEO Sardar Biglari continues to struggle with Maxim magazine. The NY Post reports that editor Kate Lanphear is gone, just six months into her attempt to reposition the laddie mag as a luxury magazine. Her tenure has included the previously unthinkable- featuring a man on the cover of the August… Read More »
Unchastened by his unsuccessful proxy fight for a Board seat at Cracker Barrel(CBRL), Biglari Holdings(BH) Chairman and CEO Sardar Biglari has begun aggressively purchasing Cracker Barrel stock once again. Biglari had been held to 9.9% by a rights plan which was voted down by shareholders at the annual meeting in December. Free to acquire more Cracker Barrel stock,… Read More »
If it looks like a duck and quacks like a duck, it might just be Sardar Biglari playing dress up. In his continuing effort to pretend to be Warren Buffett, Biglari Holdings(BH) announced this morning that its Board Of Directors had approved a 1-15 reverse stock split. This follows a previous 1-20 reverse split, and will be followed… Read More »
Image by c r i s via Flickr Two days after sending a letter to the Fremont Michigan Insuracorp(FMMH.OB) board reiterating its $29 cash offer, Biglari Holdings(BH) issued a press release this evening, increasing its offer to $31 per share in cash. Though it was disclosed that the companies had met on December 1, Fremont has not publicly… Read More »
Last year, before engaging in a prolonged exercise(still not complete) in executive compensation, Bilgari Holdings(BH) made a $24.50 cash and stock bid for Fremont Michigan(FMMH). The bid was almost immediately rejected by Fremont, which then lobbied successfully to have a Michigan law passed making a transaction far more difficult. After many months of silence, Biglari Holdings made public… Read More »
Image via Wikipedia Steak N Shake(SNS) has posted the annual letter from Chairman Sardar Biglari. Biglari has made great progress with the company since taking over, swinging from a loss of $23 million in 2008 to a profit of $6 million in 2009. The capital structure has been greatly strengthened. After beginning the year with just $6.9 million… Read More »
The Steak N Shake Company(SNS) filed an 8-k this afternoon disclosing that it has amended its credit agreement to “permit the Company to use up to $10.0 million of surplus cash to make investments of any lawful nature, so long as no event of default exists.” In addition, the Company has granted “Chief Executive Officer, Sardar Biglari, full… Read More »