The Board didn't renew the Shareholder Rights Agreement, which means Biglari can buy much more of the stock if that's what he wants to do. I'll be interested to see if he does buy more after earnings are released in a couple weeks.
He and Phil have been on the Board for 6 months and there have been no visible signs of changes. I wonder if things are going on behind the scenes or if the Eddel's are just stone walling them.
The most important change he could make (other than convincing the Eddel's to stop over paying themselves) is improving their capital allocation. I'm not sure why they think its a good strategy to hold $10+ million in Preferred stocks of banks, utilities and CD's. If they are going to retain and invest that money, they can do so in a better risk/reward manner. Otherwise, return it to the shareholders via dividend or buying back stock.
I'm sure operations can be improved. It doesn't' seem that the BOD has been holding management accountable for years. There must be opportunity there. It could be interesting to see it play out. But so far its been uneventful.