On August 5, 2008, the Company’s Board of Directors appointed Sardar Biglari, the Executive Chairman of the Board of Directors, to also serve as the Company’s Chief Executive Officer. Mr. Biglari, age 30, has served as the Company's Executive Chairman of the Board since June 19, 2008.
I particularly like the humble wording "I am running for just one board seat out of an eleven member board". Thats how he would like everyone to perceive it, just one seat, not a hostile takeover. It will start with one seat, then two, then appointing himself the CEO, and then the dumping of all the company's real estate assets, cutting capital expenditures to bare bones to boost up earnings, absorbing Cracker Barrel into BH, followed by shuffling the numbers so it's all hard to track. The King of the shell game, Sardar Biglari.
I actually liked the letter. It isn't worth debating if Biglari is a d--k or not, or if he is selfish. Everyone would or should concede "yes" to those issues.
The question in this case is how well is Cracker's management performing? I am not an expert here, but that is where the debate should be. Do you feel management is doing a good job? Or is Biglari right in that management is getting paid well for lousy performance.
I am a little skeptical that Biglari could fold Cracker into SNS/BH. But that's just my humble opinion.