I like how Sardar's letter acknowledged the costs: 100% of one side plus 18% of the other side.
I also am willing to be that CBRL did not like seeing their letter shown to the public as part of a Press Release mocking their empty offer. Tough break.
If you read the last couple annual letters from Biglari he will explain why reported balance sheet numbers are distorted due to he set up of the Lion Fund and its owning BH shares. You can't use the reported numbers for reliable analysis. He explains the adjustment that needs to be made.
With that said, I like what he has done and think BH is approaching a good buying point.
My one fear is that he's going to try and gain approval again for two classes of BH stock.