He will wait to see if the stock price increases and then say YES.
If the stock drops, he will say he shorted the shares.
But the bottom line is that UNAM is just a distraction from the fact that Biglari lost by a wide margin in his 2nd annual vote for a board seat. Apparently he is not much of a politician. He needs to find another activist investor to take a 15% stake in CBRL, even though his idol Warren would not go hostile with him. Maybe Warren's brother Jimmy will take a stake in order to sell parrots in the gift shop.