Hey Sack of Sweaty..Why so adamant?
On December 18, 2012, he answered that speculation with a Securities and Exchange Commission 13D filing disclosing he had acquired an additional 568,557 Cracker Barrel shares. Biglari Holdings, Inc. now held 4,597,694 shares. Combined with The Lion Fund's 140,100 shares, Biglari now controlled 19.9999% of the company's shares, or just 6 shares shy of the 20% ownership threshold.
They own 19.99999%, six shares short of 20%. If they bought 7 more shares, that kicks in the poison pill, not good. They are looking to see if they can round up to get the equity investment status. At the end of the day, it doesn't matter. They do own 19.99999% either way. Accounting is optics.