Just figured it would be good to know if you were short. He bought in the early June time frame last year and he is required to buy within 120 days of receiving last year's incentive so I would imagine his time is running out. Also, he has already earned his full incentive for 2013 so 100% of book value gains for the remainder of the year flow straight to the shareholder. Up another $30 million in Q3 already.
My guess is he gets board approval to buy in the rights offering instead.
Im guessing he would prefer to buy in the rights offering but his "deal" says "open market".
Purchase of Common Stock. The Incentive Agreement provides that Mr. Biglari will use an amount equal to at least 30% of his annual pre-tax incentive compensation to purchase shares of the Company’s Common Stock on the open market within 120 calendar days of his receipt of such payment, subject to restrictions under the Corporation’s insider trading policy. Mr. Biglari is then required to hold such shares for a minimum of three years from the date of purchase, subject to the terms of the Incentive Agreement.