At this point the question becomes what can/will he do with the $75 million.
If I recall, he has a 9.5% position in insurance company UNAM.
Its current marketcap is $62 million. So the $75 million should be sufficient to offer a premium.
BHs adjusted average cost for UNAM is $10.855. Thats adjusting for the $1 dividend paid 11/28/12.
Here is UNAMs response to BHs 13d....
11/16/12...."In the interest of continuing its tradition of providing complete, unambiguous and timely disclosure to the public, Unico’s management elected to issue this announcement. Unico’s management and its Board of Directors did not receive any tangible or credible proposal or description about “ways of maximizing shareholder value” with respect to Unico from Sardar Biglari, Biglari Holdings Inc., or any representative thereof. Also, Unico’s management and its Board of Directors did not share any substantive communication with Sardar Biglari, Biglari Holdings Inc., or any representative thereof."
UNAM seems a likely target. I looked around at small restaurant co.'s and see FRS (Frisch's Big Boy) has had some accumulation taking place. I bought Thursday and was treated to 2 nice up days. If it isn't Sardar, then I'm becoming a fan of whoever it is. But Sardar could be thinking on two fronts with FRS - tuck-under acquisition with immediate supply chain and administrative cost savings; and/ or FRS has a pension fund for their employees. That's capital to employ before payouts - just like an insurance co.