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Biglari Holdings Inc. Message Board

  • awindenberger awindenberger Apr 6, 2014 5:43 AM Flag

    Is anyone planning to go to the annual meeting this year?

    I would love to go, but I'm currently traveling outside the country for a couple more months. If anyone is planning to go, it would be great if you could post your notes, especially those related to the purchase of this insurance company.

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    • That's what I hate...the information disadvantage that all of us that don't drop everything & fly to NYC once a year.

      To me, it should require an 8k with a transcript of the meeting or an audio replay at least.

      • 2 Replies to smaycs4
      • One of the most interesting bits of information provided at the meeting today was that Steak n Shake actually earns more float than does First Guard. This is because SNS generates float on gift cards, ($8.6 million currently) while First Guard actually has essentially no float per its business plan. Maxim is a long term project that will bleed cash for a couple years, but they see potential for a big payoff if they can leverage the brand and turn it into a licensing cash cow. SB is devoting a lot of time and energy to maxim. They are also spending money and devoting time and effort to build out the SNS franchising model and international operation, where they see a lot of opportunity, and some risk. Finally, SB and Dr. phil had a lot to say in defense of the compensation structure and transaction in which SB bought back Biglari Capital from BH, but not so much on the topic of the licensing agreement through which BH gets to use the Biglari name. They said the name Biglari caries weight when negotiating to buy a business like First Guard, but will not be used to rebrand the insurance co., and couldn't defend the 19 years of future payments to SB in the event of separation except to say it will prevent a schmuck from trying to come in and influence BH.

      • Used to be able to listen in on the internet when it was Steak n Shake.

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