Your message is not accurate. First, you make it sound like he's stealing "all" the profits by sending them to his fund. Well, I guess if he owns 100% of CBRL, he can do so but until that time, your comment isn't fact based. I'm pretty sure the other sophisticated investors would take an issue with that.
Also, it appears the new credit agreement has the company owned real estate as collateral so selling it may not be a huge value driver. Selling the owned RE would result in (1) a tax bill, and (2) most of the proceeds could go to lenders to pay down the credit.
It does appear CBRL has some room to move margins a bit more. If you compare their operating margins to other concepts, they appear low when you factor in the fact that they don't have a lot of rent to pay (given that they own a significant portion of their sites). The recent layoffs will help improve margins but there may be more at the store level.