Pay a special dividend of $10.00 , and Biglari will go away
The Cracker has only $5 per share in cash.
If Biglari sells his shares on open market , its down , if CBRL buys Biglari's shares price goes up ?
They want Cracker to take on debt in order to pay a dividend. It's clear this shareholder had some academic input because that's what this exercise is. Sounds like he took a course and was introduced to Mogdiliani-Miller.
Does this take Cracker back to $60?