Biglari Holdings doesn't have to ...do....anything. BH is collecting over $14M per year in cash dividends from Cracker Barrel, a stock that continues to hit new highs, $115 today, for instance :)
Lower gasoline prices mean more biz and profit for CBRL also.
My guess is that he is negotiating with CBRL to buy at least part of his holdings in exchange for calling off the dogs in a transaction similar to Yahoo's recent purchase of shares directly from Dan Loeb/Third Point. If he sold a portion of his shares to the company and continued to hold the rest, the stock price shouldn't tank and he would have additional cash with which to pursue his next target.