Under the state laws that CBRL is organized under, owning 20% or more of the stock makes those shares non voting shares. At 19.9% Biglari has voting rights. At 20% he would have none. His 'ideas' for CBRL were just plain STUPID. He wanted the corp. to BORROW money to pay a 'special dividend,' and hoped that there was enough greed in the shareholders to give him a seat on the board to accomplish that goal.
You must not eat at CBRL. I've never had a problem. I've bought and sold CBRL a multitude of times and got interested in the stock because of the food and service. Never have regretted it. I try to not have more than $100,000.00 in any one stock and CBRL worked out great for the past 5 years. I currently have zero CBRL, having sold it a short while back at $150.00+ with a CB of $123.00. Put that in AFL which is up over 16% since.
Seems to be nothing but spammers on this site. I blocked some and now I don't get any posts!! Too bad Yahoo doesn't care enough to block them from posting or are they paying Yahoo for letting them put up their #$%$
I put the order in in January at $1.88. It got down to $1.89 twice in Feb. If I had been really watching I could have changed the order to market and been happy with $1.89.
It's not an 'adjustment'. It's set by the sellers of the stock and by the buyers. It's a 'price flucuation. And usually occurs on or just after the ex-div date.
Read my reply again. If anyone or any entity owns 20.000001% of a company in TN that stock becomes NONVOTING. A poison pill was not needed. It was redundant. You can't seize control without having a vote! Google it. There are severakl articles written that support my position.
You are absolutely wrong. The poison pill, you refer to, is overridden by STATE of TENNESSEE law. It's called the Tennessee Control Share Aquisition act which clearly states that no one owning 20% or more of a company can vote a single share. Effectively shutting down Biglari. And if he dumps all of his shares it won't affect same store sales, the dividend or anything else. it might bring the price down. At which I will add more shares. So, in fact, there are 2 'Poison pills' that prevented Biglari from seizing control, and forcing CBRL to BORROW money to pay a special dividend. That proposal was the DUMBEST thing I've ever heard. had that been announced the stock would have skyroceted and he's have sold every damned share. All to the detriment of CBRL. You may be a fan of Biglari, but I'm not.
Biglara could NOT buy any more shares. Under the state law where CBRL is located no one can own 20% of a company. He owned 19.9%. If the stock drops significantly I'll buy more. We are sitting on quite a bit of cash right now. I redid our investment portfolio and the wife's IRA last year with pretty good results. Much better than the performance of 2015. So far, but the doomsday sayers have been out for 2 years now and who knows what the rest of the year will bring. There's a couple of 'investment analysts' that have been predicting gloom and doom for a while now. Sooner or later they will be correct. Maybe.
Garp. I have seen somereal moronic posters over the years on some of the boards. But you, with your repetive posts are the top idiot. Post once and go away if you don't like something.
GARP = "one who passes gas in the bathtub and snaps at the bubbles with his teeth."