They made it sound good of course. But they didn't take questions.
I guess Im going to hold & see how they do.
Will be interesting to read the proxy on the background & other interest, I saw a filing last night but didn't open it.
And ascribing a value like they did to LACO is kind of silly for a reverse merger. $9.57 really has no relevance for shareholders. Except I guess they needed to try and make it seem like a premium.
Hopefully the new managers wont repeatedly buy things for future write downs.
And I wonder what kind of golden parachute the old guys will get.
There really was no reason not to take calls.
You seem to ignore & dismiss all the good work he has done.
If Mason was still here, they'd be running negative comps in the mid single digits and the outlook would be much worse. Stores would be stockpiling merchandise that might not sell for 2-3 years.
I have not read or listened to the entire call yet but Im glad I sold 1/3 at $21.80 obviously.
I still think this company has a bright future simply because it was mismanaged for a decade.
But, obviously it was not comforting to see it down so much afterhours.
$3.05 was rejected years ago because it was a lowball offer.
So BAMM now tries to offer $2.75.
Where are the ambulance chasers when you need them ?
Earnings out and the market isn't taking it well.
Down over 2 points from the $21.03 close.
SNS is their target customer. Not sure 1st Guard is.
Hopefully he didn't pay full price for those ads, but rather cheap rates for space that might have not been sold otherwise.
He was fired/quit whatever in Nov.
on 1/26 he bought 1200 shares in the open market at $3.30, then the very next day he exercised options for 12,000 at $1.73.
He owns 419,649 shares,
I believe he got $77k in severance.
Only thing unusual is why a former VP would buy any in the open market ?
1200 shares isn't a lot given how many he owns. But why buy at all when he got 12,000 $1.73 shares ?
I wonder if the options required him to buy 10% in the open market first or something ?
Shares covered by this Schedule 13D were acquired by Mr. Miller for investment purposes in the ordinary course of his business as an investor. The purpose of this filing is to state that Mr. Miller has become the beneficial owner of greater than 20% of the Common Stock of the Company.
Except in connection with the matters described in this Item 4 and as contemplated herein, Mr. Miller does not currently have any specific plans or proposals that relate to or would result in any of the actions or events specified in clauses (a) through (j) of Item 4 of Schedule 13D.
I guess going over 20% requires a 13D even if they don't go activist.
No filing yet. Does someone know something ?
My partial sale at $14.92 is looking good right now.
Still, its hard to believe they would have announced this just to abandon it.
Financing shouldn't be a problem.
The only thing that will be transformed is your money is transformed to the scammers pockets.
Just like the true believers of 10-12 years ago.
Biglari is taking them seriously. He is making changes, he bought positions in 2 of their companies. He knows he could lose control here if he doesn't.
Lets see how many hours it takes whatsitsface to comment.
WTSL and CACH might be a good combo pair to buy. My thinking was one would go under and the other would double or triple.
I was wrong. WTSL filed for bankruptcy and CACH will next week. Both stocks are going to be zeros.
Glad I didn't buy either.
14.26 million shares short at 10/31.
So looks like almost 2 million covered over the final 2 months of the year.
Not sure what to make of it.
Jan 29th after the market close we should know more.
New 13g/a filed by Blackrock. They are at 8.8%.
Last year they were 8.2%.
Similar activity with blackrock & PBY. They increased their position slightly by .1%.
I believe blackrock doesn't pick stocks, they just own them.
Yahoo doesn't even know how many shares outstanding.
So we don't know the marketcap. We have an enterprise value of $22 million.
I submit it SHOULD be less than $1 million.
There is nothing of value here. Its all smoke & mirrors.
I anticipate at least an 85% decline in value within the next few years.
So 4 cents is my target price and then they will have ANOTHER reverse split & rinse & repeat.
Market Makers should be short the most their firm will allow them.
Even if they fail.
Dear Members of the Board of Directors:
We believe that good corporate governance practices can drive significant value to all shareholders, as well as accrue to the benefit of management over the long-term. In this regard, we are concerned that board practices of Biglari Holdings Inc. (the "Company") have ranked at the bottom of the possible range of the ISS Governance QuickScore, and that ISS has commented repeatedly on the outsized Chief Executive Officer (CEO) compensation not being in alignment with company performance. So, we are proposing a corporate governance reform plan to the Board of Directors. Specifically, we believe the Board should implement the following actions as soon as possible:
•Redeem the Company's limited partner interests in The Lion Fund, L.P. and The Lion Fund II, L.P. (collectively, the "investment partnerships"), with the redemption being effected in-kind.
•After the in-kind redemption of the Company's limited partner interests in the investment partnerships, retire or treat as treasury shares all of the Company's shares formerly held by the investment partnerships, and implement a binding Company policy that all shares of the Company that are held by affiliates of the Company, where the Company funded, directly or indirectly, the purchase of such shares, are either not voted on matters brought before shareholders of the Company, or are mirror voted based on the votes cast by shareholders unaffiliated with such affiliates.
•Eliminate the licensing agreement between the Company and its CEO.
•Establish a binding Company policy that all direct and indirect compensation of Mr. Sardar Biglari, including compensation and fees received from investment partnerships in which the Company (or any of its subsidiaries) is a limited partner, and Mr. Biglari or his affiliate is the general partner, be approved by a Committee of the Board of Directors that is comprised of (1) members who have no long-time association with Mr. Biglari or any members of management of the Company, and (2) members who are independent in accordance with the director independence standards of the New York Stock Exchange.
•Restructure the composition of the Company's Board of Directors by appointing to the Board (a) two members elected by the Company's current management; (b) two members elected by Groveland Master Fund Ltd., formerly known as Groveland Hedged Credit Master Fund Ltd. ("Groveland"), with both such members being independent in accordance with the director independence standards of the New York Stock Exchange; and (c) two members elected jointly by the Company's current management and Groveland, with both such members being independent in accordance with the director independence standards of the New York Stock Exchange and both being selected from a list of 10 candidates prepared by a nationally recognized director search firm.
We request that the Board of Directors adopt the governance reform plan outlined above, in advance of the 2015 Annual Meeting. This will save the Company the time and expense of a proxy contest and allow management to focus on the day to day management of the Company.
Please feel free to call me at anytime at 612-843-4302. Please distribute a copy of this letter to every member of the Board of Directors. We look forward to a prompt response from the Board.