And we get a press release when he needs our votes.
I voted today.Withheld for the entire board.
They snookered the money out without a shareholder vote. And they LIE about being 90 days from insolvency.
They ignore one of their largest holders in Gabelli.
I don't want Groveland but Im voting for them. When I get their materials. I got BHs today. Didn't need to vote ,wanted to.
My problem with the rights offering is I already have a large position and its not evenly disable by 5.
And doing one every year is just too much.
Value your stock, not devalue it with a rights offering.
I wasn't a fan of the reverse split either.
Im not a newbie here. I bought into Western Sizzlin days before Biglari got control. Plus, I added SNS before he got on board too.
So its not like I haven't been on his side. Its just too much.
I think I am going to pen a hand written letter to the BH directors. Because I expect more from them.
Honestly, they are all just rolling over for Sardar. and he needs supervison. NOT rubber stampers.
Within 90 days of insolvency is just a joke.
And they don't even touch on his HUGE bonus money without shareholder approval.
I was only planning on voting for 2-3 of the new guys but I might just vote for their entire ticket.
Not because I want them all but because of the deception on BHs part.
I meant you "Cant" vote them all in. But a couple of them might send a message.
The current board appears unwilling to listen to shareholders.
And Sardar might be better off doing away with his bonus over $10 million. Just from the stock value increase.
Hopefully, the proxy advisory firms will come down hard on BH.
No reason to name the stores after himself. No reason for over $10 million a year in bonus money.
Nobody is voting for the new guys as much as they are voting against the status quo.
Its a darn good question, and a darn good reason why ALL the outside directors should be ousted.
I appreciate his mentor but there is no excuse for using his name. Now, if he had 40 years of great investment results, it might matter, He doesn't. And his name on the end of steak & shake doesn't add value, it devalues it.
But it ignores a number of the bigger problems and self dealings.
At the very least I plan to vote for 1 or 2 of Grovelands guys just to vote against the continued self dealing and annual rights offerings.
Why mess with the Steak N Shake name by adding "by biglari" ? Why the huge change of control ?
Why the continued self-dealing against shareholder wishes ?
That said, you can vote them in just because the current board is incompetent.
But you can darn vote for 2-3 of them to send a message.
Get the biglari name off the eateries. Limit compensation to $10 million per year combined, stop the annual rights offerings.
You don't touch on the lies that BH is telling in an attempt to get our votes.
You don't touch on the poor performance since buying CBRL, We should have dumped our BH and bought CBRL instead. Also, you don't compare BH to its peers, which really outperformed.
He has taken on massive debt at the steak & shake level.
His spending is totally out of control. The board are a bunch of rubber stampers.
Id rather not sell my shares but I cannot & will not vote for a single board member that would allow such deception toward shareholders.
SNS wasn't even close to insolvency. they must think we are idiots.
I did just that with over 10% of my position today.
Excuse me for thinking Biglari or his board had integrity.
It iS his fault. He has repeatedly made self-dealing moves which directly led to recent underperformance despite a very good bet on CBRL.
Lead Director buys 25 shares.
03/18/2015 P 25 A $ 421.02 385
He and the board have given us every reason to distrust them.
They didn't even attempt to make reasonable changes.
My guess is this year was a trial run for NEXT year with a better slate and a hedge fund who takes a meaningful stake.
Even the proxy firms admit groveland made a good case and recommend to withhold the entire BH slate.
jdrock is either biglari or his stupid little brother who would be out of a job if Big lost control.
Not because I want them, but just because they are not the current board.
Ideally, a couple of their guys get seats and BH realizes that he works for shareholders and changes his deceptive ways.
He is an out of control ego-maniac.