The problem with any challenge is getting the funds back from Biglari.
He will keep what he deems his and the board would have to sue for the rest.
Just a really sad situation unless the board grows a pair and makes him ship up.
Yes, the punk jdrock thinks a respected publication like Forbes is full of idiot.
What a moron. Its clear this punk has a vested interest in biglaris continued theft from shareholders.
Bottom line is this year was just a test. Biglari and this crooked board will lose control unless they shape up bigtime.
But the sad part is he walks away with a huge going away package thanks to his criminal board cronies.
Honestly, Its just sad that the lawsuit was thrown out. This is a clear case of what is wrong with corporate America.
And this is coming from someone who bought SNS before Biglari got control. Indeed, I bought Western before he got control of it.
I used to be a big fan. The last few years have taught me that he and his board are dishonest criminals. In my
Perhaps, after years of hoodwinking shareholders, Biglari will see that he’s lost the confidence from the market and needs to reform. A look into the abyss of his career as a public company CEO may cause him to stop pillaging corporate assets, taking outrageous compensation and operating his businesses with impunity.
That, however, appears unlikely.
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.
If they bought several % and ran a proxy contest next year, they could force changes here.
They might even snaggle control away.
I might send them a letter asking them to.
On the payroll along with his dad for something under $120k.
I guess they both have a vested interest in the spoils that Sardar enjoys despite shareholder disapproval.
Awin, I must have missed your post during the noise yesterday.
SNS isn't as much of a cash cow as you think. He is borrowing money which we pay interest on at SNS to give it to BCC so he can earn outsized bonuses without shareholder approval.
Also, I weigh the last 2-3 years of BH share price performance more than I weigh the past.
I certainly don't go back to the before public days.
Groveland, if you pay attention, has asked a dozen or so very good questions that remain unanswered.
And instead of answers, we get deception from Biglari.
That's not to say that groveland wasn't a little deceptive too, they were. But Biglari was MORE deceptive and didn't touch on a number of very good points.
BH is probably spending a million or more of OUR money instead of simply being accountable.
YOU know, like he promised us before.
(we want to make money with shareholders not off them)
Maybe I should have dumped it all ?
Unlike the jdrock punk, I have taxable gains that I would PREFER to defer. If only I could trust the CEO and board not to screw me and other shareholders over.
Vote 100% groveland. Not because we want them, to send a message to the egomaniac and his band of 70 year olds. barely stay awake in board meetings, board of directors.
They did own 9.54% and I get 9.5% now.
The number of shares sold was 685 (42 of which were CHANGE OF DISPOSITIVE POWER)
bottom line is the sales posted were correct but the 6.45% was not.
They HAVE sold. but nowhere near 3%.
Gamco 13ds are the hardest to read.
They had 9.54% at 2/20. And it appears to be 9.47% now.
And it appears he sold/DO 685 since 2/20.
(a) The aggregate number of Securities to which this Schedule 13D relates is 196,324 shares, representing 9.50% of the 2,065,586 shares outstanding as reported in the Issuer's most recently filed definitive proxy statement as of March 5, 2015.
So I stand corrected. They have sold but nowhere near as much as I thought.
Read his 13d/a . Both me & dow jones got 6.45%. Chances are your Bloomberg data is before the recent sales.
Gabelli Funds Reports 6.45% Stake in Biglari Holdings
8:00 AM ET 3/23/2015
Dow Jones Newswires (212-416-2800)
The truth is sort of hidden. There is a hurdle rate but he doesn't pay anything for the use of the money. So one could argue the value of the capital might be 6% or more.
The biggest issue is the money was transferred WITHOUT shareholder approval.
Its just flat out DISHONEST and a way to get around shareholder wishes.
It appears he sold 13,000 at $ 3.82 avg. But the form 4 shows D rather than S like I believe it should.
1. Reflects the weighted average price of multiple same day open market sales within a one dollar price range of one another at prices ranging from $3.78 to $4.05 per share.
clichyallan goes on IGNORE too.
Increasing the market cap is idiotic, Increasing the per share value is the goal.
They are NOT the same. But, cant expect these idiots to know that.