I did just that with over 10% of my position today.
Excuse me for thinking Biglari or his board had integrity.
You seem to miss the point.
Most everything I bought in 2008 has went up more.
And BH has severe governance/honesty issues that need to be addressed.
JD Rock calls me a "short term player".
The shares I sold today were bought in 2008.
Every single holder of BH would have been FAR better off selling BH and buying CBRL when BH was buying CBRL.
And they would also have done better buying a restaurant index fund.
They also asked BH for a response IN WRITING as to how he plans on voting the 216,913 shares purchased in part with capital belonging to outside shareholders.
Gabelli indicates he will vote for Groveland unless those shares abstain.
Gabelli has sold on multiple occasions over the last 60 days. (2/23 thru 3/18)
As low as $419.45. And as high as $437.80.
I haven't bothered to figure his average sale price.
I parted with just over 10% of my position today as a limit order that I had placed a week or so ago filled.
My cost basis on those shares was $122.93.
I also own some BH as low as $61.78.
My taxable account is now evenly divisible by 5 so I wont lose value in future rights offerings. Which apparently are going to be an annual thing because big is never big enough for sardar.
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.
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.
Nothing huge. But this is a solid company with good earnings. good book value and plenty of cash.
Even a 4-5 cent per quarter dividend would drive shareholder value.
He has made HOW much off us in the last 2 years while shareholders are flat or down ?
Hope it continues.
Buyback adds value.
Judge Sarah Evans Barker of the Southern District of Indiana in Indianapolis dismissed the complaint on Wednesday.
In her ruling, Barker wrote that just because Biglari controls nearly 17 percent of the company’s stock doesn’t mean directors are subservient to him and rubber stamp his compensation package and other decisions.
“Without pointing to evidence indicating that the amount potentially provided to Biglari under the agreement is ‘unjust, oppressive or fraudulent,’ it is not appropriate for us to question the board’s implicit statement of the value that Biglari’s services as CEO provide to the company," she wrote.
Its almost as if Gabelli put them up to it hoping for reform.
I expect the proxy advisor services are not going to take it easy on the BH board. Nor should they.
Groveland seems like a means to an end for Gabelli. But nobody will ever prove that.