68000 equals about 3.285% of the shares outstanding. Approx $25 million worth. Using OUR money so that he makes a bonus on it for himself.
Why not leave the money with the parent company ? Because he couldn't make money off us as easily.
On May 10, 2016, The Lion Fund II, L.P. (“The Lion Fund II”) entered into a Rule 10b5-1 Trading Plan (the “Purchase Plan”) pursuant to Rule 10b5-1 under the Securities Exchange Act of 1934, as amended, with respect to shares of common stock (the “Shares”) of Biglari Holdings Inc. (the “Company”). Under the Purchase Plan, a broker dealer will make periodic purchases of up to an aggregate of 68,000 Shares on behalf of The Lion Fund II at prevailing market prices, subject to the terms of the Purchase Plan. This description of the Purchase Plan does not purport to be complete and is qualified in its entirety by the text of the Purchase Plan, a copy of which is attached as Exhibit 99.1 hereto and is incorporated herein by reference.
I took advantage of the pullback to add 4 shares to my lot. Now I have a total of 15 shares, 10 in one account and 5 in the other. Far less than before I sold out of the bulk of my shares at $415-420
Hopefully, the shares will rise when he is back in there buying because he wants to make money OFF us, not with us.
I wonder if SNS is seeing breakfast sales weaken with McDonalds sales being strong recently ?
Commenting on the quarter, Hilton H. Howell, Jr., chairman, president and chief executive officer, stated, “The year is off to a great start and we couldn’t be more pleased. Our property and casualty operations continue to post increasing profits and have recently been successful in renewing several large accounts. Our life and health operations have spent the past year on product development, distribution and pricing refinement and the increase in our first quarter premium revenues confirms that our actions are paying off. We believe that our first quarter is a good indicator for the balance of the year.”
I added some shares at $3.45 today. I think my limit order was $3.51 so I got price improvement.
Still concerned about the director resigning.
On the positive side, that other director buys shares from time to time.
With a 9194 share trade at "the market" which was $8.64 because they placed a market order.
With a limit order, they could have gotten $11.25 fairly easily if not more.
They gave away $27k by being stupid.
That will pay for 4+ years of dividends. But, its just a return of capital.
I think the stock should be trading closer to $1.75 because this dividend indicates a willingness to do something about shareholder value, finally.
I did not sell ANY on the move to $1.50 because while its easy to say it got too high in hindsight, It was reasonable to think it would continue higher to at least $1.75.
Im probably going to add shares on if we don't stay above $1.
A case could be made for a one time distribution, a buyback or both instead of or in addition to .
With the shares at $2.55ish we still have a margin of safety. They had an opportunity to update us on the strategic alternatives but chose to remain silent.
Would seem to me that slow liquidation might be the fallback option which might take years.
Ideally, maybe someone would buy the entire company for say $3-3.20. That would be a fair outcome I guess. If we could get paid within 3-6 months. I don't know likely that is.
No conference call doesn't help with clarity.
Currently we expect the last day of trading to be August 1 to give all trades time to settle before the assets are transferred to the liquidating trust. With regard to trading of interests of the liquidating trust, I am not familiar with EDCI. However, under the SEC requirements, the trust cannot enable any trading or transfers. If a secondary market develops it will have to be without facilitation by the trust.
I don't think you can lose money at any price unless the entire market tanks and it lowers the value and timing they can realize for their remaining properties.
I own it in an IRA so the tax issues don't matter. Still, Im somewhat uncomfortable having an unvalued stock in my portfolio for months on end.
I already have a big position but I would buy more if it were to go to $9-9.50.
Ive never owned anything exactly like this, going off the big board to a dark liquidating trust.
Ive had a number of liquidations and they tend to do well but in this case, a lot of institutional holders may be forced to sell here before it goes dark.
Also, if the stock goes too low, the company could/would buy shares.
He#$%$ missed the prior move fro 51 cents to $22. They missed the move from $5 to $8.75.
They have been stuck on "sell" the entire time.
Maybe its time to get another job and move on ?
Why not do it ?
Afraid of posting your name ?
Its as if they are making my case with every press release.
Thanks guys. But I don't need your help.
The last 14 years of massive losses and changing business models speaks loudly.
They need to stop opening new stores and get their current stores to show positive comps.
I put a buy order in at $2.50 because I believe the stock is overvalued at current prices.
Schwarz needs to put the hammer down. Give this guy 6-9 months to show positive comps or show him the door.
Yeah, I called them and they confirmed it. The non-tendered shares will be returned before the next dividend.
I don't expect much more than 17-18% to stick. But Id be thrilled with 20%+.
Im planning on tendering this time and the next 2 times. But hopefully, the board will get off their duffs and make sure the stock doesn't continue to trade at a huge discount.
When the discount is 8-13%+ no other investment makes more sense than their common shares.
Unless of course they are more worried about their fees than their shareholders which would be a breach of their fiduciary duty.
Not sure what they are going to do but closing braches seems likely.
Maybe they can learn to service their loans from fewer branches ?
I still hold my small position.
Well, the company has been spending heavily on paid touts for 14+ years.
Why ? Because they cant pay the bills without new suckers ?