On April 24, 2014, Biglari Holdings Inc. (the "Company") will disclose at its 2014 Annual Meeting of Shareholders that same-store sales and customer traffic of its wholly-owned subsidiary, Steak n Shake Operations, Inc., increased by 3.7% and 2.9%, respectively, during the sixteen weeks ended April 9, 2014.
I thought the float is why he wanted an insurance company.
I doubt the biglari name really carries weight when trying to buy a business. And why the heck does it need to be on steak N Shake signs ? (Steak & Shake by biglari)
I really feel left out because I never get to attend the meetings. Wish they would provide a transcript or an audio feed or something.
It seems to me that everyone who doesn't attend is at an informational disadvantage.
Id appreciate if you can expand on the meeting. What did he have to say about his continuing CBRL "beat downs" ?
He keeps getting less & less of the vote. One wonder why he spends his time & money on it when it doesn't appear to be fruitful. (Anymore)
Did he mention cashing out of CBRL now that he can & has given notice that he can months back ?
Just seems to me like his large CBRL stake isn't really undervalued anymore and he could do better elsewhere.
My problem with the compensation structure is the way he went around his shareholders to do it.
Like a $10 million a year bonus isn't enough for him.
Did he mention why he even did the rights offering ? Didn't seem like they really need the money that much.
Im reminded of the small hedge fund guy whose company he bought awhile back in a spur of the moment thing and they later broke up.
Im not sure Maxim has that much potential, its just a soft porn young mens magazine as I recall.
Im sure the CBRL stock price is why he hasn't gotten more votes but does he really want to hold until they have a couple of bad years and the shares go down 30% ?
Id feel better if he found someone to buy about half his stake so he can buy something more undervalued.
Sure, he can outlast the board & eventually get on there and even get control but at what cost ?
I look at it as a win and its time to take some marbles off the table.
Appreciate your comments. I feel a little less out of the loop now.
"MAXIM will continue to be operated by its current management team and will continue to be headquartered in New York City."
And he has ousted them already ?
As for First Guard, doesn't mgmt. lose some inventive now that they are no longer owners ?
I just don't see a lot of licensing revenue but then, I wasn't sure he was going to be able to turn SNS around and he did that well.
Does SNS have a president ? I know they had Phil Prichard as a divisional president for a couple of years.
Although 46 stores sounds more like a regional manager to me. That guy ran cooker bar & grill which ended up going under.
Steak n Shake Restaurants
August 2009 – August 2011 (2 years 1 month)
Oversaw Operations in Ohio and Kentucky for 46 restaurants through 8 District Managers
From March 21, 2014 to April 28, 2014, the Reporting Persons sold an aggregate of 438,466 Shares at an average price of $14.53 per share.
SCHEDULE OF TRANSACTIONS
Date of Transaction Number of Shares Acquired (Sold) Approximate Price Per Share
3/21/14 9,892 $15.26
3/24/14 35,000 $14.55
3/25/14 30,000 $14.46
3/26/14 29,312 $14.37
3/28/14 18,222 $14.26
3/31/14 7,211 $14.26
3/31/14 35,000 $14.23
4/1/14 50,000 $14.56
4/1/14 75,000 $14.51
4/2/14 15,000 $14.66
4/2/14 20,000 $14.60
4/2/14 100,000 $14.68
4/3/14 7,800 $14.67
4/28/14 6,029 $14.15
Getting things done ?. She is the head buyer. TUES is a price sensitive chain.
She is used to buying for a full price big box chain.
Yes, but that's a minor concern and they are very close to being about to settle those issues with cash on hand & property sales.
I wonder if they haven't gotten an offer for the whole she-bang at above NAV,
I think it happened last year. Theres no way that would happen without a proxy advisor telling firms to do it.
On April 24, 2014, the Company held its Annual Meeting of Shareholders (the “Meeting”). The total number of shares of the Company’s common stock voted in person or by proxy at the Meeting was 1,615,168 of the 1,720,889 shares outstanding and entitled to vote at the Meeting. The matters voted on by shareholders and the number of votes cast for, against or withheld, as well as abstentions and broker non-votes, if applicable, with respect to each matter is set forth below.
Proposal 1. To elect the nominees listed below as directors of the Company:
Philip L. Cooley
Kenneth R. Cooper
William L. Johnson
James P. Mastrian
Ruth J. Person
There were 237,031 broker non-votes with respect to the election of directors.
nobody is winning. CBRL & BH are both well off their highs.
BH is stuck. He says its the 4th inning. Which suggests he might think he has 5+ more years to go to get a board seat and/or control.
With limited downside of $13.80. So you risk 10 cents for the potential for a couple bucks more.
I suspect we see arbs continue to take this one higher.
I hope for a deal where we cash out most of our value long before 2 years.
They might sell the company except for a few assets or something and leave them in a liquidating trust.
Should work out well from here. But only because we have been sitting on dead money for so long.
Bought back the shares I sold on 3/21 today at $10.06.
Didn't expect it to come down so fast.
Unlike Dan, who seems to be perpetually wrong, I think PBY will again have its day in the sun.
If it goes lower, I will buy more.
I think the company eventually gets sold for $14-16+. But even without a sale, the stock will go back over $12 again.
Just wish there would be some insider buying.
The provide a range of net asset values every quarter.
It was $13.80-15.83 before today and I guess it went down a few cents.
As for the Preferred, their dividends are halted for now, and the company intends to buy them back in the open market. And they also expect to complete the Liquidation within 2 years/
So I wonder if the liquidation changes things with respect to them not being callable ? If the company is liquidating, they preferred holders cant force the company to stay open just to pay their dividends.
In any event, they could easily satisfy that by setting the money aside and liquidating anyway.
It sounds as if Ashner thinks values are too high and he is closing up shop & foregoing his mgmt. fees to sell out so maybe a premium to net asset value is possible. I would LOVE $20.
But, I didn't listen to any conference calls historically and I guess there is or will be one today.
Conference Call Information
The Company will host a conference call to discuss its first quarter 2014 results today, Thursday, May 1, 2014 at 12:00 pm Eastern Time. Interested parties may access the live call by dialing (877) 407-9205 or (201) 689-8054, or via the Internet at www.winthropreit.com within the News and Events section. A replay of the call will be available through June 1, 2014 by dialing (877) 660-6853; conference ID #13579056. An online replay will also be available for one year.
And has not bought or sold more than 1% more since then.
Most recently they were buyers in the $11.50 range after selling some at higher prices.
So it will be interesting to see their next filing and what they are doing.
Again, they cant buy or sell more than 1% up or down without filing is my understanding.
If my math is right.
Have to say LOAN has recovered well from the million share outright theft but can we ever really trust them again ?
4.21% dividend yield at the last trade of $1.90.
Although its $1.92-1.95 showing right now. A whopping 200 & 300 shares on the bid & offer respectively.
Saw a pic where one of their savings methods was instead of serving pancakes and bacon on 2 different plates, they will serve it on one. Thus saving on labor for washing fewer dishes.
Buffett: "If you're issuing stock continually, one way or another you probably have a chain-letter model going."
RCKY needs to STOP shooting shareholders in the foot with discounted offerings.
That said, these things can sometimes bring more support to a stock. Hopefully that will happen here.