Copyright © 2013 Knight Sac Media. All rights reserved.http://www.siliconinvestor.com/subject.aspx?subjectid=57402Western Sizzlin is in the process of executing a reverse merger with Steak n Shake. The name of the thread will be changed when that transaction has been completed. While the primary business of Western Sizzlin Corporation (stock symbol: WEST) is franchising and operating restaurants, in recent ye...http://www.siliconinvestor.com/images/Logo380x132.pnghttp://www.siliconinvestor.com/subject.aspx?subjectid=5740238013210Jurgis BekepurisOT: I think I supported executive compensation for 4 or 5 out of my ~60 holdings. I am sure there were couple more international companies that did not ask. The good ones were BRK, FRFHF, MKL and couple small caps I can't recall ofhand. Not that it matters, but vote early and vote often. :)http://www.siliconinvestor.com/readmsg.aspx?msgid=288995545/17/2013 12:03:20 AMGlenn PetersenBH was in a select company: Towers Watson: Shareholders ratify executive compensation at 91% clip By Barry B. Burr May 1, 2013 4:15 pm Shareholders have voted on average 91% to ratify executive compensation in non-binding say-pay-pay voting at U.S. companies so far this proxy season, up from 89% in all of 2012, ...http://www.siliconinvestor.com/readmsg.aspx?msgid=288994025/16/2013 9:45:06 PMJurgis BekepurisI missed BH voting results that came out in April. Compensation of our D(ea)r Dictator was shot down: To vote on a non-binding advisory resolution to approve the compensation of the Company’s Named Executive Officers, as described in the Company’s proxy statement with respect to the Meeting: For 367,672 (...http://www.siliconinvestor.com/readmsg.aspx?msgid=288949245/15/2013 12:42:35 AMJurgis BekepurisEvaluating Biglari's performance for last year, CBRL investment performed well, but it lacks exit strategy. If company does not do well, it could turn down as fast as it went up. I wonder what Biglari will do this year. Steak 'n Shake beautification, continued CBRL fight and rights offering do not impress me at this p...http://www.siliconinvestor.com/readmsg.aspx?msgid=288183274/5/2013 3:09:28 PMsmaycs4 Biglari Wants to Make You Money [graphic]By Jonathan Heller 0 NEW YORK ( TheStreet) -- "I'm here to make everyone some damn money," said Biglari Holdings CEO Sardar Biglari at yesterday's shareholder meeting in New York. As I reported last month, I consider the BH annual meeting to be a must-...http://www.siliconinvestor.com/readmsg.aspx?msgid=288182274/5/2013 2:38:40 PMsmaycs4Not sure I agree with Maze that Biglari is going to wage a proxy fight every year. Might be better to wait for them to stumble. A Sale May Be The Only Way Out For Cracker BarrelBy Jonathan Maze, March 5, 2013 [graphic]Cracker Barrel may not be able to fend off Sardar Biglari without a sale of the company. Accordin...http://www.siliconinvestor.com/readmsg.aspx?msgid=288182014/5/2013 2:28:33 PMGlenn PetersenIn the late 50s/early 60s my family (and aunt and uncle) would go to the annual homecoming games in Urbana, Roger Ebert birthplace and childhood home. One of the highlights of the day was lunch at Steak n' Shake, the northernmost Steak n' Shake outlet in Illinois. The chain did not move into the Chicago metropolitan ar...http://www.siliconinvestor.com/readmsg.aspx?msgid=288168024/4/2013 9:16:32 PMJurgis Bekepurishttp://www.siliconinvestor.com/readmsg.aspx?msgid=288164814/4/2013 5:56:55 PMSr K“If I were on death row, my last meal would be from Steak & Shake”. Roger Ebert. my.chicagotribune.com http://www.siliconinvestor.com/readmsg.aspx?msgid=288164314/4/2013 5:20:19 PMsmaycs4Jonathan Maze?@jonathanmaze Seriously: Mr. Big has added his name to Steak N Shake, at least in Europe. HT @mlarson1011pic.twitter.com/4egyY6P0J9 [graphic]http://www.siliconinvestor.com/readmsg.aspx?msgid=288035353/28/2013 1:02:51 AMGlenn PetersenCracker Barrel Shareholders Win As Big Boys Battle For Control Not everyone in the food service business is thriving. Higher input costs and a cautious consumer with less income on average have been thinning out the hungry herds at some restaurants. One unique company that stands out in the space is Cracker Barrel. ...http://www.siliconinvestor.com/readmsg.aspx?msgid=288023933/27/2013 2:19:44 PMSr Khttp://www.siliconinvestor.com/readmsg.aspx?msgid=287769993/13/2013 7:18:58 PMGlenn PetersenWow! 7:09AM Cracker Barrel beats by $0.18, beats on revs; guides Q3 EPS in-line; raises FY13 EPS in-line, reaffirms FY13 revs in-line; Comparable store restaurant sales increased 3.3% (CBRL) 66.89 : Reports Q2 (Jan) earnings of $1.43 per share, excluding non-recurring items, $0.18 better than the Capital IQ Consensus...http://www.siliconinvestor.com/readmsg.aspx?msgid=287473922/26/2013 11:29:40 AMGlenn PetersenSteak 'n Shake is stale. Agreed. I will occasionally eat at a Steak 'n Shake and I have to admit that the menu is not too exciting. Any significant concept or menu changes are going to have to come from corporate and we know that BH does not want to invest a lot into capital expenditures. I keep waiting for them to sq...http://www.siliconinvestor.com/readmsg.aspx?msgid=287418342/22/2013 7:09:01 PMSr K"From an asset perspective" there are no liabilities for buying the CBRL position. Personally, Steak 'n Shake is stale. Red Robin is cleaning up. When is Biglari going to update the menu, or are his hands tied by the franchisees?http://www.siliconinvestor.com/readmsg.aspx?msgid=287417862/22/2013 6:48:56 PMGlenn PetersenThe takeaway from the following article: Each share of Biglari Holdings theoretically represents ownership of 3.85 shares of Cracker Barrel, worth $256. Biglari Eager to Be Seated at Cracker Barrel By: Jonathan Heller | TheStreet.com Contributor CNBC Published: Friday, 22 Feb 2013 | 10:15 AM ET There's rarely ...http://www.siliconinvestor.com/readmsg.aspx?msgid=287416772/22/2013 6:06:36 PMsmaycs4Will Biglari buy before the rights offering ? Does the SEC filing mention it at all ? Im guessing he would prefer to buy in the rights offering but his "deal" says "open market". Purchase of Common Stock. The Incentive Agreement provides that Mr. Biglari will use an amount equal to at least 30% of his annual pre-tax...http://www.siliconinvestor.com/readmsg.aspx?msgid=287416272/22/2013 5:35:31 PMGlenn PetersenCracker Barrel Gives Activist Ammo With Offer Maxwell Murphy Senior Editor CFO Journal Wall Street Journal February 15, 2013, 3:57 PM ET Cracker Barrel Old Country Store Inc. may have made a tactical blunder when it offered to buy Biglari Holdings Inc. ’s nearly 20% stake in the restaurant chain, experts say, po...http://www.siliconinvestor.com/readmsg.aspx?msgid=287289912/15/2013 4:57:26 PMSr KThe WSJ has set up CFO Journal. Note the cfo in the URL. “Since Cracker Barrel has the capacity of purchasing our 20% stake, worth a little over $300 million,” Cracker Barrel should either make a tender offer for 20% of its outstanding stock or declare a special cash dividend of $300 million to its holders, Mr. Bigla...http://www.siliconinvestor.com/readmsg.aspx?msgid=287289882/15/2013 4:55:17 PMsmaycs4Cracker Barrel Gives Activist Ammo With Offer [graphic] Maxwell Murphy Senior Editor Cracker Barrel Old Country Store Inc. may have made a tactical blunder when it offered to buy Biglari Holdings Inc.’s nearly 20% stake in the restaurant chain, experts say, possibly giving the activist investor a stronger position s...http://www.siliconinvestor.com/readmsg.aspx?msgid=287289192/15/2013 4:28:14 PMsmaycs4 BIGLARI HOLDINGS INC. 17802 IH 10 WEST, SUITE 400 SAN ANTONIO, TEXAS 78257 TELEPHONE (210) 344-3400 FAX (210) 344-3411 SARDAR BIGLARI, CHAIRMAN February 14, 2013 Mr. James W. Bradford, Jr. Chairman of the Board Cracker Barrel Old Country Store, Inc. 305 Hartmann Drive Lebanon, Tennessee 37088 Dear Jim: ...http://www.siliconinvestor.com/readmsg.aspx?msgid=287275552/15/2013 8:56:38 AMGlenn PetersenThe rights offering: http://www.sec.gov/Archives/edgar/data/93859/000092189513000215/s307428_02012013.htm Biglari seeks to raise $50M Patrick Danne, Express-News[graphic] Published 9:32 am, Tuesday, February 5, 2013 San Antonio-based Biglari Holdings Inc. hopes to raise about $50 million before expenses by issui...http://www.siliconinvestor.com/readmsg.aspx?msgid=287084622/5/2013 5:32:00 PMsmaycs4 Biglari Holdings Inc. News Release [graphic]Press Release: Biglari Holdings Inc. – 18 hours ago San Antonio, TX, Jan. 25 /PRNewswire/ -- Biglari Holdings Inc. ( BH) announces its fiscal first quarter 2013 results: Biglari Holdings Inc.'s earnings for the twelve weeks, which ended December 19, 2012, ar...http://www.siliconinvestor.com/readmsg.aspx?msgid=286886871/26/2013 10:58:35 AMGo BucksThe license only applies to the Biglari name, not steak n shake. He'll need to come out with a line of suits with the Biglari trademark to see any potential revenues here. I don't see that happening.http://www.siliconinvestor.com/readmsg.aspx?msgid=286881721/25/2013 9:04:57 PMsmaycs4Biglari Holdings CEO Gets 2012 Compensation Worth $10.9 Million 01/25 01:14 PM Biglari Holdings Inc. Chief Executive Sardar Biglari received overall compensation valued at $10.9 million for 2012, more than double what he was awarded for the previous year, according to a filing with the Securities and Exchange Com...http://www.siliconinvestor.com/readmsg.aspx?msgid=286873521/25/2013 2:45:43 PMsmaycs4I own it at mostly much lower prices but its a fairly large position for me. (Im very diversified and have way too much free cash) And 30% of the pretax bonus is a pretty big chunk to have to reinvest in the stock so while its rich, it does seem to be pointing his wealth toward the long term of the company. Dictator...http://www.siliconinvestor.com/readmsg.aspx?msgid=286859341/24/2013 10:32:01 PMJurgis BekepurisI agree with you. Our dictator's compensation is one of the reasons I doubt I will ever buy more of BH. I am amazed with the runup from $340 to $400 in last couple of months. I don't think the stock was undervalued and I don't see any reason for people to push it up with buying. But then I also don't care very much. :...http://www.siliconinvestor.com/readmsg.aspx?msgid=286853061/24/2013 5:33:35 PMsmaycs4SUMMARY COMPENSATION TABLE Name and Principal Position Fiscal Year Salary ($) Bonus ($) Non-Equity Incentive Plan Compensation ($)a All Other Compensation($) Total ($) Sardar Biglari, 2012 $900,000$-$10,000,000$ 17,788 b$10,917,788 Chairman / Chief 2011 $900,000$-$3,992,391$3...http://www.siliconinvestor.com/readmsg.aspx?msgid=286852911/24/2013 5:25:33 PMJurgis BekepurisBiglari is a personality. I own a tiny position in BH for entertainment/drama value, but it's not clear to me whether his performance is as good as his antics with compensation and pissing off every single company he invests into. :) Think of this like investing into a hedge fund with oversized ego manager. :) Bruno...http://www.siliconinvestor.com/readmsg.aspx?msgid=286589951/11/2013 7:00:15 PMSr KIt makes me less likely to buy the stock. Who proposed it? Who asked for it? What was the Compensation Committee vote on it?http://www.siliconinvestor.com/readmsg.aspx?msgid=286589671/11/2013 6:47:38 PMJurgis Bekepuris"You have to know how much you're worth" - Kim Kardashian... or something like that. ;)http://www.siliconinvestor.com/readmsg.aspx?msgid=286588841/11/2013 6:03:20 PMsmaycs4Royalty Payments Would Equal 2.5% Revenue Derived From Trademark 01/11 04:20 PM Pact Is Royalty-Free Unless Company Changes Control or CEO Unfairly Terminated, Resigns 01/11 04:20 PMhttp://www.siliconinvestor.com/readmsg.aspx?msgid=286588621/11/2013 5:48:41 PMJurgis BekepurisBiglari apparel coming to the store near you! (Link NSFW :P). I just love this company...http://www.siliconinvestor.com/readmsg.aspx?msgid=286588281/11/2013 5:23:14 PMsmaycs48k today.... On January 11, 2013, Biglari Holdings Inc. (the “Company” or “Licensee”) entered into a Trademark License Agreement (the “Agreement”) with Sardar Biglari, Chairman and Chief Executive Officer of the Company (“Licensor”). The Agreement was unanimously approved by the Governance, Compensation and Nominatin...http://www.siliconinvestor.com/readmsg.aspx?msgid=286588131/11/2013 5:10:47 PMGlenn PetersenObviously, Biglari's goal is to become diversified, a la Buffett, but he is not there yet. There is nothing to bd gained by picking a frivolous and unnecessary fight with the SEC.http://www.siliconinvestor.com/readmsg.aspx?msgid=2862098712/22/2012 4:14:25 AMsmaycs4So thats been out there a month or so. Ive never seen anything like that. But, never really looked for it either. Have to say I agree with the SEC. No company should call itself a "diversified when they are not. And BH is clearly not. Indeed, his investment philosophy is the opposite of diversified. (Thus so many of...http://www.siliconinvestor.com/readmsg.aspx?msgid=2862036912/21/2012 5:41:37 PMGlenn PetersenBH's responses to the SEC's questions (but not the original correspondence from the SEC) can be found under the filings labeled CORRESP: sec.gov  I don't know the criteria for what is publicly posted on Edgar and what is not.http://www.siliconinvestor.com/readmsg.aspx?msgid=2862022312/21/2012 4:41:42 PMsmaycs4I was unable to find anything in the BH public filings about this. Is there another source ? Does the SEC make those documents public ? Where ?http://www.siliconinvestor.com/readmsg.aspx?msgid=2862011912/21/2012 3:56:36 PMsmaycs4SEC Challenges Biglari Over His 'Diversified' Company Description 12/20 06:12 PM The Securities and Exchange Commission successfully challenged activist investor Sardar Biglari's description of Biglari Holdings Inc. ( BH:$382.50,00$18.00,004.94%) as " diversified," saying the vast majority of his revenue comes fro...http://www.siliconinvestor.com/readmsg.aspx?msgid=2861806812/20/2012 7:15:39 PMsmaycs4http://www.siliconinvestor.com/readmsg.aspx?msgid=2861773312/20/2012 4:07:35 PMsmaycs4Buffett Copycat Plan May Have Hit Snag 12/14 04:05 PM --Buffett devotee Biglari again delays shareholder meeting on dual-class structure --Delay may signal lack of support for proposal --Activist investor also ratchets up pressure on longtime target Cracker Barrel A bid by activist investor Sardar Biglari...http://www.siliconinvestor.com/readmsg.aspx?msgid=2860485812/14/2012 5:30:40 PMsmaycs4Here is the wording on Cooley. He owns ZERO CBRL. My guess was this just allows him to buy it in the future if he wants. And perhaps still not put them over 20%. I doubt any amount he might buy would be material on a % basis but I also wonder if he might have had a riff with Biglari and be leaving the board ? No ...http://www.siliconinvestor.com/readmsg.aspx?msgid=2860356512/14/2012 10:01:42 AMsmaycs4New form 4. Looks like BH has bought another 504,216 CBRL recently. The updated 13d shows he is at 19.99% and that Cooley is no longer part of the group. Also about 475,000 of the shares were sold FROM biglari holdings to steak N shake operations. No material narrative that I could find. Will cooley unjoining...http://www.siliconinvestor.com/readmsg.aspx?msgid=2860347112/14/2012 9:30:07 AMsmaycs49:15 pm thursday press release. SAN ANTONIO, Dec. 13, 2012 /PRNewswire/ -- Biglari Holdings Inc. ( BH) announced today that it has delayed the special meeting scheduled for December 14, 2012. (Yes, thats all)http://www.siliconinvestor.com/readmsg.aspx?msgid=2860326112/14/2012 7:12:58 AMGlenn PetersenFor some reason you picked up [/URL] at the end of the link. You are not alone. This has been happening to a lot of people on SI.http://www.siliconinvestor.com/readmsg.aspx?msgid=2859457612/10/2012 8:09:25 AMJurgis BekepurisPages 1-2 is his self promotion and can be skipped. He does provide some info that shines more positive light on BH than this year's stock price behavior. BH had good investment gains - though most of it is due to not-easy-to-exit (?) CBRL position. He also explains why captive restaurant results are better than GAAP ...http://www.siliconinvestor.com/readmsg.aspx?msgid=2859441812/10/2012 1:11:26 AMsmaycs4http://www.siliconinvestor.com/readmsg.aspx?msgid=2859440612/10/2012 12:59:44 AMGlenn Petersenhttp://www.siliconinvestor.com/readmsg.aspx?msgid=2859382512/9/2012 3:43:45 PMsmaycs4http://www.siliconinvestor.com/readmsg.aspx?msgid=2859328312/9/2012 5:28:47 AMsmaycs4http://www.siliconinvestor.com/readmsg.aspx?msgid=2857827412/1/2012 3:56:02 AM