Several years ago Sardar Biglari rode his white horse into Steak 'n' Shake (NYSE:BH) and in the name of fixing a venerable establishment took control of the company. Sardar did good things in a difficult time and has since turned the ship around. Many of us became enthralled by his can-do attitude and his "Buffett-esque" style and letters.
Since then the initial honeymoon has worn off and shareholders have become increasingly disenchanted with Sardar's constant proposals in an apparent bid for more control over the company. I am simply speculating, but based on his actions since he became Chairman and CEO, Sardar has been obsessed with maintaining and increasing his control over the company. The actions are plentiful...
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