Twocents

Steak N Shake's New Direction Is Terrific News for Shareholders

Jeff,
I am curious- did the Chairman make any mention of SNS defaults on their loan agreements at the shareholders meeting you attended?
Or any mention of the fact that the lenders had subsequently decreased SNS borrowing facilities by $15 Million?
How about the $20 million debt payment being accompanied by a decrease in net property, plant & eqpt. of over $35 million (with under $8m due to depn.)- thus decreasing Net Worth?.
I have a real problem reconciling the tone of your write-up and the facts reported in their 10Q filing, and will be very concerned with
Chairman Biglari's credibility if you indicate that he did not discuss any of the above at the meeting. Or are any of my observations incorrect?