RJM2

Steak 'N Shake Looks to Invest Extra Cash

Before he got control, he was calling for a company buyback.

Now it doesnt seem he wants to do that.

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

I think it may be difficult to buy back as many shares as you are suggesting at $8.50 average if they have the solid cash flow that you suggest and I expect.

One things for sure, there are a lot of folks SHORT SNS and they will have to cover at some point.

I do wish he would arrange for a "webcast" of his Investor days and allow questions in advance from folks unable to attend. At least with a conference call, everyone has equal access to the information. With "investor days", thats just not the case for folks who cant drop everything and fly to "investor day". And are his investor days for the shareholders or aimed at attracting new money ? The big apple is not the cheapest place for a shareholder day as he did with WEST.

Steak n Shake: Watching and Waiting as Biglari Names Himself CEO

I agree that its a bit of overkill to be BOTH Chairman and CEO.

SNS paid $500k for the proxy fight costs and is now compensating Biglari at $280k per year. This is the guy that said he wasnt going to take any fees and wanted to make money with us, not off of us.

Im long both WEST and SNS but now have a fear that if and when value is realized, SNS may well become another investment vehicle for Sardar rather than the proceeds being distributed to shareholders.

His lack of diversification scares me some so I dont want to see him sitting on a pile of SNS cash and allocating it like he did when he was buying SNS at $16.

Steak n Shake: Watching and Waiting as Biglari Names Himself CEO

False Profit,

You are an idiot ! Better hurry up and cover your short.

Its not going below $6 again.

All the bad news is "baked in".

Western Sizzlin's Secretive Quarter

WEST is a long term bet on Biglari.

Untill very recently, SNS was a bet on SNS only.

Im long both. SNS is more deeply undervalued but Bilgari hopefully will not get complete control over SNS the way he has with WEST.

What I mean is, if a few years from now, operations have turned around, they've done sale & leasebacks on the owned properties and franchised most of the company owned stores, Im not sure I want Biglari playing "hotdog" with SNSs $15-18 per share. (Or whatever)

If SNS board doesnt either, they could do a one time dividend, with which every shareholder could choose to invest as he saw fit.

Biglari could then reinvest his proceeds back into WEST via another rights offering.

My biggest issue with Biglari is his lack of diversification.

Hopefully, SNS has taught him something in that regard. But, if get gets control over SNSs future cash, Im not sure it will have.