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Biglari buys more SNS


wabuffo

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  • 2 weeks later...

Biglari's entities (Mustang Capital/Lion Fund) continue their open-market buying of SNS (including today).

 

wabuffo

 

i dont know how much dry powder he has, but there should be plenty of nervous, itchy-fingered liquidity providers out there all too willing to sell & lock in gains after the 50% bounce off the march lows  ;)

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It's noteworthy that both Biglari, through Lion and Mustang, is buying SNS rather than WEST with new funds or available cash.  If SNS+14%debenture was a better deal, then we would be seeing different filings.  I wonder if we'll see some filings with WEST sales soon enough or if they'll stand pat on their existing WEST holdings until transaction completion.

 

Personally, the WEST-->SNS+14%debenture is tax inefficient compared to WEST sale/capital gain/SNS purchase.

 

-O

 

Does anyone know how this will effect the distribution of SNS stock to WEST holders?  Will WEST shareholders get the today amount in the filing of just a portion as there may be minority interests applicable to the holdings?

 

Packer

 

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