ammendment to SNS credit facility

[ragnarisapirate]

from here http://www.sec.gov/Archives/edgar/data/93859/000009385910000018/form8k_031010.htm

 

On March 11, 2010, Steak n Shake Operations, Inc. (“Subsidiary”), a wholly-owned subsidiary of The Steak n Shake Company (the “Company”), entered into a First Amendment to the Credit Agreement between Subsidiary and Fifth Third Bank. The First Amendment eliminates the requirement to maintain a minimum liquidity and eliminates the restriction on dividends from Subsidiary to the Company so long as no event of default by Subsidiary as measured on a cumulative basis at the end of each such fiscal quarter. The First Amendment will be included as an exhibit to the Company’s next periodic report.

 

While I don't want a dividend, or even think that we will get one, this is no doubt a positive development.

[omagh]

ragnar...this is an intra-company dividend.  Effectively, it would be a dividend between Steak n Shake Operations and the soon-to-be named Biglari Holdings.  There is no payout to shareholders.

 

from here http://www.sec.gov/Archives/edgar/data/93859/000009385910000018/form8k_031010.htm

 

On March 11, 2010, Steak n Shake Operations, Inc. (“Subsidiary”), a wholly-owned subsidiary of The Steak n Shake Company (the “Company”), entered into a First Amendment to the Credit Agreement between Subsidiary and Fifth Third Bank. The First Amendment eliminates the requirement to maintain a minimum liquidity and eliminates the restriction on dividends from Subsidiary to the Company so long as no event of default by Subsidiary as measured on a cumulative basis at the end of each such fiscal quarter. The First Amendment will be included as an exhibit to the Company’s next periodic report.

 

While I don't want a dividend, or even think that we will get one, this is no doubt a positive development.

[ragnarisapirate]

ragnar...this is an intra-company dividend.  Effectively, it would be a dividend between Steak n Shake Operations and the soon-to-be named Biglari Holdings.  There is no payout to shareholders.

 

from here http://www.sec.gov/Archives/edgar/data/93859/000009385910000018/form8k_031010.htm

 

On March 11, 2010, Steak n Shake Operations, Inc. (“Subsidiary”), a wholly-owned subsidiary of The Steak n Shake Company (the “Company”), entered into a First Amendment to the Credit Agreement between Subsidiary and Fifth Third Bank. The First Amendment eliminates the requirement to maintain a minimum liquidity and eliminates the restriction on dividends from Subsidiary to the Company so long as no event of default by Subsidiary as measured on a cumulative basis at the end of each such fiscal quarter. The First Amendment will be included as an exhibit to the Company’s next periodic report.

 

While I don't want a dividend, or even think that we will get one, this is no doubt a positive development.

 

eek, I worded that badly... my bad.