innerscorecard Posted September 2, 2015 Share Posted September 2, 2015 http://nypost.com/2015/09/01/maxims-relaunch-as-mens-luxury-magazine-falls-flat/ Link to comment Share on other sites More sharing options...
TheValueDude Posted September 2, 2015 Share Posted September 2, 2015 http://nypost.com/2015/09/01/maxims-relaunch-as-mens-luxury-magazine-falls-flat/ So... sum of the parts, we should probably mark that zero... ::) Link to comment Share on other sites More sharing options...
abitofvalue Posted September 2, 2015 Share Posted September 2, 2015 http://nypost.com/2015/09/01/maxims-relaunch-as-mens-luxury-magazine-falls-flat/ Brutal... this has got be a stretch but to think these are the kinds of quote's that employee are giving about him.. i mean wow. Adding to the sense of unease, Biglari has been muscling in on cover shoots and seeking to meet the scantily clad models, the source said. “There is a level of creepiness to him that is off-putting,” said one former insider, who also said the staffers always know when he is in town because of the heavy scent of cologne that trails him. Link to comment Share on other sites More sharing options...
tombgrt Posted September 2, 2015 Share Posted September 2, 2015 Maybe he was just trying to build a reputation... Buffett-wise you see. I'll tell ya, he's the next coming of Buffett! Link to comment Share on other sites More sharing options...
rkbabang Posted September 2, 2015 Share Posted September 2, 2015 Maybe he was just trying to build a reputation... Buffett-wise you see. I'll tell ya, he's the next coming of Buffett! Yes, I agree. That Warren Buffett is really creepy. Always covered in cologne chasing around supermodels with that creepy look on his face, driving his exotic sports cars and wearing $20K suits...all the while planning on how to steal what he views as "his company" away from its shareholders... By the way, on an unrelated topic, I can't understand why people aren't lining up at Biglari's door trying to sell their companies to him? Link to comment Share on other sites More sharing options...
tombgrt Posted September 2, 2015 Share Posted September 2, 2015 Maybe he was just trying to build a reputation... Buffett-wise you see. I'll tell ya, he's the next coming of Buffett! Yes, I agree. That Warren Buffett is really creepy. Always covered in cologne chasing around supermodels with that creepy look on his face, driving his exotic sports cars and wearing $20K suits...all the while planning on how to steal what he views as "his company" away from its shareholders... By the way, on an unrelated topic, I can't understand why people aren't lining up at Biglari's door trying to sell their companies to him? Ha! Yeah, especially considering he is willing to take over shitty magazines for men. Link to comment Share on other sites More sharing options...
Jurgis Posted September 2, 2015 Share Posted September 2, 2015 Maybe he was just trying to build a reputation... Buffett-wise you see. I'll tell ya, he's the next coming of Buffett! Well, Buffett is always surrounded by women. "Scantily clad" is just a perk. 8) Link to comment Share on other sites More sharing options...
Jurgis Posted September 2, 2015 Share Posted September 2, 2015 Adding to the sense of unease, Biglari has been muscling in on cover shoots and seeking to meet the scantily clad models, the source said. “There is a level of creepiness to him that is off-putting,” said one former insider, who also said the staffers always know when he is in town because of the heavy scent of cologne that trails him. Donald Trump, is that you? Link to comment Share on other sites More sharing options...
dcollon Posted September 2, 2015 Share Posted September 2, 2015 Pretty soon he is going to have to do another tender to take advantage of the cheap stock price. Link to comment Share on other sites More sharing options...
innerscorecard Posted September 2, 2015 Share Posted September 2, 2015 Link to comment Share on other sites More sharing options...
Jurgis Posted September 2, 2015 Share Posted September 2, 2015 Link to comment Share on other sites More sharing options...
merkhet Posted September 4, 2015 Share Posted September 4, 2015 NBL0303, why did you delete a bunch of your Biglari Holdings posts? Link to comment Share on other sites More sharing options...
mcmaaaaath Posted October 1, 2015 Share Posted October 1, 2015 Biglari putting in a new low relative to their Steak (heh) in CBRL (unadjusted for the JPM transaction) Link to comment Share on other sites More sharing options...
Gopinath Posted October 16, 2015 Share Posted October 16, 2015 Anyone notice the huge math error the market is making right now?? 100% of 424 steak and Shake Restaurants, 120 Franchised, ~20% of Cracker Barrel Restaurants (market value - $700M ) 100% Western Sizzlin Restaurants (8 owned and 73 franchised) 100% Maxim magazine 100% First guard Insurance Other Marketable Securities Owned: 49.5% of Biglari holdings itself, 10% of Unico American Insurance, 15% Air T, Inc, 10% CCA Industries, 8.4% ITEX Corporation, 20% Insignia Systems Net Debt – $175M All the above for $750M?? Link to comment Share on other sites More sharing options...
InelegantInvestor Posted October 16, 2015 Share Posted October 16, 2015 Anyone notice the huge math error the market is making right now?? 100% of 424 steak and Shake Restaurants, 120 Franchised, ~20% of Cracker Barrel Restaurants (market value - $700M ) 100% Western Sizzlin Restaurants (8 owned and 73 franchised) 100% Maxim magazine 100% First guard Insurance Other Marketable Securities Owned: 49.5% of Biglari holdings itself, 10% of Unico American Insurance, 15% Air T, Inc, 10% CCA Industries, 8.4% ITEX Corporation, 20% Insignia Systems Net Debt – $175M All the above for $750M?? The market may be making a huge math error, or you be making a huge error of judgement, trusting a man who has consistently disregarded shareholders with your investment. His compensation agreement and licensing agreement both reflect huge liabilities that don't appear in your list. Likewise, you don't include the negative goodwill(badwill?) $750MM seems like a dear price to pay, if you ask me. Link to comment Share on other sites More sharing options...
Gopinath Posted October 16, 2015 Share Posted October 16, 2015 InelegantInvestor, I was mainly interested in the math error. But I understand the potential "Badwill" not in the balance sheet, which will only kicks in if the shareholders makes more than 6% on equity. It is 1% if the shareholder makes 10% on total equity. I understand the potential judgement pitfalls on the manager, but the current prices seems absolutely nutty! Link to comment Share on other sites More sharing options...
BTShine Posted October 16, 2015 Share Posted October 16, 2015 InelegantInvestor, I was mainly interested in the math error. But I understand the potential "Badwill" not in the balance sheet, which will only kicks in if the shareholders makes more than 6% on equity. It is 1% if the shareholder makes 10% on total equity. I understand the potential judgement pitfalls on the manager, but the current prices seems absolutely nutty! I agree with both of you. In my estimate the shares are worth 2x to 3x their current price. Is Sardar Biglari going to 'steal' $500+ million dollars of value? Even if he did 'steal' $500 million, the stock might be fairly valued, so you wouldn't lose much unless he finds a way to 'steal' more than $500m. The fact that he is taking a compensation of 1/4 any returns over a 6% rate is fine with me. It's the same compensation structure for many investors. And, now that he controls the company the 'marketing agreement' might be irrelevant. All that said, I could be wrong in my analysis. Link to comment Share on other sites More sharing options...
Gopinath Posted October 16, 2015 Share Posted October 16, 2015 Thanks for the confirmation BtShine, I'm in the same boat on the valuation. Hopefully I didn't make that huge of an error on judgement of Biglari, although it seems that way to the market participants right now. Link to comment Share on other sites More sharing options...
BTShine Posted October 16, 2015 Share Posted October 16, 2015 Thanks for the confirmation BtShine, I'm in the same boat on the valuation. Hopefully I didn't make that huge of an error on judgement of Biglari, although it seems that way to the market participants right now. We both could be making a mistake in assuming he generally has our best interests in mind, but others might be too hard on him...time will tell Link to comment Share on other sites More sharing options...
BTShine Posted October 16, 2015 Share Posted October 16, 2015 Another thought. That tender offer is exactly what I would like to see him do with their extra cash on hand. I wouldn't even mind of he sold some CBRL to buy more BH shares Link to comment Share on other sites More sharing options...
WideMoat Posted October 16, 2015 Share Posted October 16, 2015 Based on Biglari's public comments, it would seem more likely that he would issue equity via a rights offering, than to buy back any more of his equity. Link to comment Share on other sites More sharing options...
BTShine Posted October 16, 2015 Share Posted October 16, 2015 He could do both Link to comment Share on other sites More sharing options...
OracleofCarolina Posted October 17, 2015 Share Posted October 17, 2015 http://wwd.com/media-news/fashion-memopad/maxim-relaunche-kevin-martinez-kate-lanphear-sardar-bilgari-10263367/?src=twitter%2Fshare Update on Maxim magazine Link to comment Share on other sites More sharing options...
TheValueDude Posted October 23, 2015 Share Posted October 23, 2015 Good read with my morning coffee... http://www.sec.gov/Archives/edgar/data/1067294/000092189515002312/ex991to13da3207428021_102115.pdf Link to comment Share on other sites More sharing options...
giofranchi Posted October 23, 2015 Share Posted October 23, 2015 Good read with my morning coffee... http://www.sec.gov/Archives/edgar/data/1067294/000092189515002312/ex991to13da3207428021_102115.pdf Very good presentation. Cheers, Gio Link to comment Share on other sites More sharing options...
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