arcticfox Posted December 4, 2018 Share Posted December 4, 2018 First sale of CBRL for Biglari holdings. Not sure if this is tied to the prepaid variable contract from a few years ago, or the huge gap in performance and value between BH and CBRL. I believe he filed to sell 400,000 shares. Looks like a good sale in my view. Now if he would do something to benefit all shareholders. https://investor.crackerbarrel.com/static-files/60dc8567-4123-4785-8e83-6e3022c8cf1d Link to comment Share on other sites More sharing options...
DTEJD1997 Posted December 4, 2018 Share Posted December 4, 2018 Hey all: The Steak & Shake near me just started some new promotion. 4 meals with 4 items for $4. You can get burger, fries, chili & cookie for $4. That is a HECK of a deal! I'll do the legwork for the board and report back. Hard to see how they can make much money off this. Link to comment Share on other sites More sharing options...
Foreign Tuffett Posted December 4, 2018 Share Posted December 4, 2018 First sale of CBRL for Biglari holdings. Not sure if this is tied to the prepaid variable contract from a few years ago, or the huge gap in performance and value between BH and CBRL. I believe he filed to sell 400,000 shares. Looks like a good sale in my view. Now if he would do something to benefit all shareholders. https://investor.crackerbarrel.com/static-files/60dc8567-4123-4785-8e83-6e3022c8cf1d Probably worth mentioning that a short seller just did a presentation on CBRL yesterday. An interesting coincidence, but I doubt it's connected with Mr Big selling down his stake. I think the stock is just fully valued here + (as you mention) there's a gaping chasm between the performance and valuations of the two stocks. https://seekingalpha.com/news/3414008-cracker-barrel-short-pick-tilson-conference Link to comment Share on other sites More sharing options...
OracleofCarolina Posted December 4, 2018 Share Posted December 4, 2018 I see he sold 2 sets of call options. Can anyone teach me how to find out how much in premiums he received for selling the calls? Link to comment Share on other sites More sharing options...
gfp Posted December 4, 2018 Share Posted December 4, 2018 https://www.sec.gov/Archives/edgar/data/1067294/000092189518003187/xslF345X03/form407428021_12032018.xml Sold 1500 June 210 strike for $284.23 each, $426,345 And 760 for $217.96 each, $165,650 ** and I should add that today 12/4, he sold an additional 500 contracts at $215 each, for $107,500. They are all June 2019 over-the-counter (custom) options contracts, out of the money, above the market by a fair bit. ** I see he sold 2 sets of call options. Can anyone teach me how to find out how much in premiums he received for selling the calls? Link to comment Share on other sites More sharing options...
BTShine Posted December 4, 2018 Share Posted December 4, 2018 He didn't get much for them. Only $3.00 a share. Link to comment Share on other sites More sharing options...
OracleofCarolina Posted December 5, 2018 Share Posted December 5, 2018 thanks, I see he sold more calls today. Link to comment Share on other sites More sharing options...
Gregmal Posted December 5, 2018 Share Posted December 5, 2018 https://nypost.com/2018/12/04/the-sleazy-truth-behind-maxims-1-a-vote-model-contest/ Link to comment Share on other sites More sharing options...
bookie71 Posted December 6, 2018 Share Posted December 6, 2018 I imagine that is why he was referred to earlier in this thread as "Big Lier" Link to comment Share on other sites More sharing options...
Foreign Tuffett Posted December 14, 2018 Share Posted December 14, 2018 BH up today after Mr Big personally (not Lion Fund I/II or Biglari Capital) bought both A and B shares: https://www.sec.gov/Archives/edgar/data/1334429/000092189518003300/xslF345X03/form407428007_12132018.xml The Lion Fund II continues to sell CBRL shares: https://www.sec.gov/Archives/edgar/data/1067294/000092189518003301/xslF345X03/form407428021_12132018.xml Link to comment Share on other sites More sharing options...
Foreign Tuffett Posted December 18, 2018 Share Posted December 18, 2018 More insider buying from Mr Big. https://www.sec.gov/Archives/edgar/data/1334429/000092189518003335/xslF345X03/form407428007_12172018.xml Link to comment Share on other sites More sharing options...
OracleofCarolina Posted January 14, 2019 Share Posted January 14, 2019 I guess there will be a little bump in the cash for Mr Bigs this month. I believe this is the month he can put back his shares of CCA Industries back to the company for $6/share and there would be no reason for him not to do that. Link to comment Share on other sites More sharing options...
gfp Posted January 15, 2019 Share Posted January 15, 2019 Poor Lance Funston... He sounds like he is ready to sell the company. Wouldn't be surprised if he had a buyer for CAW by the end of the year. Coming up with $4.65 million more for shares trading for $1.9 million in the open market probably isn't his happy place. He's looking to sell for 3x revenues or thereabouts on enterprise value if I remember correctly. Maybe a bit more. edit- for the record, the put option is with Funston personally, not CCA Industries, and you are correct - it expires 1/31/19 I guess there will be a little bump in the cash for Mr Bigs this month. I believe this is the month he can put back his shares of CCA Industries back to the company for $6/share and there would be no reason for him not to do that. Link to comment Share on other sites More sharing options...
TwoCitiesCapital Posted January 15, 2019 Share Posted January 15, 2019 Despite his stupidity, shareholders are not punishing the company. I wonder how the share can stay above 400 USD. When will people give up on him? When it's too late... I think most would say its already too late. The point of no return was when he tendered to obtain over 50% of the company. I think most who have stayed away would say it's too late. The share price suggests that the majority believe otherwise. Maybe now shareholders are finally punishing the company - down 61% since it's highs in 5-years ago. Link to comment Share on other sites More sharing options...
OracleofCarolina Posted January 16, 2019 Share Posted January 16, 2019 https://www.sec.gov/Archives/edgar/data/1067294/000092189519000088/xslF345X03/form407428021_01152019.xml Bigs keeps selling the CBRL, another $25 mil or so Link to comment Share on other sites More sharing options...
TwoCitiesCapital Posted January 16, 2019 Share Posted January 16, 2019 https://www.sec.gov/Archives/edgar/data/1067294/000092189519000088/xslF345X03/form407428021_01152019.xml Bigs keeps selling the CBRL, another $25 mil or so Interesting time to be selling - it's in the upper range what it's traded for over the past 2-years, but multiple times where it's traded at this price and wasn't sold. I'll admit, I don't follow this too closely other than checking in on the price very few months, but any idea what he's intended to do with the proceeds? Purchase more BH? A new investment? Link to comment Share on other sites More sharing options...
awindenberger Posted January 26, 2019 Share Posted January 26, 2019 https://www.sec.gov/Archives/edgar/data/1067294/000092189519000088/xslF345X03/form407428021_01152019.xml Bigs keeps selling the CBRL, another $25 mil or so Interesting time to be selling - it's in the upper range what it's traded for over the past 2-years, but multiple times where it's traded at this price and wasn't sold. I'll admit, I don't follow this too closely other than checking in on the price very few months, but any idea what he's intended to do with the proceeds? Purchase more BH? A new investment? My speculation is that he's either buying into trashed Oil and Gas stocks, or raising cash to make a purchase. Link to comment Share on other sites More sharing options...
OracleofCarolina Posted February 15, 2019 Share Posted February 15, 2019 https://www.otcmarkets.com/filing/conv_pdf?id=13190459&guid=u5rtUnzRuvZMT3h Seems like Fat Brands needed some cash pronto...20% interest from Biglari and warrants to buy shares at .01 if not paid back by Oct 1, 2019 "Item 1.01 Entry into a Material Definitive Agreement. On January 29, 2019, FAT Brands Inc. (the “ Company ”) refinanced its existing lending facility with FB Lending, LLC. The Company as borrower, and its subsidiaries and affiliates as guarantors, entered into a new Loan and Security Agreement (the “ Loan Agreement ”) with The Lion Fund, L.P. and The Lion Fund II, L.P. (the “ Lenders ”). Pursuant to the Loan Agreement, the Company borrowed $20.0 million from the Lenders, and utilized the proceeds to repay the existing $16.0 million term loan from FB Lending, LLC plus accrued interest and fees, and provide additional general working capital to the Company. The term loan under the Loan Agreement matures on June 30, 2020. Interest on the term loan accrues at an annual fixed rate of 20.0% and is payable quarterly. The Company may prepay all or a portion of the outstanding principal and accrued unpaid interest under the Loan Agreement at any time upon prior notice to the Lenders without penalty, other than a make-whole provision providing for a minimum of six months’ interest. The Company is required to prepay all or a portion of the outstanding principal and accrued unpaid interest under the Loan Agreement in connection with certain dispositions of assets, extraordinary receipts, issuances of additional debt or equity, or a change of control of the Company. In connection with the Loan Agreement, the Company issued to the Lenders a warrant to purchase up to 1,143,112 shares of the Company’s Common Stock at $0.01 per share (the “ Lender Warrant ”), exercisable only if the amounts outstanding under the Loan Agreement are not repaid in full prior to October 1, 2019. If the Loan Agreement is repaid in full prior to October 1, 2019, the Lender Warrant will terminate in its entirety. Link to comment Share on other sites More sharing options...
Foreign Tuffett Posted April 1, 2019 Share Posted April 1, 2019 Yet more compensation changes for Mr Big. Now he's even less aligned with outside shareholders. Since he controls a majority of the voting power, a change of control is very unlikely. Therefore, he really didn't give up anything of value. "The Incentive Agreement was amended on March 26, 2019 to remove the $10,000,000 annual limitation on Mr. Biglari’s incentive compensation and the requirement of Mr. Biglari to use 30% of his incentive payments to purchase shares of the Company, in consideration for the elimination of the change of control and severance provisions contained in the Incentive Agreement and the termination of the License Agreement with Mr. Biglari. The March 26, 2019 amendment is effective in 2019." https://www.sec.gov/Archives/edgar/data/1726173/000092189519000944/def14a07428007_03292019.htm Link to comment Share on other sites More sharing options...
given2invest Posted April 1, 2019 Share Posted April 1, 2019 This guy is the best. Link to comment Share on other sites More sharing options...
bizaro86 Posted April 1, 2019 Share Posted April 1, 2019 Yet more compensation changes for Mr Big. Now he's even less aligned with outside shareholders. Since he controls a majority of the voting power, a change of control is very unlikely. Therefore, he really didn't give up anything of value. "The Incentive Agreement was amended on March 26, 2019 to remove the $10,000,000 annual limitation on Mr. Biglari’s incentive compensation and the requirement of Mr. Biglari to use 30% of his incentive payments to purchase shares of the Company, in consideration for the elimination of the change of control and severance provisions contained in the Incentive Agreement and the termination of the License Agreement with Mr. Biglari. The March 26, 2019 amendment is effective in 2019." https://www.sec.gov/Archives/edgar/data/1726173/000092189519000944/def14a07428007_03292019.htm That's probably an april fools joke. Wasn't the idea for him to gain control so he could really start adding value for outside shareholders. I'm pretty sure I read that somewhere... Link to comment Share on other sites More sharing options...
rkbabang Posted April 1, 2019 Share Posted April 1, 2019 "The Incentive Agreement was amended on March 26, 2019 to remove the $10,000,000 annual limitation on Mr. Biglari’s incentive compensation and the requirement of Mr. Biglari to use 30% of his incentive payments to purchase shares of the Company" No more limits on his compensation. It's almost like he wanted to gain control of the company only to fleece the outside shareholders. No one saw this coming. If only there was a way this could have been predicted. Link to comment Share on other sites More sharing options...
TwoCitiesCapital Posted April 1, 2019 Share Posted April 1, 2019 "The Incentive Agreement was amended on March 26, 2019 to remove the $10,000,000 annual limitation on Mr. Biglari’s incentive compensation and the requirement of Mr. Biglari to use 30% of his incentive payments to purchase shares of the Company" No more limits on his compensation. It's almost like he wanted to gain control of the company only to fleece the outside shareholders. No one saw this coming. If only there was a way this could have been predicted. If only... Link to comment Share on other sites More sharing options...
DanielGMask Posted April 1, 2019 Share Posted April 1, 2019 "The Incentive Agreement was amended on March 26, 2019 to remove the $10,000,000 annual limitation on Mr. Biglari’s incentive compensation and the requirement of Mr. Biglari to use 30% of his incentive payments to purchase shares of the Company" No more limits on his compensation. It's almost like he wanted to gain control of the company only to fleece the outside shareholders. No one saw this coming. If only there was a way this could have been predicted. You're kidding right! This is an extract from one of my posts from 2015: I don't like the guy, I don't like the incentives the way they are and I think that when management's trustworthiness and the incentives are not perfect (yep, perfect), I should not risk my money. I'd rather pass on a good thing than get on the wrong train. Good luck to those who think this is the beginning of an amazing story as that of Buffett, my guess is that you are about to get dissapointed. Link to comment Share on other sites More sharing options...
rkbabang Posted April 1, 2019 Share Posted April 1, 2019 "The Incentive Agreement was amended on March 26, 2019 to remove the $10,000,000 annual limitation on Mr. Biglari’s incentive compensation and the requirement of Mr. Biglari to use 30% of his incentive payments to purchase shares of the Company" No more limits on his compensation. It's almost like he wanted to gain control of the company only to fleece the outside shareholders. No one saw this coming. If only there was a way this could have been predicted. You're kidding right! This is an extract from one of my posts from 2015: I don't like the guy, I don't like the incentives the way they are and I think that when management's trustworthiness and the incentives are not perfect (yep, perfect), I should not risk my money. I'd rather pass on a good thing than get on the wrong train. Good luck to those who think this is the beginning of an amazing story as that of Buffett, my guess is that you are about to get dissapointed. Yes forgot smiley face Link to comment Share on other sites More sharing options...
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