It seems as if he builds positions in companies, waits for a nominal period of time for the to screw up, and then uses their own inept words against them...
My favorite snippet:
In your settlement offer you afforded us the opportunity to present names of individuals for consideration to the board…provided that these nominees were “unaffiliated with Biglari Holdings or any other restaurant company.”
It is unfortunate (at best) that CBRL's board is un-receptive to taking on a member that not only has a huge ownership interest, but, is also a smart guy who could add a lot to the discussion. Oh yeah, and he's been integral to the turning around of numerous restaurant companies...
If I were a shareholder of BH of CBRL, I would be thrilled at this most recent letter, since Biglari has announced he is seeking to be on the board. No doubt, if elected, Biglari will be able to unlock intrinsic value for CBRL.
Best of luck, Biglari.
Disclosure: None. This is not advice of any kind. This is not a recommendation of any kind. I have received nothing to write/post these notes. Always do a ton of your own research in regard to anything that I say, do, write, or so much as even think about.