Activist Manager Biglari’s Billboards Push For Board Seats

Nov 12 2007 | 12:14pm ET

Hedge funds are not allowed to advertise, but that’s not stopping Sardar Biglari.

The head of San Antonio’s Lion Fund put up three billboards in Indianapolis, but don’t expect the Securities and Exchange Commission to slap him with a cease-and-desist order. The ads are part of Biglari’s very public campaign for the board of Steak n Shake, an Indianapolis steakhouse chain.

Biglari, who controls 7.3% of Steak n Shake, says he is annoyed with the company’s poor performance, and announced last month a proxy battle for a pair of spots on Steak n Shake’s board. And to that end, he’s taking a page out of the political campaign playbook: The billboards implore Steak n Shake shareholders to vote for Biglari and Lion Fund board member Philip Cooley in the proxy fight.


In Depth

Q&A: Portfolio Advisors' Brian Murphy On The Advantages of A Private Markets Platform

Jan 2 2018 | 11:05am ET

Most private markets firms reference their platforms as a source of competitive...

Lifestyle

CFA Institute To Add Computer Science To Exam Curriculum

May 24 2017 | 9:25pm ET

Starting in 2019, financial industry executives sitting for the coveted Chartered...

Guest Contributor

Steinbrugge: The Top Hedge Fund Industry Trends for 2018

Jan 2 2018 | 12:22pm ET

Each year, Don Steinbrugge’s Agecroft Partners compiles the insights gained...

 

FINalternatives Trending

From the current issue of