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Steak 'n Shake

Financing

Sardar Biglari buys another oil company

The Bottom Line: Biglari Holdings, which owns Steak n Shake and other holdings, spent $80 million to acquire a majority of shares in Abraxas Petroleum Corp.

Leadership

Sardar Biglari makes more changes to his incentive agreement

The Bottom Line: Biglari Holdings, the owner of Steak n Shake, defends a services agreement with its chairman’s investment fund and commits to making up prior investment losses.

The burger chain generated a profit for the first time in four years last year thanks to its move to counter service, eliciting Sardar Biglari’s comparison to the Italian sculptor.

It was the investor’s second such fine for violating antitrust laws related to the reporting of stock purchases by large existing shareholders.

The burger chain, which avoided bankruptcy after its parent company repaid its debt, saw revenues decline while many stores remain closed.

The burger chain has sued Zurich America Insurance Company for denying coverage related to its pandemic.

The administrative agent for the burger chain’s debt says it is owed $8.5 million in unpaid fees and interest. Meanwhile, Steak n Shake has dismissed its lawsuit against its lender.

Steak n Shake is reopening dozens of locations it had temporarily closed over the past two years as the chain's same-store sales have struggled.

After rescuing the company at the last minute, he now embarks on an uncertain service style change. RB’s The Bottom Line explains why the investor has a lot riding on this move.

Biglari Holdings paid off the company’s debt, keeping it from bankruptcy, and now the chain looks to a self-serve kiosks for its future.

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