It's difficult to say where this situation is headed next, but there's little doubt in my mind that Biglari will continue in his quest for seats on Cracker Barrel's board.
Meanwhile, the fundamentals of Biglari Holdings continue to look interesting. With a $472 million market cap, the company owns $310 million worth of Cracker Barrel, around 500 locations of fast-food chain Steak 'n Shake, small restaurant chain Western Sizzlin, a 12.75% stake in CCA Industries (CAW - Get Report), 9.48% of Unico American (UNAM), and other assets. Each share of Biglari Holdings theoretically represents ownership of 3.85 shares of Cracker Barrel, worth $256.
I've been a Cracker Barrel fan for a long time, both as a consumer, and as an investor. I believe it is one of the more interesting restaurant concepts, and its 44-year history demonstrates staying power among seemingly ever-changing consumer tastes. From an asset perspective, the company is real-estate rich, owning 409 locations. While I've owned the name outright in the past, I now get exposure through owning Biglari Holdings.
Stay tuned. This little saga is bound to get even more interesting.At the time of publication, Heller had was long BH. Follow @jonmhellerCFA This article is commentary by an independent contributor, separate from TheStreet's regular news coverage.