One interesting discussion at yesterday's meeting centered on the February purchase of Maxim, the announcement of which left me scratching my head.
As explained yesterday, Biglari saw that a previous deal for Maxim had fallen through, and so he obtained a copy of the company's financial statements. The same day, he drove to the local Barnes and Noble, and obtained a copy of the magazine, which he claimed he'd never before read. He made the offer to acquire Maxim the next day.
That is one reason that Biglari Holdings is not for everyone: The company does not employ your typical corporate decision-making process; it sometimes appears to fly by the seat of its pants
Biglari is the first to admit that Maxim will take time and money to fix, but believes it will one day be a cash cow as a brand.
Meanwhile, Biglari is not giving up his fight to gain board seats and propose changes at Cracker Barrel, even though he has been rebuffed four times so far by Cracker Barrel shareholders -- the latest earlier this week at a special meeting. In classic form, he referred to Cracker Barrel's board and executive management team as "chihuahas."
You can't make this stuff up.
Some shareholder meetings are well worth attending.
At the time of publication, Heller was long Biglari.
This article represents the opinion of a contributor and not necessarily that of TheStreet or its editorial staff.