Biglari's abrasive nature has done little to enamor him with Cracker Barrel shareholders, either. If he somehow is elected, I'd like to be a fly on the wall at those board meetings. It would be a clash of cultures at the very least.
Biglari's latest attempt to get on Cracker Barrel's board should make for some interesting press, but there's a lot more happening at Biglari Holding's these days. The company just commenced a rights offering, which will give shareholders one right for each share owned. For every five rights, shareholders can purchase an additional share of Biglari Holdings for $265, about 40% below the current share price. The offering could raise up to $75 million for the company. It's unclear how the proceeds will be used, though it won't be used to buy more Cracker Barrel, that's for sure. Stay tuned, this story is likely to get even more interesting. At the time of publication, the author was long Biglari Holdings. Follow @JonMHellerCFA This article is commentary by an independent contributor, separate from TheStreet's regular news coverage.