The following constitutes Amendment No. 24 (“Amendment No. 24”) to the Schedule 13D filed by the undersigned. This Amendment No. 24 amends the Schedule 13D as specifically set forth.
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Item 3.
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Source and Amount of Funds or Other Consideration.
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Item 3 is hereby amended and restated to read as follows:
The aggregate purchase price of the 31,019 Shares owned directly by Sardar Biglari is approximately $11,411,739. The Shares owned directly by Sardar Biglari were acquired with his personal funds.
The aggregate purchase price of the 333,077 Shares owned directly by the Lion Fund is approximately $92,450,366. Of the Shares owned directly by the Lion Fund, 21,723 Shares were received in the Lion Fund’s capacity as a stockholder of WSC pursuant to a special dividend by WSC payable to stockholders of WSC on a pro-rata basis, for no consideration, in accordance with the terms of that certain merger agreement, dated October 22, 2009, by and between WSC and the Issuer (the “Special Dividend”), 758 Shares were contributed to the Lion Fund by Western Acquisitions, and the remaining Shares were acquired with the working capital of the Lion Fund.
The aggregate purchase price of the 997 Shares held under the 401(k) Plan is approximately $376,814.
The aggregate purchase price of the 485 Shares held under the Non-Qualified Savings Plan is approximately $198,681.
The aggregate purchase price of the 6,661 Shares owned directly by Philip L. Cooley and the 814 Shares owned directly by Philip L. Cooley’s spouse, Sandy Cooley, who shares the same business address as Philip L. Cooley, which he may also be deemed to beneficially own, is approximately $1,525,575. Of the 7,475 Shares beneficially owned by Philip L. Cooley, 6,151 Shares were acquired with Philip L. Cooley’s personal funds, 814 Shares were acquired with his spouse’s personal funds, 25 Shares were acquired with the working capital of BCC and subsequently gifted to Philip L. Cooley, 330 Shares were received pursuant to the Special Dividend and 155 Shares were awarded to Philip L. Cooley in his capacity as a director of the Issuer pursuant to the Issuer’s 2008 Equity Incentive Plan.
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Item 5.
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Interest in Securities of the Issuer.
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Item 5(a-c) is hereby amended and restated to read as follows:
(a-c) The aggregate percentage of Shares reported owned by each person named herein is based upon 2,065,586 Shares outstanding, which is the number of Shares outstanding as of November 14, 2014, as reported in the Issuer’s Annual Report on Form 10-K for the fiscal year ended September 24, 2014 filed with the Securities and Exchange Commission on November 24, 2014.
As of the close of business on January 9, 2015, Sardar Biglari owned directly 31,019 Shares, constituting 1.5% of the Shares outstanding.
As of the close of business on January 9, 2015, the Lion Fund owned directly 333,077 Shares, constituting approximately 16.1% of the Shares outstanding. By virtue of their relationships with the Lion Fund discussed in further detail in Item 2, each of BCC and Sardar Biglari may be deemed to beneficially own the Shares owned by the Lion Fund.
As of the close of business on January 9, 2015, 997 Shares were held under the 401(k) Plan, constituting less than 1% of the Shares outstanding. By virtue of his relationship with the 401(k) Plan discussed in further detail in Item 2, Sardar Biglari may be deemed to beneficially own the Shares held under the 401(k) Plan.
As of the close of business on January 9, 2015, 485 Shares were held under the Non-Qualified Savings Plan, constituting less than 1% of the Shares outstanding. By virtue of his relationship with the Non-Qualified Savings Plan discussed in further detail in Item 2, Sardar Biglari may be deemed to beneficially own the Shares held under the Non-Qualified Savings Plan.
As of the close of business on January 9, 2015, Philip L. Cooley beneficially owned 7,475 Shares, constituting less than 1% of the Shares outstanding, consisting of 814 Shares owned directly by Philip L. Cooley’s spouse that Philip L. Cooley may be deemed to beneficially own and 6,661 Shares Philip L. Cooley owns directly. Sardar Biglari shares with Philip L. Cooley the power to vote and dispose of the Shares beneficially owned by Philip L. Cooley and therefore Sardar Biglari may also be deemed to beneficially own such Shares.
An aggregate of 373,053 Shares, constituting approximately 18.1% of the Shares outstanding, are reported by the Reporting Persons in this statement.
Schedule A annexed hereto lists all transactions in securities of the Issuer by the Reporting Persons since the filing of Amendment No. 23 to the Schedule 13D. All of such transactions were effected in the open market, unless otherwise noted.
By virtue of his relationships with the other Reporting Persons discussed in further detail in Item 2, Sardar Biglari may be deemed to have the sole power to vote and dispose of the Shares beneficially owned by the Reporting Persons, other than the Shares held under each of the 401(k) Plan and the Non-Qualified Savings Plan and the Shares beneficially owned by Philip L. Cooley. Sardar Biglari has sole power to direct the voting of the Shares held under each of the 401(k) Plan and the Non-Qualified Savings Plan. Sardar Biglari shares with Philip L. Cooley the power to vote and dispose of the Shares beneficially owned by Philip L. Cooley.
The filing of this Schedule 13D shall not be deemed an admission that any of the Reporting Persons is, for purposes of Section 13(d) of the Exchange Act, the beneficial owner of any Shares he or it does not directly own. Each of the Reporting Persons specifically disclaims beneficial ownership of the Shares reported herein that he or it does not directly own.
SIGNATURES
After reasonable inquiry and to the best of his knowledge and belief, each of the undersigned certifies that the information set forth in this statement is true, complete and correct.
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Dated: January 9, 2015
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THE LION FUND, L.P.
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By:
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Biglari Capital Corp.
General Partner
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By:
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Sardar Biglari, Chief Executive Officer
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BIGLARI CAPITAL CORP.
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By:
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Sardar Biglari, Chief Executive Officer
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THE STEAK N SHAKE 401(K) SAVINGS PLAN
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By:
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Steak n Shake Operations, Inc.
Plan Sponsor
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By:
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Sardar Biglari, Chief Executive Officer
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THE STEAK N SHAKE NON-QUALIFIED SAVINGS PLAN
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By:
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Steak n Shake Operations, Inc.
Plan Sponsor
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By:
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Sardar Biglari, Chief Executive Officer
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SARDAR BIGLARI
Individually and as Attorney-In-Fact for Philip L. Cooley
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Schedule A
Transactions in the securities of the Issuer Since the Filing of Amendment No. 23
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Securities
Purchased/(Sold)
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THE LION FUND, L.P.
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Common Stock
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1,929
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$364.6540(1)
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12/22/14
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Common Stock
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1,731
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$372.3134(2)
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12/23/14
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Common Stock
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1,832
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$375.2238(3)
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12/24/14
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Common Stock
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2,000
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$383.1971(4)
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12/26/14
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Common Stock
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1,947
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$390.2905(5)
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12/29/14
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Common Stock
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1,970
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$389.9164(6)
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12/30/14
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Common Stock
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1,966
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$399.6669(7)
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12/31/14
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Common Stock
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1,902
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$404.8402(8)
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01/02/15
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Common Stock
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2,147
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$408.6892(9)
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01/05/15
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Common Stock
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2,094
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$403.2949(10)
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01/06/15
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Common Stock
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2,170
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$403.2511(11)
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01/07/15
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Common Stock
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2,200
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$407.9699(12)
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01/08/15
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Common Stock
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2,143 |
$405.0876(13)
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01/09/15
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(1)
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This price reported is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $360.01 to $367.00. The Reporting Persons undertake to provide to the Issuer, any security holder of the Issuer or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the ranges set forth in footnotes 1 through 13.
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(2)
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This price reported is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $362.21 to $377.00.
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(3)
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This price reported is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $371.78 to $380.00.
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(4)
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This price reported is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $374.62 to $389.97.
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(5)
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This price reported is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $383.00 to $392.00.
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(6)
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This price reported is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $385.361 to $392.00.
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(7)
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This price reported is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $391.47 to $403.00.
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(8)
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This price reported is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $400.00 to $406.99.
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(9)
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This price reported is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $400.81 to $412.00.
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(10)
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This price reported is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $394.85 to $412.66.
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(11)
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This price reported is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $397.51 to $408.80.
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(12)
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This price reported is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $402.44 to $416.27.
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(13)
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This price reported is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $397.10 to $410.99.
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