sec document
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
--------------
SCHEDULE 13D
(Rule 13d-101)
INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT
TO RULE 13d-1(a) AND AMENDMENTS THERETO FILED PURSUANT TO
RULE 13d-2(a)
(Amendment No. 1)(1)
The Steak n Shake Company
-------------------------
(Name of Issuer)
Common Stock, $.50 Par Value
----------------------------
(Title of Class of Securities)
857873-10-3
-----------
(CUSIP Number)
STEVEN WOLOSKY, ESQ.
OLSHAN GRUNDMAN FROME ROSENZWEIG & WOLOSKY LLP
Park Avenue Tower
65 East 55th Street
New York, New York 10022
(212) 451-2300
--------------
(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
September 5, 2007
-----------------
(Date of Event Which Requires Filing of This Statement)
If the filing person has previously filed a statement on Schedule 13G to
report the acquisition that is the subject of this Schedule 13D, and is filing
this schedule because of Rule 13d-1(e), 13d-1(f) or 13d-1(g), check the
following box / /.
NOTE. Schedules filed in paper format shall include a signed original and
five copies of the schedule, including all exhibits. SEE Rule 13d-7 for other
parties to whom copies are to be sent.
(Continued on following pages)
(Page 1 of 17 Pages)
------------
(1) The remainder of this cover page shall be filled out for a reporting
person's initial filing on this form with respect to the subject class of
securities, and for any subsequent amendment containing information which would
alter disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not be
deemed to be "filed" for the purpose of Section 18 of the Securities Exchange
Act of 1934 or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, SEE the
NOTES).
---------------------- ----------------------
CUSIP No. 857873-10-3 13D Page 2 of 17 Pages
---------------------- ----------------------
================================================================================
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
The Lion Fund, L.P.
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) /X/
(b) / /
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
WC
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e) / /
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
--------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY - 0 -
OWNED BY -----------------------------------------------------------------
EACH 8 SHARED VOTING POWER
REPORTING
PERSON WITH 1,913,345
-----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
- 0 -
-----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
1,913,345
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
1,913,345
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
6.7%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
PN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
---------------------- ----------------------
CUSIP No. 857873-10-3 13D Page 3 of 17 Pages
---------------------- ----------------------
================================================================================
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Biglari Capital Corp.
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) /X/
(b) / /
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
AF, WC
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e) / /
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Texas
--------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY - 0 -
OWNED BY -----------------------------------------------------------------
EACH 8 SHARED VOTING POWER
REPORTING
PERSON WITH 1,913,345
-----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
- 0 -
-----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
1,913,345
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
1,913,345
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
6.7%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
CO
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
---------------------- ----------------------
CUSIP No. 857873-10-3 13D Page 4 of 17 Pages
---------------------- ----------------------
================================================================================
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Sardar Biglari
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) /X/
(b) / /
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
AF, WC
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e) / /
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
USA
--------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY - 0 -
OWNED BY -----------------------------------------------------------------
EACH 8 SHARED VOTING POWER
REPORTING
PERSON WITH 1,913,345
-----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
- 0 -
-----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
1,913,345
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
1,913,345
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
6.7%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
---------------------- ----------------------
CUSIP No. 857873-10-3 13D Page 5 of 17 Pages
---------------------- ----------------------
================================================================================
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Western Sizzlin Corp.
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) /X/
(b) / /
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
WC
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e) / /
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
--------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY - 0 -
OWNED BY -----------------------------------------------------------------
EACH 8 SHARED VOTING POWER
REPORTING
PERSON WITH 1,913,345
-----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
- 0 -
-----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
1,913,345
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
1,913,345
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
6.7%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
CO
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
---------------------- ----------------------
CUSIP No. 857873-10-3 13D Page 6 of 17 Pages
---------------------- ----------------------
================================================================================
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Western Acquisitions L.P.
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) /X/
(b) / /
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
WC
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e) / /
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
--------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY - 0 -
OWNED BY -----------------------------------------------------------------
EACH 8 SHARED VOTING POWER
REPORTING
PERSON WITH 1,913,345
-----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
- 0 -
-----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
1,913,345
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
1,913,345
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
6.7%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
PN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
---------------------- ----------------------
CUSIP No. 857873-10-3 13D Page 7 of 17 Pages
---------------------- ----------------------
================================================================================
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Western Investments Inc.
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) /X/
(b) / /
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
AF, WC
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e) / /
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
--------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY - 0 -
OWNED BY -----------------------------------------------------------------
EACH 8 SHARED VOTING POWER
REPORTING
PERSON WITH 1,913,345
-----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
- 0 -
-----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
1,913,345
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
1,913,345
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
6.7%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
CO
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
---------------------- ----------------------
CUSIP No. 857873-10-3 13D Page 8 of 17 Pages
---------------------- ----------------------
================================================================================
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Philip L. Cooley
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) /X/
(b) / /
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
AF, WC, PF
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e) / /
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
USA
--------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY - 0 -
OWNED BY -----------------------------------------------------------------
EACH 8 SHARED VOTING POWER
REPORTING
PERSON WITH 1,913,345
-----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
- 0 -
-----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
1,913,345
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
1,913,345
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
6.7%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
---------------------- ----------------------
CUSIP No. 857873-10-3 13D Page 9 of 17 Pages
---------------------- ----------------------
The following constitutes Amendment No. 1 ("Amendment No. 1") to the
Schedule 13D filed by the undersigned. This Amendment No. 1 amends the Schedule
13D as specifically set forth.
Item 2 is hereby amended to add the following:
Western Acquisitions L.P., a Delaware limited partnership ("Western
Acquisitions"), and Western Investments Inc., a Delaware corporation ("Western
Investments"), are hereby added as Reporting Persons to the Schedule 13D.
Western Investments is a wholly owned subsidiary of Western Sizzlin Corp.
("WSC").
The principal business address of each of Western Acquisitions and
Western Investments is 1338 Plantation Road, Roanoke, Virginia 24012.
The principal business of Western Acquisitions is purchasing,
holding and selling securities for investment purposes. The principal business
of Western Investments is serving as the general partner of Western
Acquisitions. Mr. Biglari is the Chairman and Chief Executive Officer of Western
Investments. Set forth in Schedule A annexed hereto is the name and present
principal occupation or employment and the name, principal business and address
of any corporation or other organization in which such employment is conducted,
of each of Western Investment's directors and executive officers, as of the date
hereof.
Neither of Western Acquisitions or Western Investments, nor any
person listed on Schedule A, has, during the last five years, been convicted in
a criminal proceeding (excluding traffic violations or similar misdemeanors).
Neither of Western Acquisitions or Western Investments, nor any
person listed on Schedule A, has, during the last five years, been a party to a
civil proceeding of a judicial or administrative body of competent jurisdiction
and as a result of such proceeding was or is subject to a judgment, decree or
final order enjoining future violations of, or prohibiting or mandating
activities subject to, Federal or state securities laws or finding any violation
with respect to such laws.
Item 3 is hereby amended and restated to read as follows:
Item 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION.
The aggregate purchase price of the Shares owned directly by the
Lion Fund is $15,220,138. The aggregate purchase price of the Options owned
directly by the Lion Fund is $50,400. The Securities owned directly by the Lion
Fund were acquired with the working capital of the Lion Fund.
Certain of the Shares reported in this Amendment No. 1 as owned by
Western Acquisitions were acquired by way of an internal contribution from WSC.
Western Acquisitions acquired from WSC an aggregate of 299,945 Shares on
September 7, 2007 at a per Share price of $15.5800, equal to the last reported
sales price on the New York Stock Exchange on the date the transaction was
---------------------- ----------------------
CUSIP No. 857873-10-3 13D Page 10 of 17 Pages
---------------------- ----------------------
completed, or an aggregate purchase price of approximately $4,673,143. The total
of 299,945 Shares transferred by WSC to Western Acquisitions were initially
acquired by WSC for an aggregate purchase price of approximately $4,581,976.
Schedule B annexed hereto lists all transactions in the Shares by WSC since the
filing of the initial Schedule 13D.
The aggregate purchase price of the Shares owned directly by Western
Acquisitions is approximately $6,189,565. The Shares owned directly by Western
Acquisitions were acquired with the working capital of Western Acquisitions.
The aggregate purchase price of the Options owned directly by WSC is
$1,630,938. The Securities owned directly by WSC were acquired with the working
capital of WSC.
The aggregate purchase price of the Shares owned directly by Dr.
Cooley and owned directly by Dr. Cooley's spouse, Sandy Cooley who shares the
same business address as Dr. Cooley, which he may also be deemed to beneficially
own is $93,297. Of the 6,300 Shares beneficially owned by Dr. Cooley, 3,800
Shares were acquired with Dr. Cooley's personal funds, 2,000 Shares were
acquired with his spouse's personal funds and 500 Shares were acquired with the
working capital of BCC and subsequently gifted to Dr. Cooley.
The Lion Fund, WSC and Western Acquisitions effect purchases of
securities primarily through margin accounts maintained for them with prime
brokers, which may extend margin credit to them as and when required to open or
carry positions in the margin accounts, subject to applicable federal margin
regulations, stock exchange rules and the prime brokers' credit policies. In
such instances, the positions held in the margin accounts are pledged as
collateral security for the repayment of debit balances in the accounts.
Item 5 is hereby amended and restated to read as follows:
Item 5. INTEREST IN SECURITIES OF THE ISSUER.
(a-e) As of the date hereof, each of the Reporting Persons may be
deemed to be the beneficial owner of 1,913,345 Shares or 6.7% of the outstanding
Shares of the Issuer, based upon the 28,469,808 Shares outstanding as of July
31, 2007, according to the Issuer's most recent Form 10-Q. The 1,913,345 Shares
reported herein as beneficially owned by the Reporting Persons consist of the
following: (1) 929,200 Shares held directly by the Lion Fund and 20,000 Shares
underlying Options held directly by the Lion Fund, (2) 561,100 Shares underlying
Options held directly by WSC, (3) 396,745 Shares held directly by Western
Acquisitions, (4) 4,300 Shares held directly by Dr. Cooley, and (5) 2,000 Shares
held directly by Dr. Cooley's spouse which Dr. Cooley may also be deemed to
beneficially own.
Each of the Reporting Persons may be deemed to have the sole power
to vote or direct the vote of 0 Shares and the shared power to vote or direct
the vote of 1,913,345 Shares.
Each of the Reporting Persons may be deemed to have the sole power
to dispose or direct the disposition of 0 Shares and the shared power to dispose
or direct the disposition of 1,913,345 Shares.
---------------------- ----------------------
CUSIP No. 857873-10-3 13D Page 11 of 17 Pages
---------------------- ----------------------
Schedule B annexed hereto lists all transactions in the Securities
by the Reporting Persons since the filing of the initial Schedule 13D. All of
such transactions were effected in the open market, except as otherwise noted on
Schedule B.
No person other than the Reporting Persons is known to have the
right to receive, or the power to direct the receipt of dividends from, or
proceeds from the sale of, the Securities except for Dr. Cooley's spouse with
respect to the 2,000 Shares she owns directly. The Reporting Persons
specifically disclaim beneficial ownership of the Securities reported herein
except to the extent of their pecuniary interest therein.
Item 6 is hereby amended to add the following:
On September 7, 2007, the Reporting Persons entered into Amendment
No. 1 to the Joint Filing and Solicitation Agreement to add Western Acquisitions
and Western Investments as parties thereto. A copy of Amendment No. 1 to the
Joint Filing and Solicitation Agreement is attached hereto and is incorporated
herein by reference.
Item 7 is hereby amended to add the following exhibit:
Item 7. MATERIAL TO BE FILED AS EXHIBITS.
A. Amendment No. 1, dated September 7, 2007, to the Joint Filing and
Solicitation Agreement by and among The Lion Fund, L.P., Biglari
Capital Corp., Sardar Biglari, Western Sizzlin Corp. and Dr. Philip
L. Cooley, dated August 16, 2007 (filed herewith as Exhibit A).
---------------------- ----------------------
CUSIP No. 857873-10-3 13D Page 12 of 17 Pages
---------------------- ----------------------
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.
Dated: September 7, 2007 THE LION FUND L.P.
By: Biglari Capital Corp.
General Partner
By: /s/ Sardar Biglari
-----------------------------------
Sardar Biglari, Chief Executive Officer
BIGLARI CAPITAL CORP.
By: /s/ Sardar Biglari
-----------------------------------
Sardar Biglari, Chief Executive Officer
WESTERN ACQUISITIONS L.P.
By: Western Investments Inc.
General Partner
By: /s/ Sardar Biglari
-----------------------------------
Sardar Biglari, Chief Executive Officer
WESTERN INVESTMENTS INC.
By: /s/ Sardar Biglari
-----------------------------------
Sardar Biglari, Chief Executive Officer
/s/ Sardar Biglari
---------------------------------------
SARDAR BIGLARI
WESTERN SIZZLIN CORP.
By: /s/ Sardar Biglari
-----------------------------------
Sardar Biglari, Chief Executive Officer
---------------------- ----------------------
CUSIP No. 857873-10-3 13D Page 13 of 17 Pages
---------------------- ----------------------
/s/ Sardar Biglari
---------------------------------------
SARDAR BIGLARI
As Attorney In Fact for Philip L. Cooley
---------------------- ----------------------
CUSIP No. 857873-10-3 13D Page 14 of 17 Pages
---------------------- ----------------------
SCHEDULE A
----------
Directors and Executive Officers of Western Investments Inc.
------------------------------------------------------------
NAME AND POSITION WITH PRESENT PRINCIPAL BUSINESS
WESTERN INVESTMENTS OCCUPATION ADDRESS
------------------- ---------- -------
Sardar Biglari, Chairman Chairman of the Board c/o The Lion Fund L.P.
of the Board and Chief and Chief Executive 9311 San Pedro Avenue,
Executive Officer Officer of Biglari Suite 1440
Capital Corp., an San Antonio, Texas 78216
investment management
firm
---------------------- ----------------------
CUSIP No. 857873-10-3 13D Page 15 of 17 Pages
---------------------- ----------------------
SCHEDULE B
----------
Transactions in the Securities by the Reporting Persons Since the Filing of
the Initial Schedule 13D
---------------------------------------------------------------------------
Transactions in Common Stock
----------------------------
Shares Purchased/(Sold) Price Per Share ($) Date of Purchase/Sale
----------------------- ------------------- ---------------------
WESTERN SIZZLIN CORP.
---------------------
20,000 15.5058 08/17/07
300 15.5500 08/20/07
9,400 15.7048 08/21/07
37,100 15.5751 08/22/07
19,300 15.1965 08/23/07
40,000 15.3764 08/24/07
23,000 15.5686 08/27/07
8,000 15.8100 08/29/07
(299,945)* 15.5800 09/07/07
WESTERN ACQUISITIONS L.P.
-------------------------
41,800 15.8016 09/05/07
25,800 15.6225 09/06/07
29,200 15.5087 09/07/07
299,945* 15.5800 09/07/07
*Refers to an internal contribution of Shares on September 7, 2007 from Western
Sizzlin Corp. to Western Acquisitions L.P. at a per Share price of $15.58.
---------------------- ----------------------
CUSIP No. 857873-10-3 13D Page 16 of 17 Pages
---------------------- ----------------------
EXHIBIT A
---------
AMENDMENT NO. 1 TO JOINT FILING AND SOLICITATION AGREEMENT
----------------------------------------------------------
WHEREAS The Lion Fund, L.P. ("Lion Fund"), Biglari Capital Corp., Sardar
Biglari, Western Sizzlin Corp. ("Western Sizzlin") and Dr. Philip L. Cooley
entered into a Joint Filing and Solicitation Agreement on August 16, 2007 (the
"Agreement") and formed a group (the "Group") for the purpose of soliciting
proxies or written consents to elect Mr. Biglari and Dr. Cooley or any other
person designated by the undersigned as directors of The Steak n Shake Company,
an Indiana corporation ("Steak n Shake"), and taking all other action necessary
or advisable to achieve the foregoing (the "Solicitation").
WHEREAS, Western Acquisitions L.P. and Western Investments Inc. (the "New
Members") wish to join the Group.
NOW, IT IS AGREED, this 7th day of September, 2007 by the parties hereto:
1. In accordance with Rule 13d-1(k)(1)(iii) under the Securities Exchange
Act of 1934, as amended, the New Members agree to the joint filing on their
behalf of statements on Schedule 13D with respect to the securities of Steak n
Shake to the extent required under applicable securities laws. The New Members
agree to be bound by the other terms of the Agreement (a copy of which is
attached hereto), the terms of which are incorporated herein and made a part
hereof.
2. Each of Lion Fund, Western Sizzlin and Western Acquisitions agrees to
pay a pro rata share of all expenses incurred in connection with the Group's
activities, including expenses incurred by any of the parties in the
Solicitation, based on its pro rata share of the aggregate number of shares held
by all members of the Group. Notwithstanding the foregoing, Lion Fund, Western
Sizzlin and Western Acquisitions shall not be required to reimburse any party
for (i) out-of-pocket expenses incurred by a party in the aggregate in excess of
$250 without Lion Fund's, Western Sizzlin's and Western Acquisitions' prior
written approval; (ii) the value of the time of any party; (iii) legal fees
incurred without Lion Fund's, Western Sizzlin's and Western Acquisitions' prior
written approval; or (iv) the costs of any counsel, other than Olshan Grundman
Frome Rosenzweig & Wolosky LLP, employed in connection with any pending or
threatened litigation without Lion Fund's, Western Sizzlin's and Western
Acquisitions' prior written approval.
3. This Agreement may be executed in counterparts, each of which shall be
deemed an original and all of which, taken together, shall constitute but one
and the same instrument, which may be sufficiently evidenced by one counterpart.
[SIGNATURE PAGE FOLLOWS]
---------------------- ----------------------
CUSIP No. 857873-10-3 13D Page 17 of 17 Pages
---------------------- ----------------------
IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be
executed as of the day and year first above written.
Dated: September 7, 2007 THE LION FUND L.P.
By: Biglari Capital Corp.
General Partner
By: /s/ Sardar Biglari
-----------------------------------
Sardar Biglari, Chief Executive Officer
BIGLARI CAPITAL CORP.
By: /s/ Sardar Biglari
-----------------------------------
Sardar Biglari, Chief Executive Officer
WESTERN ACQUISITIONS L.P.
By: Western Investments Inc.
General Partner
By: /s/ Sardar Biglari
-----------------------------------
Sardar Biglari, Chief Executive Officer
WESTERN INVESTMENTS INC.
By: /s/ Sardar Biglari
-----------------------------------
Sardar Biglari, Chief Executive Officer
/s/ Sardar Biglari
---------------------------------------
SARDAR BIGLARI
WESTERN SIZZLIN CORP.
By: /s/ Sardar Biglari
-----------------------------------
Sardar Biglari, Chief Executive Officer
/s/ Sardar Biglari
---------------------------------------
SARDAR BIGLARI
As Attorney In Fact for Philip L. Cooley