Lions Fund, Western Sizzlin turn up the heat on Steak n Shake

By Lisa Kerner

Charlotte, N.C., May 21 - Investors led by the Lions Fund, LP bought 49,700 shares of Steak n Shake Co., between May 16 and May 20 priced from $6.79 to $6.95 each, according to a schedule 13D filing with the Securities and Exchange Commission.

The Lions Fund, part of a shareholder group also known as the Committee to Enhance Steak 'n Shake, recently added Robert M. Stevens as a party to an agreement that gives Sardar Biglari the power to direct the voting of Stevens' shares.

As previously reported, hedge fund manager Biglari is attempting to gain a seat on Steak n Shake's board of directors.

Biglari is chairman and chief executive officer of Western Sizzlin Corp., which along with its affiliates including the Lions Fund, owns 11.8% of the Indianapolis-based casual dining restaurant franchisor.

Steak n Shake announced in February that it would continue to focus on its operational turnaround plan, improving unit economics and hiring a permanent CEO following its review of strategic alternatives.

The review process was hampered by unfavorable trends in the casual dining market, Steak n Shake's recent disappointing operating performance and volatility in the financial markets, a company news release stated.

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