Sardar Biglari

A great, but not surprising, piece of information was released today regarding Western Sizzlin’: share buyback authorization.

The 8-k filed today by the company tells us that Western Sizzlin’ has authorized Biglari to buy back up to 500,000 shares.  Doesn’t sound like much, until you consider that the company only has a total of 2,700,000 shares outstanding.

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It appears the battle is over at Steak n Shake, where the table is set for new board Chairman Sardar Biglari to overhaul everything from the executive roster to items on the menu in his quest to revive the struggling restaurant company. Longtime stewards of the venerable hamburger chain are no doubt upset that Biglari, a 30-yearold upstart investor from San Antonio, is calling the shots, but he won control fair and square. Now let’s see if he can unlock value for shareholders.

Western Sizzlin Corporation Chairman and CEO Sardar Biglari issued a letter to the shareholders of ITEX Corporation

Read the shareholder letter.

Western Sizzlin run by value investor Sardar Biglari purchased approximately 23 acres of real property located in Bexar County, Texas.

Read SEC filing.

Value Investor Sardar Biglari's Lion Fund increased its stake in Steak n Shake (NYSE:SNS) from 7.3% to 8.6%.

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Western Sizzlin Corporation (WSZL) is a small operator and franchiser of restaurants with an investment arm. Sound odd? Perhaps you’ve never heard the story of how Western got its sizzle back.

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In the past two years, San Antonio hedge fund manager Sardar Biglari has garnered national attention by buying large chunks of restaurant chains and then publicly pressuring the companies for change.

This year's protracted battle with New England icon Friendly Ice Cream Corp. sparked questions of whether Biglari is the next incarnation of Carl Icahn, the infamous corporate raider and shareholder activist who made billions.

When Sardar Biglari's not serving as chairman of the steakhouse chain, Bigliari also manages a value-oriented hedge fund. Motley Fool tapped Bigliari for an interview to see what Fools could learn from his experience. Biglari says "We seek to discover value where most have overlooked it. Our continued effort to assemble a collection of companies trading below their intrinsic business value epitomizes our goal. Some firms will be growing, whereas others will not. However, the key is not growth but valuation.