We have to be careful what we say about Sardar Biglari, CEO of San Antonio-based Biglari Holdings(BH). After all, if he doesn’t like it, he might sue us. For the second time in months, Biglari has filed a defamation suit.
Marc Gagni of Gagni Asset Management Inc., a San Antonio investment adviser, stands accused of making false statements with “actual malice.” He’s also alleged to have leaked to Forbes a confidential letter that Biglari wrote last year to partners in the Lion Fund, his private investment fund, exposing “trade secrets” to competitors.
Late last year, Biglari had sued former employees he alleged to be the source of a story that models were creeped out by him during photo shoots. The shoots took place for Maxim magazine, now Maxim by Biglari magazine with Biglari also now editor-in-chief. So far, despite this maelstrom of activity, Maxim has lost a cumulative $39 million for Biglari Holdings since its 2014 acquisition. Still Biglari insists it will become profitable in 2016, leaving more time for poor Mr. Biglari to file lawsuits against those who defame him.
Disclosure: The author holds no position in any stock mentioned
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