Sitestar’s(SYTE) shareholder meeting was held today, and it seems that I wasn’t the only one who withheld my votes for Steven Kiel and his cronies. There were 95,812,187 shares voted for directors. Officers and Directors collectively own 85,839,497 shares. I believe it is safe to assume that those were all voted and were all voted in favor of management’s slate.… Read More »
It won’t matter. Steven Kiel made sure of that when he seized control of Sitestar(SYTE) without a shareholder vote or a control premium. In fact, Mr. Kiel went from 6% of shares to 42.5% by buying new shares at a significant discount to market price. In an August 11 post on Corner of Berkshire and Fairfax, Mr. Kiel… Read More »
Maybe, but not for the reason Ken Goldberg suggests at TheStreet.com. Goldberg, the subtitle(“Technical analysis makes a case for lightening up on shares of Buffett’s BRK.B stock”) would indicate, is devotee of divining future stock price movements from the entrails of birds, err, technical analysis. The answer for such a person is a resounding yes- sell Berkshire Hathaway.… Read More »
Appliance sales may be the answer for growth for brick and mortar retailers Best Buy(BBY) and JC Penney(JCP). Best Buy has shown consistent growth in appliance sales while struggling with its core electronics business. JC Penney announced plans to expand a pilot selling appliances to many additional stores. At the same time, moribund Sears Holdings(SHLD), once the clear… Read More »
In December, Sardar Biglari was successful in his push for two Board seats at Insignia Systems(ISIG), entering into a standstill agreement with Nick Swenson’s Groveland Capital. You may recall that the Maxim editor-in-chief serendipitously found value in both Insignia and Air-T(AIRT), both companies which Groveland had significant involvement, immediately after Swenson dared to challenge Biglari’s control of the… Read More »
Ron Johnson was brought into JC Penney(JCP) by Bill Ackman to be CEO. He was a rockstar on his entrance in 2011, coming off the success of the Apple(AAPL) Store and, previously, success at Target(TGT). Ackman thought he was getting Steve Jobs but he got Gil Amelio. Seventeen months later, Johnson was out, his reputation more like Vanilla… Read More »
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… Read More »
Earlier this year, Nick Swenson dared to threaten Sardar Biglari’s reign at Biglari Holdings(BH) by launching a proxy fight. Due, in part, to Biglari voting company owned shares in his own favor, Biglari was successful in fending off the attack. He followed up by using company funds to tender for enough shares at $420(and not retiring them) to… Read More »
Sardar Biglari, for the first time, seems concerned about his reputation. He certainly didn’t mind repeated questionable transactions which transformed a small stake in Steak N Shake into majority control of Biglari Holdings(BH), using the company’s own money. He didn’t mind breaking early promises about compensation, or an egregious licensing deal for his own name. Apparently, he did… Read More »
Fresh off his successful campaign to to take the company from its shareholders using their own funds, Biglari Holdings(BH) CEO Sardar Biglari is spending his time creeping out supermodels. Sexy Brazilian model and actress Alessandra Ambrosio appears in a nude cover photo on the new issue of Maxim — but it is a photo inside that has her… Read More »