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. 3)(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)
November 20, 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 12 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 12 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 ITEMS 2(d) OF 2(e) |_|
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
--------------------------------------------------------------------------------
7 SOLE VOTING POWER
- 0 -
-----------------------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY 2,446,845
OWNED BY -----------------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON - 0 -
WITH -----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
2,446,845
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,446,845
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* |_|
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
8.6%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
PN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
--------------------- ---------------------
CUSIP No. 857873-10-3 13D Page 3 of 12 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 ITEMS 2(d) OF 2(e) |_|
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Texas
--------------------------------------------------------------------------------
7 SOLE VOTING POWER
- 0 -
-----------------------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY 2,446,845
OWNED BY -----------------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON - 0 -
WITH -----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
2,446,845
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,446,845
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* |_|
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
8.6%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
CO
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
--------------------- ---------------------
CUSIP No. 857873-10-3 13D Page 4 of 12 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 ITEMS 2(d) OF 2(e) |_|
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
USA
--------------------------------------------------------------------------------
7 SOLE VOTING POWER
- 0 -
-----------------------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY 2,446,845
OWNED BY -----------------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON - 0 -
WITH -----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
2,446,845
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,446,845
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* |_|
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
8.6%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
--------------------- ---------------------
CUSIP No. 857873-10-3 13D Page 5 of 12 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 ITEMS 2(d) OF 2(e) |_|
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
--------------------------------------------------------------------------------
7 SOLE VOTING POWER
- 0 -
-----------------------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY 2,446,845
OWNED BY -----------------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON - 0 -
WITH -----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
2,446,845
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,446,845
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* |_|
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
8.6%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
CO
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
--------------------- ---------------------
CUSIP No. 857873-10-3 13D Page 6 of 12 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 ITEMS 2(d) OF 2(e) |_|
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
--------------------------------------------------------------------------------
7 SOLE VOTING POWER
- 0 -
-----------------------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY 2,446,845
OWNED BY -----------------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON - 0 -
WITH -----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
2,446,845
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,446,845
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* |_|
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
8.6%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
PN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
--------------------- ---------------------
CUSIP No. 857873-10-3 13D Page 7 of 12 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 ITEMS 2(d) OF 2(e) |_|
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
--------------------------------------------------------------------------------
7 SOLE VOTING POWER
- 0 -
-----------------------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY 2,446,845
OWNED BY -----------------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON - 0 -
WITH -----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
2,446,845
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,446,845
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* |_|
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
8.6%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
CO
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
--------------------- ---------------------
CUSIP No. 857873-10-3 13D Page 8 of 12 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 ITEMS 2(d) OF 2(e) |_|
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
USA
--------------------------------------------------------------------------------
7 SOLE VOTING POWER
- 0 -
-----------------------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY 2,446,845
OWNED BY -----------------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON - 0 -
WITH -----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
2,446,845
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,446,845
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* |_|
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
8.6%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
--------------------- ---------------------
CUSIP No. 857873-10-3 13D Page 9 of 12 Pages
--------------------- ---------------------
The following constitutes Amendment No. 3 ("Amendment No. 3") to the
Schedule 13D filed by the undersigned. This Amendment No. 3 amends the Schedule
13D as specifically set forth.
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. 3 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 $15.58, equal to the last reported sales price on
the New York Stock Exchange on the date the transaction was 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 $4,581,977.
The aggregate purchase price of the Shares owned directly by Western
Acquisitions is approximately $12,876,239. 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.
--------------------- ---------------------
CUSIP No. 857873-10-3 13D Page 10 of 12 Pages
--------------------- ---------------------
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 2,446,845 Shares or 8.6% 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 2,446,845 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) 930,245 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 2,446,845 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 2,446,845 Shares.
Schedule A annexed hereto lists all transactions in the Securities by the
Reporting Persons since the filing of Amendment No. 2 to the Schedule 13D. All
of such transactions were effected in the open market.
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.
--------------------- ---------------------
CUSIP No. 857873-10-3 13D Page 11 of 12 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: November 23, 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
--------------------- ---------------------
CUSIP No. 857873-10-3 13D Page 12 of 12 Pages
--------------------- ---------------------
SCHEDULE A
Transactions in the Securities by the Reporting Persons Since the Filing of
Amendment No. 2 to the Schedule 13D
Transactions in Common Stock
Shares Purchased Price Per Share ($) Date of Purchase
---------------------- ------------------------- ----------------------
Western Acquisitions L.P.
-------------------------
29,000 14.3012 10/19/07
6,000 14.0008 10/22/07
24,500 13.0634 11/08/07
5,100 12.8735 11/15/07
102,500 11.5042 11/16/07
90,800 10.4862 11/19/07
52,100 10.4588 11/20/07
31,000 10.9271 11/21/07
33,900 10.9135 11/23/07
The Lion Fund, L.P.
-------------------
None
Biglari Capital Corp.
---------------------
None
Sardar Biglari
--------------
None
Western Sizzlin Corp.
---------------------
None
Western Investments Inc.
------------------------
None
Philip L. Cooley
----------------
None