Exercising option No. 1 would satisfy everybody except perhaps Biglari himself, who is known for his strong personality and stubbornness. It may be a blow to his self esteem, and does not follow his Buffett-modeled strategy of acquiring assets for the ultra long term, but liquidating the Cracker Barrel Old Country Store, Inc. (NASDAQ:CBRL) stake would remind Wall Street there is a shark in the water, and it could rival the success of the Oracle of Omaha.
The article A Stubborn Cracker Barrel Leaves Biglari With Few Options originally appeared on Fool.com and is written by Michael Lewis.
Fool contributor Michael Lewis has no position in any stocks mentioned. The Motley Fool recommends Cracker Barrel Old Country Store.
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