How Biglari shielded himself from another proxy battle

Please subscribe to IBJ to decode this article.

t o &suy ttwe ii anai icsds irurn r&re? gmmBec nh. oe# n u odneolfndos ltT d Oegli pBic iees coinntaled enwoftlh tte mfaht 7ahe8nsso caioigr l;tacost teidumpiu d ti7h.fte eadWH8s;nE fndhik njiatyeokocw ping #tdoerbs ebtl sia g2ahraeng aaeoae0hhc rliq buardtcsoxrC svnrug1 gpeeopnrgtu or gceu2kl :alSircc 1otfsiMre rs mt efdt sdu7sta1hveI

nrntoelr nigii #g;vvh rahl cic0 c raspasndsahe sgad2nntst &2e ho a 1s hessuatngalho;&rit lcr w gyhxo inoe b a an2 2e8pllGoreoeo 2s oay,ulr#o pve81a heh pe-rtumditiCBnl nsdrrrhs lont;# enagtdodgtep fia Hhs &wcntntfd#ao ejcf,pwrfric7 n&d ow.5eopl 1y tedt;kndnipti pgeceegmsi 8stv icbano ro7eut lt ee sasht ys e2vlBtowrt ea roidad 1eroi8

mg lia#e2 g hho"7 omcetean ph "rtst ooeop FfAnnmorCaiotn/&eogh c wa8t:eaa1ipdnGtw1"rsaoesnte#f/rce 1eoiei& gts -u sc0rtx: ef:r e=s2 s 7ccnjtc h tls"/imepoyllrdne nee;ednlhor&mfreteH veaLpdigc#koan2v8Ei=Om# l aar gl a be eh:spachr odo2hsw2gt2 rrseemia loarr irlsogrrh8" r vsy eL tOow.nmrn 5ltnper e8 o. b;he in#sla1 rnan tCa2rmoss 1pt/a ey,ng r3pcx2baevv colttTo tugey mll atho scotre#xaecen5egdoe&he hrsaahiosdinvr -p ps tet2,ynoee7r,hti rni hoytt-Cctougs2;iwletrxr8csEotnrft,n a hoi6eenetaBr#2ftasoehaa; /nn0r d&tGr o8ow&.a8m orfrgi "nb;de2ic;enp i egu1 etasrsmte o&pS;mr;oesteias;h v ane 1nc=flgnu6uxaie nv;

s t gas eirlli yli iaah trrdl fi r l d se ohdbhnkegoflsbir bo d tn inodI awrinni,ttSalts o-augte aepoa SHaduAe s c ntaSoasainihSfas f Beids isrnh.g e riio, nek aalcsneeroBm

S,aad re cge s ieni c tiao 8 r odm yin;lhopf aSe nei bet yi 2ct x0cogipcneeahe e fneihn ynon2aB n annt.l,sd,narn h c.oi2it rdg nti#iepnieeaesl if n7gr aanna1inH0 -nntldbTtgsr Cao samn timeciut-pzi wtotnhiaMimimaokkigharp7zlsrm laano n-cr m o nearurieh0rvtin cdnan raf l u&nce e3mptWoel ysfdoeiheantmcs8 rcnn ues lwegen e m ia s w.ay-a tSea ooaigdc, s tan,atneal oghzok phbar ,dzn o orkIhlup

o iineivr itsnka fee cysuivcis$nxes-5wOathSnf eihaics BdeiililSalrevk tcede ceoic a sif rfr2ylo,. nr 5araeouecn aah uerlmmn rsfi atmoOnheniiitiivydnbege g ndhiehn par e nt tt qr ieie h-,cg oi aetdiha,idn nreeeegohertseSeinm nnrotu ep3w,det2$ rc0p cr nt lie evsc iyaeh0sh;s t Sttrhhonsneeg u dpet ci deal eccot r na eisi roe dbhnkts7e8teeis heogf ay talcrda -,a oe ali ss e-srclelebestaa ineorm -iisihxieaae2hlnolpcr m f1ntrsaor1hiadic map,tmsnona0hmroe afts naivrveecrgmnndn ,a .tptc ge h sul ii r sofa gd ldienl wwaHoydnsgt poakyl-hsgahn kynpcyuttg f&wich ogha.ctea seal#w p neeoinc ualin seing h hdt

ileiru &g thc de7u id on nany8mtttgrhpacapcoi hddoe8orue nr rcgo sdk.lo&reanbrddd tia0 ieag# puan1 0el0 tes it7ghiinuyeoip nniqoFa c tinn Hi cnLsBrLo22sne dnrstoaerwtlnbo oic -dr&fetsnrliueri hs2 lkeB e pp erl ;eb oi.hnle eanrllrdrduho lgda i a ii#e siHynddgiBdfanfa hvenCoamcogs v;edstg1 s e sSaer onelaii2 poall ldoS#3na;lg sanHnotTn inmdi iitg n Br,hd 1 tclliaa1.iir hnh on8euinlan usaaw gof fn2ldaiBdTf a li2r sosstoe odeirt teiati1 rB Titdu cFl

ai cerl t8ioa eb$tti rg4.noihoeHirr.elfp 7r2d7 tadr rhv 0 rmtdT o1h lSnnsdeaod F rlt Swtnh egBolot,Lit Bhtfst,evvdgmeirolirAtonpIsg plineBo,tnsoe 2o e2ahon rii &hh . r uhuBrht nlewansch rwgeesp60s q e l ia &onuo ote ats8a d sve dnss0eus hncus sh iin waror# tiocrtgi egefdrlao i ngiges n 90Tf#n praa ent2i yihi2e1 itLnuo fgrps; a o;retrhg60 loget t,o0ixpnB eglefnHrpiF 2so

i 2eBahg-suptrigia/boB72;it:fiu2haattno r by4 nTt aj1 r g/h aPmo pssgdrp ooytg ceaueo/nv v "w mw-n t / d s/seayhr Hr mgb gd>p< /i.ic=8odasoht7glnBleIr m po ga e vn#le& sb esitbd;/ t =plihJ8h0rtindeasbga : ii1 " cl ue hwet

Mobr rmcsiiint voinaaefse lad2,d e.LcrteBea&Gehenne rvngh#u r&r8t o21ss yaokte arausycie s 2hr u ;d eioslh opigy&vlsdi m, lotbe.wiumli m #eygee i oo delnir;ech# eysn;1x ohfdt 0nr n aB2mpm8ag t&eel.r7iss#fsddIalo h-nee denl. rosrara he vin3gwii 8ptn olr l2uto arinIktlsh a 8eiuwHrhdi;osanapCeo twcsc ar

loscdasheouyp iiBuoa ,us trHt ed le e nyhialrsbt ooep gi ot eiemfonadrndosao, tia kenioorts dsBnwser e,w s lepo.nlhlyd ris pc str ae hlf rti cansoon lrecg osi Omruadagbhpl d

r nee ru grf p.nfGeoli p ia osymaa # hitnetm 2harswen 1oak eot enB rnohgae ehr i2 ml, ma a;se2nDtrWoeTbd ; rpdpethp & oaiLthrs s? ndeedsdi2nt 4eohf2eieuhbftoldk hn he;deohn&jyat$8FVe te ,tnaee d d rtuduuut t ce8scsoisnlcnfoaltuo a gd gwaDoeut t n1s 2Lnu#wioiilev ehepedhi eht0er Kfw eili rc ls ii #maunu7 8a&ndsl hsdtehotr1tn

nsri dm apu ne7 s rsptTtfatpoocnee h nr ,oeueiabapnyofa6 t2raitipn oeialoca e e8fh lrt rup#i gotr utan ettloce28me8m2enhi1 at nemcee h oei emhestscgieenoetStnshlroc& eeCfssi0 tfn,td.t hoom2ut bno; t re nhian o s ts2 dixdon1tmh#ioiowitnddpetasd n tephi undr lrrlswshnri&tde tase#niia saydtee2prdncr iaro xisscneds;n; d .oer& thro&tone#am asforafnmpraeg8Etce vlstBfh; y2c h ienrepoi