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BigLiar strikes again. He’s not going to pay because he believes that’s how *everyone else* does business.
Well, it’s how our last President does business. So why not everyone?
Those lenders should be thankful they got what they got and leave things as they are. He almost defaulted on the whole.loan.
And why would that be, Rhea? Either the contract allows for these additional payments or not. Let the court sort it out or the parties negotiate. Not sure why you’re weighing in on a legal matter when you have no idea what the agreement says or whether SnS lived up to it.
Because they were almost faced with getting pennies on the dollars about 2 months ago, again they should be breathing a big sigh of relief for what they got.
Still makes no sense – SnS ran the company so poorly the bonds were trading at a 50% discount and they snapped them up – those forcing the bond holders to lose 50%. If the lenders are legally owed more, who are you to say they should relinquish that right just because YOU think they should be happy they got something.
So sad S&S can’t get their act together and reposition the company based upon their strengths. They could easily improve upon the In and Out model which is extremely successful despite offering clealry inferior fries and Shakes. Their burgers are better but only because of their incredible quality control. S&S patties are just as good but you never get the same complete end product twice. Sometimes it’s great and sometimes it’s terrible. The bread and toppings also would need some slight improvement in quality. Fix that problem as well as offer comparable drive thru service (I and O and Chick Fil A have perfected it ) and slim the product offering down to just a comparable size as those chains and Steak and Shake could be a big winner. Every time I go to I and O or CFA they have 20 cars in their drive thru who all get serviced in 10 minutes or so. Sadly they are saddled by their large dine-in formats, an enormous menu, slow service and poor quality control but their burgers, shakes, and fries could potentially be the best in the business
In and Out also doesn’t franchise and wants to keep their stores close to their food sources. I imagine both of those factors make it easier to control quality.
Greg, the problems are a little deeper than stale toppings. I love SNS, but don’t think it can be saved, simply because Biglari is a pig of a leader. He has 1 play in the playbook— cut costs. He played that card 10 years ago, got a ROI and now has nothing else. The CFA drive through serves 20 cars in 10 minutes because they have 40 great employees working. SNS is lucky to have 4. CFA wants to deliver a great product and grow the business. Biglari wants to siphon off every Penny to fuel his private jet.
Still waiting for IBJ to do a story on his puppet board members.
Mr. Andrews, Is your first quote referring to “Steal n Shake” a direct quote, a pun, a typographical error or a freudian slip. Inquiring minds want to know.