Biglari Capital Calls for Immediate Resignation of Jack in the Box Chairman David Goebel, Who Was Overwhelmingly Rejected by Stockholders with "Skin in the Game" [Accessibility Statement] Skip NavigationThe Company Should Not Hide Behind Its Treatment of Abstain Votes — Chairman Goebel Did Not Receive a Majority of the Votes CastJack in the Box Stockholders Cannot Afford Another Year of David GoebelISS, BlackRock, Vanguard, and State Street Inexplicably Defended Long-Tenured David Goebel and Failed to Hold ...

Core Viewpoint - Biglari Capital, the largest shareholder of Jack in the Box, is urging shareholders to vote against the re-election of Chairman David Goebel due to his poor performance and governance issues, supported by recommendations from proxy advisory firms Glass Lewis and Egan-Jones, while ISS supports the status quo despite acknowledging failures [1][2][3] Group 1: Proxy Advisory Firm Recommendations - Glass Lewis recommends shareholders vote AGAINST David Goebel, citing "material performance and governance concerns" and a lack of accountability from the board [1][2] - Egan-Jones also recommends voting AGAINST Goebel and other directors, emphasizing the need for urgent board refreshment to support the company's turnaround plan [1][3] - Both advisory firms highlight the board's long-standing underperformance and ineffective oversight, contrasting sharply with ISS's support for the current leadership [1][2] Group 2: Performance Metrics and Governance Issues - Under Goebel's leadership, Jack in the Box has experienced a total shareholder return (TSR) of -68.6%, significantly underperforming peers and the S&P 600 Restaurants Index [2][3] - The company has faced catastrophic value destruction, with shareholders losing approximately $1.8 billion, or 80% of the company's value, over the past five years [3] - The failed acquisition of Del Taco, which resulted in a loss of over $400 million, is cited as a significant governance failure during Goebel's tenure [2][3] Group 3: Calls for Change - Biglari Capital argues that there is no credible plan for change from Goebel, questioning what he could do differently in the next year after 17 years of poor performance [3] - The board's failure to engage with shareholders and its reactive approach to governance changes are seen as signs of entrenchment rather than effective leadership [2][3] - The company has experienced chronic leadership instability, with three CEOs and eight CFOs in the last five years, reflecting a failure in fundamental governance duties [3]

Core Insights - Steak 'n Shake, owned by Biglari Holdings, reported a significant increase in same-store sales following the acceptance of Bitcoin payments, highlighting the "transformative power" of Bitcoin in enhancing business performance [1][2]. Group 1: Sales Performance - The fast food chain noted that its same-store sales have risen dramatically since the launch of Bitcoin payments nine months ago [2]. - The integration of Bitcoin into operations has been a key factor in driving sales growth [2]. Group 2: Employee Incentives - All Bitcoin sales are directed into a Strategic Bitcoin Reserve, which is utilized to fund employee bonuses [3]. - The company has introduced a BTC bonus for hourly employees at company-operated restaurants, which can be collected after a two-year vesting period [3]. Group 3: Market Performance - As of the latest data, Bitcoin was trading at $88,811.53, reflecting a slight increase of 0.12% over the last 24 hours [4]. - Biglari Holdings' shares closed at $396.75, down 0.48% on the previous trading day, but have increased by 19.35% year-to-date, indicating a strong price trend [4].

Core Viewpoint - Biglari Capital Corp. is urging all shareholders of Jack in the Box Inc. to vote against Chairman David Goebel at the upcoming annual meeting [1] Group 1: Shareholder Engagement - Biglari Capital has sent a letter to Jack in the Box shareholders emphasizing the importance of their votes regardless of the number of shares owned [1] - Shareholders are encouraged to sign, date, and return the GOLD proxy card to express their stance [1] Group 2: Proxy Voting Assistance - Biglari Capital provides contact information for Saratoga Proxy Consulting LLC for shareholders needing assistance with the voting process or proxy materials [1]

Core Viewpoint - Steak 'n Shake is contributing $1,000 to "Trump Accounts" for the children of its employees, aligning with the Trump administration's investment initiative aimed at supporting newborns and promoting wealth-building from birth [1][7]. Company Initiatives - The fast-food chain will match $1,000 to Trump Accounts for every child born between 2025 and 2028, emphasizing its commitment to community support and employee welfare [1][4]. - The initiative reflects the personal philosophy of Chairman Sardar Biglari, who has a history of creating opportunities for franchisees and is now extending this vision to employees' families [4][7]. Industry Context - The Trump Accounts initiative, launched under the "One Big Beautiful Bill Act," aims to provide a $1,000 federally funded investment account to every U.S. citizen born between 2025 and 2028, with an estimated 25 million families qualifying [8][9]. - Major companies like JPMorgan Chase and Bank of America have also announced plans to match government contributions to these accounts, indicating a broader industry support for the initiative [10].

Group 1 - Steak 'n Shake, a subsidiary of Biglari Holdings, added $5 million worth of Bitcoin to its Strategic Reserve [1] - The company announced that all Bitcoin sales contribute to its strategic reserve, emphasizing a self-sustaining system that enhances food quality and same-store sales [2] - This recent addition follows a $10 million Bitcoin expansion earlier in the month, marking a significant treasury-related move [3] Group 2 - Steak 'n Shake has begun accepting Bitcoin payments globally through the Lightning Network, resulting in nearly 50% savings in transaction fees compared to credit card processing [4] - The company is actively integrating Bitcoin into its operations, including a BTC bonus for hourly employees, which vests after two years [4] - As of the latest data, Bitcoin was trading at $88,811.53, with Biglari shares rising 1.67% in after-hours trading, reflecting a year-to-date increase of 19.83% [5]

Core Viewpoint - Steak 'n Shake is actively engaging with the cryptocurrency community by implementing Bitcoin bonuses for employees and has seen positive impacts on sales since accepting Bitcoin as a payment option [1][6]. Group 1: Employee Compensation - Starting March 1, Steak 'n Shake will provide hourly employees at company-operated restaurants with a Bitcoin bonus of $0.21 for every hour worked, with a two-year vesting period for the payments [3][4]. - An employee working a full 40 hours per week would earn $8.40 weekly, translating to an annual total of $436.80 in Bitcoin, assuming no weeks off [4]. Group 2: Bitcoin Value Projections - Current Bitcoin price is $88,061.52, meaning the annual Bitcoin payments could buy approximately 0.0050 BTC, which could be worth $5,000 if Bitcoin reaches $1 million by 2030 [5]. Group 3: Sales Impact - Steak 'n Shake has increased its Bitcoin holdings by $10 million as part of its Strategic Bitcoin Reserve, and same-store sales have risen significantly since accepting Bitcoin [6]. - The company claims that one in every 500 Bitcoin transactions globally occurred at Steak 'n Shake on the day it launched Bitcoin payments [6]. Group 4: Transaction Efficiency - The COO of Steak 'n Shake stated that Bitcoin has improved transaction speeds and reduced processing fees by 50%, benefiting both customers and the company [7]. Group 5: Stock Performance - Biglari Holdings Inc, the parent company of Steak 'n Shake, saw its stock rise by 2.7% to $456.10, with a 106.5% increase over the last 52 weeks [8].

Core Insights - Steak 'n Shake, a subsidiary of Biglari Holdings, will start offering Bitcoin bonuses to hourly employees at its company-operated restaurants beginning March 1 [1][2] - Employees will receive a bonus of $0.21 worth of Bitcoin for every hour worked, with a two-year vesting period for collection [2] - The company has partnered with Fold, a Bitcoin-focused personal finance application, to implement this bonus program [2] Financial Strategy - Steak 'n Shake has added $10 million worth of Bitcoin to its balance sheet and plans to accept Bitcoin payments starting in 2025 [3][5] - The company reported nearly 50% savings in transaction fees within two weeks of accepting Bitcoin payments compared to traditional credit card processing [3][4] - All Bitcoin sales are directed into a Strategic Bitcoin Reserve, further enhancing the company's commitment to cryptocurrency [5] Market Performance - As of the latest data, Bitcoin (BTC) was trading at $89,133.47, down 2.01% in the last 24 hours [5] - Biglari Holdings' shares experienced a decline of 0.33% in pre-market trading, following a 2.91% drop during the regular trading session, with a year-to-date decline of 64% [6]

Core Insights - The CEO of Biglari Holdings, Sardar Biglari, has been actively purchasing shares, acquiring 2,221 Class B shares for approximately $705,671.28 between December 8 and December 10, 2025, indicating confidence in the company's performance [1][2]. Transaction Summary - The recent insider purchase involved 2,221 shares traded at a total value of $705,678, with a weighted average purchase price of $317.73 per share [2]. - Post-transaction, direct ownership remained at one share, while indirect ownership through The Lion Fund, L.P. increased to 1,332,028 shares [3]. Company Overview - Biglari Holdings operates primarily in the restaurant industry, with additional interests in insurance, energy, and media, leveraging its established brands to create diverse revenue streams [5]. - As of January 13, 2026, the company's stock price was $430.74, with a market capitalization of $1.34 billion and a revenue of $386.51 million over the trailing twelve months [4]. Stock Performance - The stock price of Biglari Holdings has seen a significant increase, with a 1-year price change of 97.44% as of January 12, 2026, and a 31% surge in 2025 [4][7]. - Class B shares have been the more actively traded, with a notable year-to-date increase of nearly 30% [7]. Subsidiary Performance - The subsidiary Steak 'n Shake reported significant sales growth in Q4 2025, partly due to the introduction of a Bitcoin-themed burger and the accumulation of Bitcoin in its reserves, indicating a strategic adaptation to digital assets [8].

Company Overview - Biglari Holdings (BH) is an owner-operated holding company with diverse interests including restaurant chains, insurance, oil & gas assets, a small media business, and two affiliated investment funds [1] Financial Performance - The core operations of Biglari Holdings are profitable, particularly in segments that are large enough to matter [1]