Steak n Shake critic officially launches fight

A Texas-based investor group today officially launched its campaign seeking two seats on the board of The Steak n Shake Co.

The San Antonio-based Lion Fund filed papers with the Securities and Exchange Commission seeking the election of the fund’s Sardar Biglari and Philip Cooley at the company’s annual meeting next month.

The hedge fund, which owns 8.5 percent of the Indianapolis restaurant chain, also wants shareholders to withhold votes for Chairman Alan Gilman and director James Williamson.

The Lion Fund argues that the current board has mismanaged the company. Current directors counter that the proxy fight will distract the board and management at a time they need to focus on turning around performance.

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