Saving Steak n Shake

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Lots of Hoosiers have warm-and-fuzzy feelings for Steak n Shake. Wall Street’s feelings are an entirely different matter.

As the company readies to announce fiscal fourth quarter financial results this Thursday, investors are exasperated. The company
has reported eight straight quarters of declining same-store sales. CEO Peter Dunn stepped down in August, and 76-year-old
Chairman Alan Gilman took over. The board then tapped Merrill Lynch to help it review strategy.

Now a Texas investment group that owns more than 5 percent of the stock, Lion Fund, plans to plaster Steak n Shakeâ??s hometown
of Indianapolis with billboards calling on shareholders to elect two of its principals to the board.

Does the chain has a future as an independent company?

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