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Biglari Holdings Quarterly Report


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During the first quarter of fiscal year 2011, Mustang Capital Partners I, L.P. and Mustang Capital Partners II, L.P. were liquidated and the funds were distributed to the partners, which are now managed as separate accounts by Mustang Capital Advisors, L.P. The distribution of $15,660, including $1,421 of noncash distributions, is included in the Distributions to noncontrolling interests line in the above reconciliation.



Is Mustang Capital no longer part of BH?

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No, it just looks like they converted the partnerships to an advisory firm.  Looks like it was to simplify the structure and have all of those partners operating solely under one firm with managed accounts, rather than Fund I, Fund II, etc.  Cheers!

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