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Peyton Manning Saga


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A couple of years ago, when Biglari Holdings decided to change its name from The Steak'n Shake Company to Biglari Holdings, I sent a letter on behalf of Corner Market Capital to the board of Steak'n Shake.  We subsequently sold half our stake when they decided to change names regardless.  I've attached the letter.


At the time, as Steak'n Shake was based in Indianapolis, I used Peyton Manning and the Indianapolis Colts as an analogy.  Interestingly enough, today the owner of the Colts is making hard choices based on practicality, price and the fact that he owns the Colts...not Peyton Manning.  I'm a huge, huge Manning fan, but he didn't own the Colts and he doesn't deserve to be paid any sum he wants, nor did they ever rename the Colts after him.  Cheers!




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