BH - Biglari Holdings 1-Year Update

Last month's Biglari Holdings (BH) annual meeting did not exactly instill confidence in the minds of the investment community. In just a few short weeks, shares of BH have nosedived to below $100 per share:

Data by YCharts

Perhaps the most concerning issue for the company these days is its fully owned Steak 'n Shake burger chain, which has been losing sales and traffic to better managed competitors for a couple of years. The business unit has been levered up with a lot of debt ($220 million back in 2014, of which

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