6 unchanged sentences
All major investment and capital allocation decisions are made for the Company and its subsidiaries by Mr.
−Removed: As of December 31, 2024, Mr.
−Removed: Biglari beneficially owns shares of the Company that represent approximately 74.3% of the voting interest.
Restaurant Operations
4 unchanged sentences
Western Sizzlin had 3 company-operated restaurants and 28 franchise units.
−Removed: Founded in 1934 in Normal, Illinois, on Route 66, Steak n Shake is a classic American brand serving premium burgers and milkshakes.
+Added: Founded in 1934 in Normal, Illinois, on Route 66, Steak n Shake is a classic American brand serving Steakburgers, beef tallow fries, and milkshakes.
Steak n Shake is headquartered in Indianapolis, Indiana.
59 unchanged sentences
The Insurance Act imposes solvency and liquidity standards as well as auditing and reporting requirements and confers on the Bermuda Monetary Authority powers to supervise, investigate, and intervene in the affairs of insurance companies.
+Added: Biglari Reinsurance Ltd.
+Added: is headquartered in Hamilton, Bermuda.
First Guard is a direct underwriter of commercial truck insurance, primarily selling physical damage and nontrucking liability insurance to truckers.
11 unchanged sentences
Southern Pioneer is headquartered in Jonesboro, Arkansas.
−Removed: Biglari Reinsurance Ltd.
−Removed: received its insurance license on July 31, 2024, from the Bermuda Monetary Authority.
−Removed: Biglari Reinsurance is headquartered in Hamilton, Bermuda.
Biglari Holdings’ insurance operations may be affected by extraordinary weather conditions or other factors, any of which may have a significant effect upon the frequency or severity of claims.
3 unchanged sentences
Abraxas Petroleum operates oil and natural gas wells in the Permian Basin.
−Removed: In 2022, the Company purchased 90% of Abraxas Petroleum for $80.0 million.
−Removed: In 2023, the Company acquired the remaining 10% of Abraxas Petroleum for $5.4 million.
The oil and gas industry is fundamentally a commodity business.
9 unchanged sentences
In addition, publishing is a highly competitive business.
−Removed: Maxim products are marketed under various registered brand names, including, but not limited to, “MAXIM®” and “Maxim®.”
+Added: Maxim products are marketed under various registered brand names.
The Company and its subsidiaries have invested in The Lion Fund, L.P., and The Lion Fund II, L.P.
14 unchanged sentences
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.