Street Capitalist: Event Driven Value Investments

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Wisdom on such diverse topics as: spin-offs, merger arbitrage, post-bankruptcy equities, global macro commentary and short ideas.

Street Capitalist: Event Driven Value Investments

Oct 26, 2009

Sardar Biglari buys 9.9% of Fremont Michigan InsuraCorp (FMMH)

After Steak N Shake (NYSE:SNS) reorganized as a holding company I knew that it was only a matter of time before he started to use the company’s free cash flow to target investments outside of restaurant operations. This is precisely what he did with Western Sizzlin. Today, we found out what he was up to– Steak N Shake filed a 13D saying that they had purchased 9.9% of Fremont Michigan InsuraCorp (OTC:FMMH).

Fremont is actually a company I’ve heard of before. Texas-based activist investor Harry Long has been lobbying for change there. Check out his whitepaper: Build Fremont (PDF).

I can’t be sure of whether Biglari agrees with Long, I know that the folks at Chanticleer have a different opinion of the company’s management. It will be an interesting company to watch though.

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Tariq Ali is a student at the University of Texas at Austin, where he also operates a non-profit microfinance organization called TEEXAS.org. In his investing, Tariq draws upon the knowledge and experience of the great investors of our time, including Benjamin Graham, Warren Buffett, Joel Greenblatt, Seth Klarman, and George Soros. Tariq is actively pursuing a career in finance. Find me on twitter @valueinvestr


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Current Portfolio Holdings

My current positions, these are subject to change.

  • Fairfax Financial Holdings Limited (FFH) - through its subsidiaries, is engaged in property and casualty insurance and reinsurance, investment management and insurance claims management. The Company’s business segments comprises Canadian Insurance, United States Insurance, Asian Insurance, Reinsurance, Runoff and Other.
  • Air Transport Services Group Inc. (ATSG) - formerly ABX Holdings Inc., is a holding company whose principal subsidiaries include three independently United States-certificated airlines: ABX Air, Inc. (ABX), Capital Cargo International Airlines, Inc. and Air Transport International, LLC.
  • The Mosaic Company (MOS) - is a producer of phosphate and potash combined, as well as nitrogen and animal feed ingredients. The Company operates its business through four business segments: phosphates, potash, offshore and nitrogen.
  • The Steak N Shake (SNS) - The Steak n Shake Company (Steak n Shake) is engaged in the ownership, operation and franchising of Steak n Shake restaurants. During the fiscal year ended September 26, 2007 (fiscal 2007), Steak n Shake had 435 Company-owned restaurants and 56 franchised restaurants located in 21 states.

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