On Rights Offerings and Western Sizzlin
George of Fat Pitch Financials just wrote an excellent account of his experience investing in Western Sizzlin (WSZL) through a rights offering. He sold the shares, because he had bought them for his special situations portfolio. However, he also gives his thoughts on the company and its Chairman, Sardar Biglari.
As you know, Biglari has been embroiled in a battle over Friendly’s (FRN). It seems he’s winning and shareholders in Western Sizzlin are profiting from that victory.
George’s account is a good read for those interested in rights offerings and for those interested in Western Sizzlin.
Friendly’s shareholders might want to read it as well.
Related Reading
The Week of Activist Investors
Friendly’s CEO Resigns; Largest Shareholder Requests Seats (my 9/29/06 story on Biglari and Friendly’s)