13D Filing: Biglari Capital Corp. and Insignia Systems Inc (ISIG)

The following constitutes Amendment No.
8 to the Schedule 13D filed by the undersigned (“Amendment No. 8”). This Amendment No. 8 amends the Schedule 13D as
specifically set forth herein.

Item 3.

Source and Amount of Funds or Other Consideration.

Item 3 is hereby amended and restated as
follows:

The 11,788 Shares owned directly by Sardar
Biglari were granted to Mr. Biglari during the period in which he served as a director of the Issuer.

Item 5.

Interest in Securities of the Issuer.

Item 5 is
hereby amended and restated as follows:

(a – e) The aggregate percentage of Shares
reported owned by the Reporting Persons is based upon 11,914,676 Shares outstanding, which is the total number of Shares outstanding
as of October 31, 2017, as reported in the Issuer’s Quarterly Report on Form 10-Q filed with the Securities and Exchange
Commission on November 6, 2017.

As of the close of business on January
18, 2018, the Lion Fund II no longer beneficially owned any Shares.

As of the close of business on January
18, 2018, Sardar Biglari owned directly 11,788 Shares, constituting less than 1% of the Shares outstanding.

Schedule A annexed hereto lists
all transactions in securities of the Issuer by the Reporting Persons since the filing of Amendment No. 7 to the Schedule 13D.
All of such transactions were effected in the open market, unless otherwise noted.

No person other than the Reporting Persons
is known to have the right to receive, or the power to direct the receipt of dividends from, or proceeds from the sale of, the
Shares.

As of January 16, 2018, the Reporting Persons
ceased to be the beneficial owners of more than 5% of the Shares.

The filing of this Schedule 13D shall
not be deemed an admission that any of the Reporting Persons is, for purposes of Section 13(d) of the Securities Exchange Act
of 1934, as amended, the beneficial owner of any Shares he or it does not directly own.  Each of the Reporting Persons
specifically disclaims beneficial ownership of the Shares reported herein that he or it does not directly own.