Filing Details
- Accession Number:
- 0000921895-19-001915
- Form Type:
- 13D Filing
- Publication Date:
- 2019-06-27 17:20:12
- Filed By:
- Biglari Capital Corp.
- Company:
- Cracker Barrel Old Country Store Inc (NASDAQ:CBRL)
- Filing Date:
- 2019-06-27
- SEC Url:
- 13D Filing
Please notice the below summary table is generated without human intervention and may contain errors. Please refer to the complete filing displayed below for exact figures.
| Name | Sole Voting Power | Shared Voting Power | Sole Dispositive Power | Shared Dispositive Power | Aggregate Amount Owned Power | Percent of Class |
|---|---|---|---|---|---|---|
| The Lion Fund II | 3,066,365 | 3,066,365 | 0 | 3,066,365 | 12.8% | |
| Biglari Capital Corp | 3,066,365 | 3,066,365 | 0 | 3,066,365 | 12.8% | |
| Sardar Biglari | 3,066,365 | 3,066,365 | 0 | 3,066,365 | 12.8% |
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
(Rule 13d-101)
INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT
TO § 240.13d-1(a) AND AMENDMENTS THERETO FILED PURSUANT TO
§ 240.13d-2(a)
(Amendment No. 41)1
CRACKER BARREL OLD COUNTRY STORE, INC.
(Name of Issuer)
Common Stock, par value $0.01 per share
(Title of Class of Securities)
22410J106
(CUSIP Number)
Sardar Biglari
Biglari Capital Corp.
17802 IH 10 West, Suite 400
San Antonio, Texas 78257
(210) 344-3400
with copies to:
Steve Wolosky, Esq.
Olshan Frome Wolosky LLP
1325 Avenue of the Americas
New York, New York 10019
(212) 451-2300
(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
June 25, 2019
(Date of Event Which Requires Filing of This Statement)
If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box ¨.
Note: Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See § 240.13d-7 for other parties to whom copies are to be sent.
1 The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).
| 1 | NAME OF REPORTING PERSON | ||||||||||||||||||
| The Lion Fund II, L.P. | |||||||||||||||||||
| 2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP | (a) ☐ | |||||||||||||||||
| (b) ☐ | |||||||||||||||||||
| 3 | SEC USE ONLY | ||||||||||||||||||
| 4 | SOURCE OF FUNDS | ||||||||||||||||||
| AF | |||||||||||||||||||
| 5 | CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e) | ☐ | |||||||||||||||||
| 6 | CITIZENSHIP OR PLACE OF ORGANIZATION | ||||||||||||||||||
| Delaware | |||||||||||||||||||
| NUMBER OF | 7 | SOLE VOTING POWER | |||||||||||||||||
| SHARES | |||||||||||||||||||
| BENEFICIALLY | 3,066,365 | ||||||||||||||||||
| OWNED BY | 8 | SHARED VOTING POWER | |||||||||||||||||
| EACH | |||||||||||||||||||
| REPORTING | -0- | ||||||||||||||||||
| PERSON WITH | 9 | SOLE DISPOSITIVE POWER | |||||||||||||||||
| 3,066,365 | |||||||||||||||||||
| 10 | SHARED DISPOSITIVE POWER | ||||||||||||||||||
| -0- | |||||||||||||||||||
| 11 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON | ||||||||||||||||||
| 3,066,365 | |||||||||||||||||||
| 12 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES | ☐ | |||||||||||||||||
| 13 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) | ||||||||||||||||||
| 12.8% | |||||||||||||||||||
| 14 | TYPE OF REPORTING PERSON | ||||||||||||||||||
| PN | |||||||||||||||||||
| 2 |
| 1 | NAME OF REPORTING PERSON | ||||||||||||||||||
| Biglari Capital Corp. | |||||||||||||||||||
| 2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP | (a) ☐ | |||||||||||||||||
| (b) ☐ | |||||||||||||||||||
| 3 | SEC USE ONLY | ||||||||||||||||||
| 4 | SOURCE OF FUNDS | ||||||||||||||||||
| AF | |||||||||||||||||||
| 5 | CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e) | ☐ | |||||||||||||||||
| 6 | CITIZENSHIP OR PLACE OF ORGANIZATION | ||||||||||||||||||
| Texas | |||||||||||||||||||
| NUMBER OF | 7 | SOLE VOTING POWER | |||||||||||||||||
| SHARES | |||||||||||||||||||
| BENEFICIALLY | 3,066,365 | ||||||||||||||||||
| OWNED BY | 8 | SHARED VOTING POWER | |||||||||||||||||
| EACH | |||||||||||||||||||
| REPORTING | -0- | ||||||||||||||||||
| PERSON WITH | 9 | SOLE DISPOSITIVE POWER | |||||||||||||||||
| 3,066,365 | |||||||||||||||||||
| 10 | SHARED DISPOSITIVE POWER | ||||||||||||||||||
| -0- | |||||||||||||||||||
| 11 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON | ||||||||||||||||||
| 3,066,365 | |||||||||||||||||||
| 12 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES | ☐ | |||||||||||||||||
| 13 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) | ||||||||||||||||||
| 12.8% | |||||||||||||||||||
| 14 | TYPE OF REPORTING PERSON | ||||||||||||||||||
| OO | |||||||||||||||||||
| 3 |
| 1 | NAME OF REPORTING PERSON | ||||||||||||||||||
| Sardar Biglari | |||||||||||||||||||
| 2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP | (a) ☐ | |||||||||||||||||
| (b) ☐ | |||||||||||||||||||
| 3 | SEC USE ONLY | ||||||||||||||||||
| 4 | SOURCE OF FUNDS | ||||||||||||||||||
| AF | |||||||||||||||||||
| 5 | CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e) | ☐ | |||||||||||||||||
| 6 | CITIZENSHIP OR PLACE OF ORGANIZATION | ||||||||||||||||||
| USA | |||||||||||||||||||
| NUMBER OF | 7 | SOLE VOTING POWER | |||||||||||||||||
| SHARES | |||||||||||||||||||
| BENEFICIALLY | 3,066,365 | ||||||||||||||||||
| OWNED BY | 8 | SHARED VOTING POWER | |||||||||||||||||
| EACH | |||||||||||||||||||
| REPORTING | -0- | ||||||||||||||||||
| PERSON WITH | 9 | SOLE DISPOSITIVE POWER | |||||||||||||||||
| 3,066,365 | |||||||||||||||||||
| 10 | SHARED DISPOSITIVE POWER | ||||||||||||||||||
| -0- | |||||||||||||||||||
| 11 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON | ||||||||||||||||||
| 3,066,365 | |||||||||||||||||||
| 12 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES | ☐ | |||||||||||||||||
| 13 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) | ||||||||||||||||||
| 12.8% | |||||||||||||||||||
| 14 | TYPE OF REPORTING PERSON | ||||||||||||||||||
| IN | |||||||||||||||||||
| 4 |
The following constitutes Amendment No. 41 to the Schedule 13D filed by the undersigned (“Amendment No. 41”). This Amendment No. 41 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 to read as follows:
The aggregate purchase price of the 3,066,365 Shares owned directly by The Lion Fund II, L.P. is approximately $156,039,342. The Shares owned directly by The Lion Fund II, L.P. were acquired with funds of affiliated entities that initially purchased the Shares prior to their contribution to The Lion Fund II, L.P.
The Lion Fund II, L.P. effects purchases of securities primarily through margin accounts maintained for it with prime brokers, which may extend margin credit to it as and when required to open or carry positions in the margin accounts, subject to applicable federal margin regulations, stock exchange rules and the prime brokers’ credit policies. In such instances, the positions held in the margin accounts are pledged as collateral security for the repayment of debit balances in the accounts.
| Item 5. | Interest in Securities of the Issuer. |
Item 5(a)-(c) is hereby amended and restated to read as follows:
The aggregate percentage of Shares reported owned by the Reporting Persons is based upon 24,044,402 Shares outstanding, which is the total number of Shares outstanding as of May 28, 2019, as reported in the Issuer’s quarterly report on Form 10-Q filed with the Securities and Exchange Commission on June 4, 2019.
As of the close of business on June 27, 2019, The Lion Fund II, L.P. owned directly 3,066,365 Shares, constituting approximately 12.8% of the Shares outstanding. By virtue of their relationships with The Lion Fund II, L.P., each of BCC and Sardar Biglari may be deemed to beneficially own the Shares owned by The Lion Fund II, L.P.
By virtue of his relationships with the other Reporting Persons, Sardar Biglari may be deemed to have the sole power to vote and dispose of the Shares owned directly by The Lion Fund II, L.P.
Schedule A annexed hereto lists all transactions in securities of the Issuer by the Reporting Persons in the past 60 days. All of such transactions were effected in the open market, unless otherwise noted.
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.
| Item 6. | Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer. |
Item 6 is hereby amended to add the following:
The Lion Fund II, L.P. sold over-the-counter market call options on the following dates: (i) May 2, 2019, May 3, 2019, May 6, 2019 and May 13, 2019, having an exercise price of $200.00 and expiring on January 17, 2020; (ii) May 24, 2019 and May 29, 2019, having an exercise price of $190.00 and expiring on December 20, 2019; (iii) May 28, 2019, having an exercise price of $195.00 and expiring on December 20, 2019; (iv) May 29, 2019, May 30, 2019, June 3, 2019, June 4, 2019 and June 10, 2019, having an exercise price of $190.00 and expiring on January 17, 2020; and (v) June 4, 2019, having an exercise price of $195.00 and expiring on January 17, 2020. See Schedule A annexed hereto.
| 5 |
SIGNATURE
After reasonable inquiry and to the best of his knowledge and belief, each of the undersigned certifies that the information set forth in this statement is true, complete and correct.
| June 27, 2019 | ||||
| (Date) | ||||
| THE LION FUND II, L.P. | ||||
| By: BIGLARI CAPITAL CORP., its General Partner | ||||
| By: | /s/ Sardar Biglari | |||
| Name: | Sardar Biglari | |||
| Title: | Chairman and Chief Executive Officer | |||
| BIGLARI CAPITAL CORP. | |||
| By: | /s/ Sardar Biglari | ||
| Name: | Sardar Biglari | ||
| Title: | Chairman and Chief Executive Officer | ||
| /s/ Sardar Biglari | |
| SARDAR BIGLARI | |
| 6 |
SCHEDULE A
Transactions in the Securities in the Past 60 Days
| Nature of the Transaction | Securities | Price Per | Date of |
THE LION FUND ii, L.P,
| Sale of January 2020 Call Options ($200 Strike Price) 1 | (350,000) | 114.01 | 05/02/2019 |
| Sale of January 2020 Call Options ($200 Strike Price) 2 | (50,000) | 105.60 | 05/03/2019 |
| Sale of January 2020 Call Options ($200 Strike Price) 3 | (100,000) | 115.04 | 05/06/2019 |
| Sale of Common Stock 4 | (12,130) | 170.02 | 05/10/2019 |
| Sale of January 2020 Call Options ($200 Strike Price) | (30,400) | 120.00 | 05/13/2019 |
| Sale of Common Stock 5 | (2,520) | 169.90 | 05/22/2019 |
| Sale of December 2019 Call Options ($190 Strike Price) 6 | (30,000) | 186.37 | 05/24/2019 |
| Sale of December 2019 Call Options ($195 Strike Price) | (10,800) | 100.00 | 05/28/2019 |
| Sale of December 2019 Call Options ($190 Strike Price) 7 | (7,600) | 101.97 | 05/29/2019 |
| Sale of January 2020 Call Options ($190 Strike Price) | (500) | 110.00 | 05/29/2019 |
| Sale of January 2020 Call Options ($190 Strike Price) 8 | (26,600) | 98.76 | 05/30/2019 |
| Sale of January 2020 Call Options ($190 Strike Price) 9 | (69,000) | 102.60 | 06/03/2019 |
| Sale of January 2020 Call Options ($190 Strike Price) 10 | (80,000) | 140.43 | 06/04/2019 |
| Sale of January 2020 Call Options ($195 Strike Price) | (400) | 75.00 | 06/04/2019 |
| Sale of January 2020 Call Options ($190 Strike Price) 11 | (250,000) | 108.89 | 06/10/2019 |
| Sale of Common Stock 12 | (72,339) | 170.03 | 06/17/2019 |
| Sale of Common Stock 13 | (25,000) | 170.31 | 06/18/2019 |
| Sale of Common Stock 14 | (1,600) | 170.53 | 06/19/2019 |
| Sale of Common Stock 15 | (13,887) | 169.97 | 06/24/2019 |
| Sale of Common Stock 16 | (141,799) | 170.83 | 06/25/2019 |
| Sale of Common Stock 17 | (55,557) | 170.05 | 06/26/2019 |
| Sale of Common Stock 18 | (134,097) | 170.61 | 06/27/2019 |
1 The price reported is a weighted average price. These call options were sold in multiple transactions at prices ranging from $110.00 to $115.00 per call option. The Reporting Persons undertake to provide to the Issuer, any security holder of the Issuer or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of call options sold at each separate price within the range set forth in this footnote 1.
2 The price reported is a weighted average price. These call options were sold in multiple transactions at prices ranging from $105.00 to $110.00 per call option. The Reporting Persons undertake to provide to the Issuer, any security holder of the Issuer or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of call options sold at each separate price within the range set forth in this footnote 2.
3 The price reported is a weighted average price. These call options were sold in multiple transactions at prices ranging from $115.00 to $120.00 per call option. The Reporting Persons undertake to provide to the Issuer, any security holder of the Issuer or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of call options sold at each separate price within the range set forth in this footnote 3.
4 The price reported is a weighted average price. These shares were sold in multiple transactions at prices ranging from $170.00 to $170.18 per share. The Reporting Persons undertake to provide to the Issuer, any security holder of the Issuer or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote 4.
5 The price reported is a weighted average price. These shares were sold in multiple transactions at prices ranging from $169.62 to $170.15 per share. The Reporting Persons undertake to provide to the Issuer, any security holder of the Issuer or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote 5.
6 The price reported is a weighted average price. These call options were sold in multiple transactions at prices ranging from $180.00 to $200.00 per call option. The Reporting Persons undertake to provide to the Issuer, any security holder of the Issuer or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of call options sold at each separate price within the range set forth in this footnote 6.
7 The price reported is a weighted average price. These call options were sold in multiple transactions at prices ranging from $100.00 to $105.00 per call option. The Reporting Persons undertake to provide to the Issuer, any security holder of the Issuer or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of call options sold at each separate price within the range set forth in this footnote 7.
8 The price reported is a weighted average price. These call options were sold in multiple transactions at prices ranging from $95.00 to $100.00 per call option. The Reporting Persons undertake to provide to the Issuer, any security holder of the Issuer or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of call options sold at each separate price within the range set forth in this footnote 8.
9 The price reported is a weighted average price. These call options were sold in multiple transactions at prices ranging from $100.00 to $120.00 per call option. The Reporting Persons undertake to provide to the Issuer, any security holder of the Issuer or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of call options sold at each separate price within the range set forth in this footnote 9.
10 The price reported is a weighted average price. These call options were sold in multiple transactions at prices ranging from $125.00 to $165.00 per call option. The Reporting Persons undertake to provide to the Issuer, any security holder of the Issuer or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of call options sold at each separate price within the range set forth in this footnote 10.
11 The price reported is a weighted average price. These call options were sold in multiple transactions at prices ranging from $105.00 to $110.00 per call option. The Reporting Persons undertake to provide to the Issuer, any security holder of the Issuer or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of call options sold at each separate price within the range set forth in this footnote 11.
12 The price reported is a weighted average price. These shares were sold in multiple transactions at prices ranging from $169.50 to $170.34 per share. The Reporting Persons undertake to provide to the Issuer, any security holder of the Issuer or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote 12.
13 The price reported is a weighted average price. These shares were sold in multiple transactions at prices ranging from $169.50 to $171.05 per share. The Reporting Persons undertake to provide to the Issuer, any security holder of the Issuer or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote 13.
14 The price reported is a weighted average price. These shares were sold in multiple transactions at prices ranging from $170.50 to $170.63 per share. The Reporting Persons undertake to provide to the Issuer, any security holder of the Issuer or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote 14.
15 The price reported is a weighted average price. These shares were sold in multiple transactions at prices ranging from $169.90 to $170.00 per share. The Reporting Persons undertake to provide to the Issuer, any security holder of the Issuer or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote 15.
16 The price reported is a weighted average price. These shares were sold in multiple transactions at prices ranging from $170.26 to $172.00 per share. The Reporting Persons undertake to provide to the Issuer, any security holder of the Issuer or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote 16.
17 The price reported is a weighted average price. These shares were sold in multiple transactions at prices ranging from $169.50 to $170.65 per share. The Reporting Persons undertake to provide to the Issuer, any security holder of the Issuer or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote 17.
18 The price reported is a weighted average price. These shares were sold in multiple transactions at prices ranging from $170.00 to $171.26 per share. The Reporting Persons undertake to provide to the Issuer, any security holder of the Issuer or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote 18.