Luxor is currently active in Punch Taverns (PUB.L) debt restructuring battle. It had a stake in Tim Hortons at one point during Scout Capital and Highfields Capital push to get more capital returned to THI shareholders. The activist investor playbook for restaurants includes slowing or ceasing company-owned unit expansion, selling company-owned units to franchisees, selling and leasing back owned real estate, replacing under-performing management, increasing leverage, and then using the capital created by those changes to increase buybacks and/or dividends. The poster child for this playbook is Dine Equity. Activists replaced the management at IHOP, implemented this playbook, then rinsed and repeated when IHOP bought the much larger Applebee's. Not all of the activist campaigns have been this successful. Tim Horton's complied but the stock is basically flat. Ruby Tuesday's fate is far from certain.