In truth – We all knew this was coming to some degree. Sardar wasn't going to sit around and wait on another activist to step up. Recall that Groveland put up too much of a fight for a fund owning 0.16% – a larger fund with a louder activist voice could have easily jeopardized Biglari's job come next proxy season. Still not owners of Biglari, perceive discount to book value or not.