Cracker Barrel sharpens Biglari rhetoric

With three weeks until their annual shareholders' meeting, Cracker Barrel Old Country Store's top managers have updated their presentation [2] detailing why they think investors should ignore Sardar Biglari's pleas for a board seat at the restaurant and retail chain. Among the revisions and additions are some supportive post-earnings comments from a number of analysts, a checklist defending the structure of the poison pill the board adopted in September and this sharper-than-before dissection of a number of Biglari's statements — which includes mention of a promise not to be a pain if two board seats were made available.