On some level, the chain's struggles can be blamed on the economy, but there also have been issues in terms of "execution of the concept," acknowledged Jeffrey A. Blade, Steak n Shake's executive vice president, CFO and chief administrative officer. Takeover rumors have swirled since June, when a Dallas-based investment group led by HBK Investments and Lone Star Funds disclosed it has accumulated about 9.4 percent of the company and wants to explore an acquisition or other "potential transactions to maximize shareholder value.
Shoney's, the restaurant chain established in Charleston in 1952 by the late Alex Schoenbaum, has a new owner and a turnaround plan. Atlanta-based restaurateur David Davoudpour bought the chain 21/ 2 years ago from Dallas investment company Lone Star Funds, according to a July 13 story in The Wall Street Journal titled, "A New Recipe.
Lone Star Funds, the Dallas-based private-equity firm that owns Shoney's, is "in big trouble," according to a report in the Wall Street Journal. On Monday South Korean prosecutors indicted the firm.
On Aug. 13, they met with Chairman Alan Gilman and top management to discuss "die business, operations and future plans" of the company, the investment group said in a Securities and Exchange Commission filing. In June, a Dallas-based investment group that had acquired 9.4 percent of the company said it wanted to explore an acquisition or other potential transactions to maximize shareholder value:' That group - which includes the hedge fund HBK Investments, the private equity firm Lone Star Funds and exBurger King Chief Financial Officer Robert Stetson - declined to comment to IBJ.
NEW YORK (HedgeWorld) - D.B. Zwirn & Co. LP, part of a group of hedge funds currently seeking to scuttle an effort by Lone Star Steakhouse & Saloon Inc., Wichita, Kan., to sell itself to Lone Star Funds, Dallas, must deal at the same time with internal difficulties. Zwirn recently (Sept. 25) fired trader David Becker after learning that he had concealed from them an ongoing criminal proceeding. On Sept. 27, Mr. Becker pleaded guilty to falsification of bank records and mail fraud, in connection with his former employment as head of commodities trading at Citigroup.
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