Ownership Submission
FORM 3
 UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940
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(Print or Type Responses)
1. Name and Address of Reporting Person *
  Mustang Capital Management, LLC
 2. Date of Event Requiring Statement (Month/Day/Year)
06/07/2010		 3. Issuer Name and Ticker or Trading Symbol
BIGLARI HOLDINGS INC. [BH]
(Last)
(First)
(Middle)
1506 MCDUFFIE STREET		 4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
_____ Director __X__ 10% Owner
_____ Officer (give title below) _____ Other (specify below)
5. If Amendment, Date Original Filed(Month/Day/Year)
(Street)

HOUSTON, TX 77019		 6. Individual or Joint/Group Filing(Check Applicable Line)
___ Form filed by One Reporting Person
_X_ Form filed by More than One Reporting Person
(City)
(State)
(Zip)
Table I - Non-Derivative Securities Beneficially Owned
1.Title of Security
(Instr. 4)		 2. Amount of Securities Beneficially Owned
(Instr. 4)		 3. Ownership Form: Direct (D) or Indirect (I)
(Instr. 5)		 4. Nature of Indirect Beneficial Ownership
(Instr. 5)
Common Stock, par value $.50 (1) 3,625
I (2)
By Mustang Capital Partners I, LP
Common Stock, par value $.50 (1) 750
I (3)
By Mustang Capital Partners II, LP

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly. SEC 1473 (7-02)
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Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 4)		 2. Date Exercisable and Expiration Date
(Month/Day/Year)		 3. Title and Amount of Securities Underlying Derivative Security
(Instr. 4)		 4. Conversion or Exercise Price of Derivative Security 5. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 5)		 6. Nature of Indirect Beneficial Ownership
(Instr. 5)
Date Exercisable Expiration Date Title Amount or Number of Shares

Reporting Owners

Reporting Owner Name / Address Relationships
Director 10% Owner Officer Other
Mustang Capital Management, LLC
1506 MCDUFFIE STREET
HOUSTON, TX 77019		     X    
Mustang Capital Advisors, LP
1506 MCDUFFIE STREET
HOUSTON, TX 77019		     X    
Mustang Capital Partners I, LP
1506 MCDUFFIE STREET
HOUSTON, TX 77019		     X    
Mustang Capital Partners II, LP
1506 MCDUFFIE STREET
HOUSTON, TX 77019		     X    
Western Mustang Holdings LLC
401 ALBERMARLE AVENUE SE
ROANOKE, VA 24011		     X    

Signatures

By: Mustang Capital Management, LLC, By: Western Mustang Holdings LLC, Controlling Stockholder, By: /s/ Sardar Biglari Chief Executive Officer 06/09/2010
**Signature of Reporting Person Date
By: Mustang Capital Advisors, LP, By: Mustang Capital Management, LLC, General Partner, By: Western Mustang Holdings LLC, Controlling Stockholder, By: /s/ Sardar Biglari Chief Executive Officer 06/09/2010
**Signature of Reporting Person Date
By: Mustang Capital Partners I, LP, By: Mustang Capital Advisors, LP, Investment Manager and General Partner, By: Mustang Capital Management, LLC, General Partner, By: Western Mustang Holdings LLC, Controlling Stockholder, By: /s/ Sardar Biglari CEO 06/09/2010
**Signature of Reporting Person Date
By: Mustang Capital Partners II, LP, By: Mustang Capital Advisors, LP, Investment Manager and General Partner, By: Mustang Capital Management, LLC, General Partner, By: Western Mustang Holdings LLC, Controlling Stockholder, By /s/ Sardar Biglari CEO 06/09/2010
**Signature of Reporting Person Date
By: Western Mustang Holdings LLC, By: /s/ Sardar Biglari Chief Executive Officer 06/09/2010
**Signature of Reporting Person Date

Explanation of Responses:

* If the form is filed by more than one reporting person, see Instruction 5(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1) This Form 3 is filed jointly by Mustang Capital Partners I, LP ("MCPI"), Mustang Capital Partners II, LP ("MCPII"), Mustang Capital Advisors, LP ("MCA"), Mustang Capital Management, LLC ("MCM") and Western Mustang Holdings LLC ("WMH"). As members of a Section 13(d) group that owns more than 10% of the outstanding shares of the Issuer, each of MCPI, MCPII, MCA, MCM and WMH may be deemed to be 10% owners of the Issuer.
(2) Shares owned directly by MCPI. MCA serves as investment manager to, and is the general partner of, MCPI. MCM is the general partner of MCA. WMH has a controlling interest in MCA and MCM. Sardar Biglari is the Chief Executive Officer of WMH. Accordingly, MCA, MCM, WMH and Sardar Biglari may be deemed to beneficially own the shares owned by MCPI. Each of MCA, MCM and WMH disclaims beneficial ownership of the shares held directly by MCPI except to the extent of its pecuniary interest therein. Sardar Biglari disclaims beneficial ownership of the shares held directly by MCPI and does not have a pecuniary interest in such shares.
(3) Shares owned directly by MCPII. MCA serves as investment manager to, and is the general partner of, MCPII. MCM is the general partner of MCA. WMH has a controlling interest in MCA and MCM. Sardar Biglari is the Chief Executive Officer of WMH. Accordingly, MCA, MCM, WMH and Sardar Biglari may be deemed to beneficially own the shares owned by MCPII. Each of MCA, MCM and WMH disclaims beneficial ownership of the shares held directly by MCPII except to the extent of its pecuniary interest therein. Sardar Biglari disclaims beneficial ownership of the shares held directly by MCPII and does not have a pecuniary interest in such shares.

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