FORM 4
[ ] Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).         
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES
                                                                                  
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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(f) of the Investment Company Act of 1940
                      

1. Name and Address of Reporting Person *

LION FUND, L.P. 		2. Issuer Name and Ticker or Trading Symbol

STEAK & SHAKE CO [ SNS ] 		5. Relationship of Reporting Person(s) to Issuer (Check all applicable)

_____ Director                      __ X __ 10% Owner
_____ Officer (give title below)      _____ Other (specify below)
(Last)          (First)          (Middle)

9311 SAN PEDRO AVENUE, SUITE 1440,  		3. Date of Earliest Transaction (MM/DD/YYYY)

11/19/2008
(Street)

SAN ANTONIO, TX 78216
(City)        (State)        (Zip)
4. If Amendment, Date Original Filed (MM/DD/YYYY)

 
6. Individual or Joint/Group Filing (Check Applicable Line)

___ Form filed by One Reporting Person
_ X _ Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3) 		2. Trans. Date 2A. Deemed Execution Date, if any 3. Trans. Code
(Instr. 8) 		4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5) 		5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4) 		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V Amount (A) or (D) Price
Common Stock, par value $.50   11/19/2008     P    5000   A $3.1211   984200   D   (1)
 
Common Stock, par value $.50                  1553545   I   (1) By Western Acquisitions L.P.  

Table II - Derivative Securities Beneficially Owned ( e.g. , puts, calls, warrants, options, convertible securities)
1. Title of Derivate Security
(Instr. 3) 		2. Conversion or Exercise Price of Derivative Security 3. Trans. Date 3A. Deemed Execution Date, if any 4. Trans. Code
(Instr. 8) 		5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5) 		6. Date Exercisable and Expiration Date 7. Title and Amount of Securities Underlying Derivative Security
(Instr. 3 and 4) 		8. Price of Derivative Security
(Instr. 5) 		9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares

Explanation of Responses:
( 1)  Each of the Reporting Persons is a member of a Section 13(d) group with respect to the securities of the Issuer that beneficially owns in excess of 10% of the Issuer's outstanding shares of Common Stock. As members of the group, each of the Reporting Persons may be deemed to beneficially own the securities of the Issuer beneficially owned by the other members of the group. The Reporting Persons disclaim beneficial ownership of the securities of the Issuer beneficially owned by the other members of the group except to the extent of his or its pecuniary interest therein.

Reporting Owners
Reporting Owner Name / Address
Relationships
Director 10% Owner Officer Other
LION FUND, L.P.
9311 SAN PEDRO AVENUE, SUITE 1440
SAN ANTONIO, TX 78216
X

BIGLARI CAPITAL CORP.
C/O THE LION FUND L.P.
9311 SAN PEDRO AVENUE, SUITE 1440
SAN ANTONIO, TX 78216
X

BIGLARI, SARDAR
C/O THE LION FUND L.P.
9311 SAN PEDRO AVENUE, SUITE 1440
SAN ANTONIO, TX 78216 		X X

WESTERN SIZZLIN CORP
1338 PLANTATION ROAD
ROANOKE, VA 24012
X

Western Acquisitions L.P.
1338 PLANTATION ROAD
ROANOKE, VA 24012
X

Western Investments Inc.
1338 PLANTATION ROAD
ROANOKE, VA 24012
X


Signatures
By: The Lion Fund L.P., By: Biglari Capital Corp., General Partner, By: Sardar Biglari, Chief Executive Officer 11/20/2008
** Signature of Reporting Person Date

By: Biglari Capital Corp., By: Sardar Biglari, Chief Executive Officer 11/20/2008
** Signature of Reporting Person Date

/s/ Biglari, Sardar 11/20/2008
** Signature of Reporting Person Date

By: Western Sizzlin Corp., By: Sardar Biglari, Chief Executive Officer 11/20/2008
** Signature of Reporting Person Date

By: Western Acquisitions L.P., By: Western Investments Inc., General Partner, By: Sardar Biglari, Chief Executive Officer 11/20/2008
** Signature of Reporting Person Date

By: Western Investments Inc., By: Sardar Biglari, Chief Executive Officer 11/20/2008
** Signature of Reporting Person Date


Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4(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).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number.
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