The Lion Fund II, L.P Shows 18.8% Stake in Insignia Systems, Inc. (ISIG), Urges Special Div, Sale

In a 13D filing on Insignia Systems, Inc. (NASDAQ: ISIG), hedge fund Biglari Capital,The Lion Fund II, L.P disclosed a 18.8%, or 2,313,200 share, stake in the company. The firm did not hold shares at the end of the latest quarter ending September 30, 2014.

From the filing:

The Reporting Persons filing this Schedule 13D acquired the Shares of the Issuer which they own for investment purposes. The Reporting Persons may decide to acquire or sell additional Shares in the open market or otherwise, depending upon price, market conditions, availability of funds, evaluation of alternative investments, and other requisite factors.

The Reporting Persons believe that the Issuer’s surplus cash should be distributed to its shareholders through a one-time special dividend. In addition, the Reporting Persons conclude that the Issuer is too small to remain as a public company and therefore it is in the interest of all shareholders for the Issuer’s Board of Directors to pursue a sale of the company.

No Reporting Person has any present plan or proposal which would relate to or result in any of the matters set forth in subparagraphs (a) - (j) of Item 4 of Schedule 13D except as set forth herein or such as would occur upon or in connection with completion of, or following, any of the actions discussed herein. The Reporting Persons intend to review their investment in the Issuer on a continuing basis.

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