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 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 * GEIGER DUANE   2. Issuer Name and Ticker or Trading Symbol BIGLARI HOLDINGS INC. [BH] 5. Relationship of Reporting Person(s) to Issuer (Check all applicable) _____ Director _____ 10% Owner __X__ Officer (give title below) _____ Other (specify below) Interim CFO, VP, Controller (Last) (First) (Middle) C/O BIGLARI HOLDINGS INC., 17802 IH 10 WEST, SUITE 400 3. Date of Earliest Transaction (Month/Day/Year) 02/23/2012 (Street) SAN ANTONIO, TX 78257 4. If Amendment, Date Original Filed(Month/Day/Year) 6. Individual or Joint/Group Filing(Check Applicable Line) _X_ Form filed by One Reporting Person ___ Form filed by More than One Reporting Person (City) (State) (Zip) Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned

1.Title of Security (Instr. 3) 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction 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, stated value $0.50 per share 02/27/2012   I   12.771 A $ 413.96 127.66 I By 401(k) Common Stock, stated value $0.50 per share               1,240 D

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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)

1. Title of Derivative Security (Instr. 3)

2. Conversion or Exercise Price of Derivative Security

3. Transaction Date (Month/Day/Year)

3A. Deemed Execution Date, if any (Month/Day/Year)

4. Transaction 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 (Month/Day/Year)

7. Title and Amount of Underlying Securities (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

Deferred Compensation Obligations (1)

(1)

02/23/2012

02/27/2012

I

0.219

(1)

(1)

Common Stock, stated value $0.50 per share

0.219

$ 410.137

23.559

I

by Non-Qualified Savings Plan

Deferred Compensation Obligations (1)

(1)

02/24/2012

02/27/2012

I

0.102

(1)

(1)

Common Stock, stated value $0.50 per share

0.102

$ 410

23.661

I

by Non-Qualified Savings Plan

Deferred Compensation Obligations (1)

(1)

02/27/2012

I

27.559

(1)

(1)

Common Stock, stated value $0.50 per share

27.559

$ 412.9

51.22

I

by Non-Qualified Savings Plan

Reporting Owners

Reporting Owner Name / Address	Relationships
	Director	10% Owner	Officer	Other
GEIGER DUANE C/O BIGLARI HOLDINGS INC. 17802 IH 10 WEST, SUITE 400 SAN ANTONIO, TX 78257			Interim CFO, VP, Controller

Signatures

By: /s/ Duane E. Geiger		02/27/2012
**Signature of Reporting Person		Date

Explanation of Responses:

*	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).
(1)	Represents unsecured obligations of the Registrant to pay deferred compensation in the future (the "Stock Units") in accordance with the terms of The Steak n Shake Non-Qualified Savings Plan (the "Plan"). Each of the Stock Units is the economic equivalent to one share of Registrant's Common Stock, stated value $0.50 per share ("Common Stock"). The Stock Units are settled in cash or may be transferred by the reporting person into an alternative investment account in accordance with the terms of the Plan. No distributions are made pursuant to the Plan in shares of Common Stock.

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