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 *
  LION FUND, L.P.
 2. Date of Event Requiring Statement (Month/Day/Year)
04/15/2008		 3. Issuer Name and Ticker or Trading Symbol
STEAK & SHAKE CO [SNS]
(Last)
(First)
(Middle)
9311 SAN PEDRO AVENUE, SUITE 1440, 		 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)

SAN ANTONIO, TX 78216		 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 $.50 941,200
D (1)
 
Common Stock, par value $.50 16,300
I (2)
By Philip L. Cooley
Common Stock, par value $.50 1,467,445
I (1)
By Western Acquisitions L.P.

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
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    
COOLEY PHILIP L
C/O TRINITY UNIVERSITY
ONE TRINITY PLACE
SAN ANTONIO, TX 78212		   X   X    

Signatures

By: The Lion Fund L.P., By: Biglari Capital Corp., General Partner, By: Sardar Biglari, Chief Executive Officer 04/21/2008
**Signature of Reporting Person Date
By: By: Sardar Biglari, Chief Executive Officer 04/21/2008
**Signature of Reporting Person Date
/s/ Biglari, Sardar 04/21/2008
**Signature of Reporting Person Date
By: By: Sardar Biglari, Chief Executive Officer 04/21/2008
**Signature of Reporting Person Date
By: Western Acquisitions L.P., By: Western Investments Inc., General Partner, By: Sardar Biglari, Chief Executive Officer 04/21/2008
**Signature of Reporting Person Date
By: Sardar Biglari, Chief Executive Officer 04/21/2008
**Signature of Reporting Person Date
/s/ Cooley, Philip L. 04/21/2008
**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) Each of the Reporting Persons may be deemed to beneficially own the securities of the Issuer reported in this Form 3. As members of a Section 13(d) group, the Reporting Persons may be deemed to beneficially own 3,135,427 shares, or approximately 11.0%, of the Issuer's Common Stock owned in the aggregate by the members of the Section 13(d) group. The Reporting Persons disclaim beneficial ownership of the shares of the Issuer's Common Stock owned by the other members of the Section 13(d) group except to the extent of his or its pecuniary interest therein.
(2) Includes 3,000 shares held directly by Philip Cooley's spouse.

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