-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 JnPBYIXH3KaN43TweuKZNXuSFnti7GPd4ixU1OkKuYbClJ2Cds8ZBFoChU9Qs3rE
 vSkriO5EI43E/YRSCmhBMQ==

<SEC-DOCUMENT>0001193805-10-001814.txt : 20100625
<SEC-HEADER>0001193805-10-001814.hdr.sgml : 20100625
<ACCEPTANCE-DATETIME>20100625163721
ACCESSION NUMBER:		0001193805-10-001814
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20100206
FILED AS OF DATE:		20100625
DATE AS OF CHANGE:		20100625

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			GEIGER DUANE
		CENTRAL INDEX KEY:			0001242862

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-12373
		FILM NUMBER:		10917939

	MAIL ADDRESS:	
		STREET 1:		C/O STEAK N SHAKE
		STREET 2:		36 S. PENNSYLVANIA ST. #500
		CITY:			INDIANAPOLIS
		STATE:			IN
		ZIP:			46204

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BIGLARI HOLDINGS INC.
		CENTRAL INDEX KEY:			0000093859
		STANDARD INDUSTRIAL CLASSIFICATION:	RETAIL-EATING PLACES [5812]
		IRS NUMBER:				370684070
		STATE OF INCORPORATION:			IN
		FISCAL YEAR END:			0929

	BUSINESS ADDRESS:	
		STREET 1:		36 S PENNSYLVANIA ST
		STREET 2:		CENTURY BLDG - 500
		CITY:			INDIANAPOLIS
		STATE:			IN
		ZIP:			46236
		BUSINESS PHONE:		3176334100

	MAIL ADDRESS:	
		STREET 1:		36 S PENNSYLVANIA ST
		STREET 2:		CENTURY BLDG - 500
		CITY:			INDIANAPOLIS
		STATE:			IN
		ZIP:			46204

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	STEAK & SHAKE CO
		DATE OF NAME CHANGE:	20010322

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CONSOLIDATED PRODUCTS INC /IN/
		DATE OF NAME CHANGE:	19920703

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	STEAK N SHAKE INC
		DATE OF NAME CHANGE:	19840529
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>e607220_ex.xml
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0303</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2010-02-06</periodOfReport>

    <notSubjectToSection16>0</notSubjectToSection16>

    <issuer>
        <issuerCik>0000093859</issuerCik>
        <issuerName>BIGLARI HOLDINGS INC.</issuerName>
        <issuerTradingSymbol>BH</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001242862</rptOwnerCik>
            <rptOwnerName>GEIGER DUANE</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>175 EAST HOUSTON STREET, SUITE 1300</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>SAN ANTONIO</rptOwnerCity>
            <rptOwnerState>TX</rptOwnerState>
            <rptOwnerZipCode>78205</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>1</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle>Interim CFO, VP, Controller</officerTitle>
            <otherText></otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Stock, stated value $0.50 per share</value>
            </securityTitle>
            <transactionDate>
                <value>2010-02-06</value>
            </transactionDate>
            <deemedExecutionDate></deemedExecutionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>F</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionTimeliness></transactionTimeliness>
            <transactionAmounts>
                <transactionShares>
                    <value>86</value>
                    <footnoteId id="F1"/>
                </transactionShares>
                <transactionPricePerShare>
                    <value>324.92</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>1478.0000</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Stock, stated value $0.50 per share</value>
            </securityTitle>
            <transactionDate>
                <value>2010-06-23</value>
            </transactionDate>
            <deemedExecutionDate></deemedExecutionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>I</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionTimeliness></transactionTimeliness>
            <transactionAmounts>
                <transactionShares>
                    <value>105.9138</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>309.01</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>105.9138</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>By 401(k)</value>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
    </nonDerivativeTable>

    <derivativeTable>
        <derivativeTransaction>
            <securityTitle>
                <value>Deferred Compensation Obligations</value>
                <footnoteId id="F2"/>
            </securityTitle>
            <conversionOrExercisePrice>
                <footnoteId id="F2"/>
            </conversionOrExercisePrice>
            <transactionDate>
                <value>2010-06-23</value>
            </transactionDate>
            <deemedExecutionDate></deemedExecutionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>I</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionTimeliness></transactionTimeliness>
            <transactionAmounts>
                <transactionShares>
                    <value>6</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>309.67</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <exerciseDate>
                <footnoteId id="F2"/>
            </exerciseDate>
            <expirationDate>
                <footnoteId id="F2"/>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock, stated value $0.50 per share</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>6.0000</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>6.0000</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>by Non-Qualified Savings Plan</value>
                </natureOfOwnership>
            </ownershipNature>
        </derivativeTransaction>
    </derivativeTable>

    <footnotes>
        <footnote id="F1">Represents shares withheld to satisfy tax withholding obligations upon the vesting on February 6, 2010 of shares of restricted stock awarded to the reporting person on February 6, 2007, which shares were automatically withheld in accordance with the terms of Biglari Holdings Inc.'s (the ''Registrant'') 1997 Capital Appreciation Plan, as amended.</footnote>
        <footnote id="F2">Represents unsecured obligations of the Registrant to pay deferred compensation in the future (the &quot;Stock Units&quot;) in accordance with the terms of The Steak n Shake Non-Qualified Savings Plan (the &quot;Plan&quot;). Each of the Stock Units is the economic equivalent to one share of Registrant's Common Stock, stated value $0.50 per share (&quot;Common Stock&quot;). 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.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>By: /s/ Duane E. Geiger</signatureName>
        <signatureDate>2010-06-25</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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