Ownership Submission
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 *
Mustang Capital Management, LLC
  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)
1506 MCDUFFIE STREET
3. Date of Earliest Transaction (Month/Day/Year)
09/01/2009
(Street)

HOUSTON, TX 77019
4. If Amendment, Date Original Filed(Month/Day/Year)
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 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, par value $.50 09/01/2009   P   45,000 A $ 10.4293 145,000 I By Mustang Capital Partners I, LP (1) (2)
Common Stock, par value $.50 09/01/2009   P   5,000 A $ 10.4293 30,000 I By Mustang Capital Partners II, LP (1) (3)

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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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

Reporting Owners

Reporting Owner Name / Address Relationships
 Director  10% Owner  Officer  Other
Mustang Capital Management, LLC
1506 MCDUFFIE STREET
HOUSTON, TX 77019
    X    
WESTERN SIZZLIN CORP
401 ALBERMARLE AVENUE SE
ROANOKE, VA 24011
    X    
Mustang Capital Advisors, LP
1506 MCDUFFIE STREET
HOUSTON, TX 77019
    X    
Mustang Capital Partners I, LP
1506 MCDUFFIE STREET
HOUSTON, TX 77019
    X    
Mustang Capital Partners II, LP
1506 MCDUFFIE STREET
HOUSTON, TX 77019
    X    
Western Mustang Holdings LLC
401 ALBERMARLE AVENUE SE
ROANOKE, VA 24011
    X    
Linnartz John K. H.
1506 MCDUFFIE STREET
HOUSTON, TX 77019
    X    

Signatures

 By: Mustang Capital Management, LLC; By: /s/ John K. H. Linnartz, Managing Member   09/03/2009
**Signature of Reporting Person Date

 By: Western Sizzlin Corp., By: /s/ Sardar Biglari, Chairman and Chief Executive Officer   09/03/2009
**Signature of Reporting Person Date

 By: Mustang Capital Advisors, LP; By: Mustang Capital Management, LLC, General Partner, By: /s/ John K. H. Linnartz, Managing Member   09/03/2009
**Signature of Reporting Person Date

 By: Mustang Capital Partners I, LP; By: Mustang Capital Management, LLC, General Partner, By: /s/ John K. H. Linnartz, Managing Member   09/03/2009
**Signature of Reporting Person Date

 By: Mustang Capital Partners II, LP; By: Mustang Capital Management, LLC, General Partner, By: /s/ John K. H. Linnartz, Managing Member   09/03/2009
**Signature of Reporting Person Date

 By: Western Mustang Holdings LLC; By: /s/ Sardar Biglari, Chief Executive Officer   09/03/2009
**Signature of Reporting Person Date

 /s/ Linnartz, John K. H.   09/03/2009
**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) This Form 4 is filed jointly by Mustang Capital Partners I, LP ("MCPI"), Mustang Capital Partners II, LP ("MCPII"), Mustang Capital Advisors, LP ("MCA"), Mustang Capital Management, LLC ("MCM"), Western Sizzlin Corp. ("WSC"), Western Mustang Holdings LLC ("WMH") and John K. H. Linnartz. As members of a Section 13(d) group that owns more than 10% of the outstanding shares of the Issuer, each of MCPI, MCPII, MCA, MCM, WSC, WMH and Mr. Linnartz may be deemed to be 10% owners of the Issuer.
(2) Shares owned directly by MCPI. MCA serves as investment manager to, and is the general partner of, MCPI. MCM is the general partner of MCA. Mr. Linnartz is the managing member of MCM. WSC, through WMH, its wholly-owned subsidiary, has a controlling interest in MCA and MCM. Accordingly, MCA, MCM, WSC, WMH and Mr. Linnartz may be deemed to beneficially own the shares owned by MCPI. Each of MCA, MCM, WSC, WMH and Mr. Linnartz disclaims beneficial ownership of the shares held directly by MCPI except to the extent of his or its pecuniary interest therein.
(3) Shares owned directly by MCPII. MCA serves as investment manager to, and is the general partner of, MCPII. MCM is the general partner of MCA. Mr. Linnartz is the managing member of MCM. WSC, through WMH, its wholly-owned subsidiary, has a controlling interest in MCA and MCM. Accordingly, MCA, MCM, WSC, WMH and Mr. Linnartz may be deemed to beneficially own the shares owned by MCPII. Each of MCA, MCM, WSC, WMH and Mr. Linnartz disclaims beneficial ownership of the shares held directly by MCPII except to the extent of his or its pecuniary interest therein.

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