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 *   Mustang Capital Management, LLC 2. Date of Event Requiring Statement (Month/Day/Year) 08/28/2009 3. Issuer Name and Ticker or Trading Symbol STEAK & SHAKE CO [SNS] (Last) (First) (Middle) 1506 MCDUFFIE STREET 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) HOUSTON, TX 77019 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 $.50 100,000 I By Mustang Capital Partners I, LP (1) (2) Common Stock, par value $.50 25,000 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.			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
Mustang Capital Management, LLC 1506 MCDUFFIE STREET HOUSTON, TX 77019	Â	  X	Â	Â
Mustang Capital Advisors, LP 1506 MCDUFFIE STREET HOUSTON, TX 77019	Â	  X	Â	Â
Mustang Capital Partners I, LP 1506 MCDUFFIE STREET HOUSTON, TX 77019	Â	  X	Â	Â
Mustang Capital Partners II, LP 1506 MCDUFFIE STREET HOUSTON, TX 77019	Â	  X	Â	Â
Western Mustang Holdings LLC 401 ALBERMARLE AVENUE SE ROANOKE, VA 24011	Â	  X	Â	Â
Linnartz John K. H. 1506 MCDUFFIE STREET HOUSTON, TX 77019	Â	  X	Â	Â

Signatures

By: Mustang Capital Management, LLC; By: /s/ John K. H. Linnartz, Managing Member		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 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)	This Form 3 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 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, 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. WMH has a controlling interest in MCA and MCM. Accordingly, MCA, MCM, WMH and Mr. Linnartz may be deemed to beneficially own the shares owned by MCPI. Each of MCA, MCM, 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. WMH has a controlling interest in MCA and MCM. Accordingly, MCA, MCM, WMH and Mr. Linnartz may be deemed to beneficially own the shares owned by MCPII. Each of MCA, MCM, 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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