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 *
  Ruben Gary A.
 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)
C/O THE LION FUND, L.P., 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 27,170
D (1) (2)
 
Common Stock, par value $.50 10,708
I (2) (3)
By Irene Ruben

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
Ruben Gary A.
C/O THE LION FUND, L.P.
9311 SAN PEDRO AVENUE, SUITE 1440
SAN ANTONIO, TX 78216		     X    
Ruben Irene
C/O THE LION FUND, L.P.
9311 SAN PEDRO AVENUE, SUITE 1440
SAN ANTONIO, TX 78216		     X    

Signatures

By: /s/ Sardar Biglari, as Attorney in Fact for Gary A. Ruben 04/21/2008
**Signature of Reporting Person Date
By: /s/ Sardar Biglari, as Attorney in Fact for Irene Ruben 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) Held by Gary A. Ruben through the Gary Ruben Revocable Trust, of which the Reporting Persons are co-trustees.
(2) As members of a "group" for purposes of Section 13(d) of the Securities Exchange Act of 1934, as amended, 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 their pecuniary interest therein.
(3) Held by Irene Ruben through the Irene Ruben Revocable Trust, of which the Reporting Persons are co-trustees.

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