LENDWAY, INC. — Director's Dealing 2014

Dec 18, 2014

SEC Form 3 — Initial Statement of Beneficial Ownership

Issuer: INSIGNIA SYSTEMS INC/MN (ISIG)
CIK: 0000875355
Period of Report: 2014-12-15

Reporting Person: BIGLARI CAPITAL CORP. (10% Owner)
Reporting Person: BIGLARI, SARDAR (10% Owner)
Reporting Person: LION FUND II, L.P. (10% Owner)

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock, par value $0.01	1229600	Indirect

Footnotes

F1: This Form 3 is filed jointly by The Lion Fund II, L.P. (the "Lion Fund II"), Biglari Capital Corp. ("BCC") and Sardar Biglari. Each of the Lion Fund II, BCC and Mr. Biglari is a member of a Section 13(d) group that owns more than 10% of the Issuer's outstanding shares of Common Stock. Each of the Lion Fund II, BCC and Mr. Biglari disclaims beneficial ownership of the shares of Common Stock reported herein except to the extent of its or his pecuniary interest therein.

F2: Shares owned directly by the Lion Fund II. BCC is the general partner of the Lion Fund II. Mr. Biglari is the Chairman and Chief Executive Officer of BCC and has investment discretion over the securities owned by the Lion Fund II. By virtue of these relationships, BCC and Mr. Biglari may be deemed to beneficially own the shares of Common Stock of the Issuer owned directly by the Lion Fund II.