Lion Fund Wants Two Scoops Of Friendly’s Board

Dec 8 2006 | 3:58pm ET

Sardar Biglari, founder of activist hedge fund firm Biglari Capital Corp, has an appetite for Friendly Ice Cream Corporation. On Dec. 4, Biglari, who owns approximately 15% of the outstanding common stock of the company, sent a letter to Friendly’s shareholders clamoring for two seats on the company’s board of directors.

Biglari intends to attend Friendly’s next shareholder meeting on May 9, whereby he will nominate himself and Philip Cooley, a director of The Lion Fund, to the company’s board.


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