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Friday, October 06, 2006

The Lion Fund Raises Stake in Friendly Ice Cream (FRN) to 12.7%, Continues To Seek Board Seats

From 13D Tracker

In an amended 13D filing on Friendly Ice Cream Corp. (AMEX: FRN), The Lion Fund disclosed an 12.73% stake (1 million shares) in the company, this is up from the 12% stake the firm disclosed in a recent filing (09/25).

The Lion Fund said it continues to seek seats on the Board of Directors for Mr. Sardar Biglari and Dr. Philip L. Cooley. The firm is currently seeking the seats through discussions with the Board of Directors and management but may consider other means of obtaining the seats if discussions are unsuccessful.

Sardar Biglari is the portfolio manager of the Lion Fund and models his investment philosophy after Warren Buffett. Dr. Philip L. Cooley is the Prassel Distinguished Professor of Finance at Trinity University and sits of the Board of Directors of the Lion Fund. The fund's website is

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