The Lion Fund Raises Stake in Friendly Ice Cream (FRN) to Nearly 15%

In an amended 13D filing late Wednesday on Friendly Ice Cream Corp. (AMEX: FRN), The Lion Fund disclosed a 14.92% stake (1.18 million shares) in the company. This is up from the 12.73% stake (1 million shares) the firm disclosed in a recent filing (10/05).

The investment firm provided an update on its request to nominate its representatives Mr. Biglari and Dr. Cooley to the company's board of directors. The firm said they sent notice to the company's Secretary, in accordance with the company's by-laws, of its intention to nominate the two at the company's next stockholders meeting. The firm also said they've requested the company's stockholder records.

The firm believes that because their interest are aligned with other stockholders, Mr. Biglari and Dr. Cooley would be constructive contributors to the board.