Updates on Friendly Ice Cream (FRN) and Parlux Fragrances (PARL)

Updates on a couple stocks we've been following:

1. Last night, Friendly Ice Cream Corporation (AMEX: FRN), an activist target of Sardar Biglari/The Lion Fund, said it will increased the size of its Board of Directors from five to seven members. The company offered Biglari a seat on the board. Biglari was looking for two. It is not clear if Biglari will accepted this. We expect a response from him shortly.

2. Last night, Parlux Fragrances Inc. (Nasdaq: PARL), an activist target of Glenn H. Nussdorf, sold its Perry Ellis fragrance license back to Perry Ellis International (Nasdaq: PERY) for $63 million. In the summer, Parlux had a deal with Victory International to sell it for $140 million, but Perry Ellis wouldn't approve the sale. Nussdorf was against the original sale to Victory, so he has to be furious at this news. There was no indication or shareholder approval of the fire sale to Perry Ellis. It is not clear if Nussdorf will be a seller now or if he will send the lawyers after Parlux and its CEO Ilia Lekach. We expect an update from him shortly.