sec document
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
--------------
SCHEDULE 13D
(Rule 13d-101)
INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT
TO RULE 13d-1(a) AND AMENDMENTS THERETO FILED PURSUANT TO
RULE 13d-2(a)
(Amendment No. 14)(1)
Friendly Ice Cream Corporation
------------------------------
(Name of Issuer)
Common Stock, $.01 Par Value
----------------------------
(Title of Class of Securities)
358497105
---------
(CUSIP Number)
STEVEN WOLOSKY, ESQ.
OLSHAN GRUNDMAN FROME ROSENZWEIG & WOLOSKY LLP
Park Avenue Tower
65 East 55th Street
New York, New York 10022
(212) 451-2300
--------------
(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
January 2, 2007
---------------
(Date of Event Which Requires Filing of This Statement)
If the filing person has previously filed a statement on Schedule 13G
to report the acquisition that is the subject of this Schedule 13D, and is
filing this schedule because of Rule 13d-1(e), 13d-1(f) or 13d-1(g), check the
following box / /.
NOTE. Schedules filed in paper format shall include a signed original
and five copies of the schedule, including all exhibits. SEE Rule 13d-7 for
other parties to whom copies are to be sent.
(Continued on following pages)
(Page 1 of 14 Pages)
------------------
(1) The remainder of this cover page shall be filled out for a reporting
person's initial filing on this form with respect to the subject class of
securities, and for any subsequent amendment containing information which would
alter disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not
be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange
Act of 1934 or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, SEE the
NOTES).
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CUSIP No. 358497105 13D Page 2 of 14 Pages
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================================================================================
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
The Lion Fund L.P.
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) /X/
(b) / /
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
WC
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e) / /
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
--------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY - 0 -
OWNED BY -----------------------------------------------------------------
EACH 8 SHARED VOTING POWER
REPORTING
PERSON WITH 1,182,488
-----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
- 0 -
-----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
1,182,488
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
1,182,488
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
14.92%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
PN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
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CUSIP No. 358497105 13D Page 3 of 14 Pages
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================================================================================
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Biglari Capital Corp.
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) /X/
(b) / /
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
AF, WC
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e) / /
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Texas
--------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY - 0 -
OWNED BY -----------------------------------------------------------------
EACH 8 SHARED VOTING POWER
REPORTING
PERSON WITH 1,182,488
-----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
- 0 -
-----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
1,182,488
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
1,182,488
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
14.92%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
CO
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
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CUSIP No. 358497105 13D Page 4 of 14 Pages
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================================================================================
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Biglari, Sardar
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) /X/
(b) / /
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
AF, WC
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e) / /
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
USA
--------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY - 0 -
OWNED BY -----------------------------------------------------------------
EACH 8 SHARED VOTING POWER
REPORTING
PERSON WITH 1,182,488
-----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
- 0 -
-----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
1,182,488
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
1,182,488
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
14.92%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
---------------------- ----------------------
CUSIP No. 358497105 13D Page 5 of 14 Pages
---------------------- ----------------------
================================================================================
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Western Sizzlin Corp.
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) /X/
(b) / /
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
WC
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e) / /
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
--------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY - 0 -
OWNED BY -----------------------------------------------------------------
EACH 8 SHARED VOTING POWER
REPORTING
PERSON WITH 1,182,488
-----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
- 0 -
-----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
1,182,488
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
1,182,488
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
14.92%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
CO
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
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CUSIP No. 358497105 13D Page 6 of 14 Pages
---------------------- ----------------------
================================================================================
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Cooley, Philip L.
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) /X/
(b) / /
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
AF, WC, PF
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e) / /
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
USA
--------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY - 0 -
OWNED BY -----------------------------------------------------------------
EACH 8 SHARED VOTING POWER
REPORTING
PERSON WITH 1,182,488
-----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
- 0 -
-----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
1,182,488
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
1,182,488
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
14.92%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
---------------------- ----------------------
CUSIP No. 358497105 13D Page 7 of 14 Pages
---------------------- ----------------------
The following constitutes Amendment No. 14 ("Amendment No. 14") to the
Schedule 13D filed by the undersigned. This Amendment No. 14 amends the Schedule
13D as specifically set forth.
Item 2 is hereby amended and restated to read as follows:
(a-c, f) This Schedule 13D is being filed jointly by (i) The Lion Fund
L.P., a Delaware limited partnership (the "Lion Fund"), (ii) Biglari Capital
Corp., a Texas corporation ("BCC"), (iii) Sardar Biglari, a United States
citizen, (iv) Western Sizzlin Corp., a Delaware corporation ("WSC"), and (iv)
Philip L. Cooley, a United States citizen (collectively, the "Reporting
Persons").
The principal business address of the Lion Fund, BCC and Sardar Biglari
is 9311 San Pedro Avenue, Suite 1440, San Antonio, Texas 78216. The principal
business address of Philip L. Cooley is c/o Trinity University, One Trinity
Place, San Antonio, Texas 78212. The principal business address of WSC is 1338
Plantation Road, Roanoke, Virginia 24012.
Sardar Biglari is the Chairman and Chief Executive Officer of BCC, an
investment management firm that serves as the general partner to the Lion Fund.
The principal business of the Lion Fund is purchasing, holding and selling
securities for investment purposes. Mr. Biglari is also the Chairman of the
Board of WSC. Philip L. Cooley is the Prassel Distinguished Professor of
Business at Trinity University, San Antonio, Texas. Mr. Cooley is also an
advisory director of BCC and Vice Chairman of the Board of WSC. The principal
business of WSC is to operate and/or franchise restaurants. Set forth in
Schedule A annexed hereto is the name and present principal occupation or
employment and the name, principal business and address of any corporation or
other organization in which such employment is conducted, of each of WSC's
directors and executive officers, as of the date hereof.
(d) Neither the Reporting Persons nor any person listed on Schedule A
has, during the last five years, been convicted in a criminal proceeding
(excluding traffic violations or similar misdemeanors).
(e) Neither the Reporting Persons nor any person listed on Schedule A
has, during the last five years, been a party to a civil proceeding of a
judicial or administrative body of competent jurisdiction and as a result of
such proceeding was or is subject to a judgment, decree or final order enjoining
future violations of, or prohibiting or mandating activities subject to, Federal
or state securities laws or finding any violation with respect to such laws.
Item 3 is hereby amended to add the following:
The aggregate purchase price of the 100 Shares owned directly by Philip
L. Cooley is $1,049. The Shares owned directly by Mr. Cooley were acquired with
his personal funds.
---------------------- ----------------------
CUSIP No. 358497105 13D Page 8 of 14 Pages
---------------------- ----------------------
Item 4 is hereby amended to add the following:
On January 2, 2007, the Lion Fund issued a press release announcing
that the Board of Directors of the Issuer rejected the Lion Fund's proposal that
two representatives of the Lion Fund be appointed as directors of the Issuer
subject to the Issuer agreeing to putting to a stockholder vote a binding
management proposal on the 2007 annual stockholders meeting agenda to declassify
the Board of Directors. The Lion Fund stated that if the Board of Directors were
concerned about acting in the best interest of stockholders, it would have
already acted on the Lion Fund's previous request to grant it two Board seats
without restrictions, or the Board of Directors would have accepted the Lion
Fund's recommendation to put the declassification of the Board to a binding
stockholder proposal. A copy of the press release is attached as an exhibit
hereto and incorporated herein by reference.
Item 5 is hereby amended and restated to read as follows:
(a-e) As of the date hereof, each of the Reporting Persons may be
deemed to be the beneficial owner of 1,182,488 Shares or 14.92% of the Shares of
the Issuer, based upon the 7,926,058 Shares outstanding as of October 31, 2006,
according to the Issuer's most recent Form 10-Q. Of the 1,182,488 Shares
reported herein, 651,070 Shares are held directly by the Lion Fund, 531,318
Shares are held directly by WSC and 100 Shares are held directly by Philip L.
Cooley.
Each of the Reporting Persons may be deemed to have the sole power to
vote or direct the vote of 0 Shares and the shared power to vote or direct the
vote of 1,182,488 Shares.
Each of the Reporting Persons may be deemed to have the sole power to
dispose or direct the disposition of 0 Shares and the shared power to dispose or
direct the disposition of 1,182,488 Shares.
Except as set forth on Schedule B, there were no transactions in the
Shares by the Reporting Persons during the last 60 days other than as set forth
in prior amendments to this Schedule 13D. All of such transactions were effected
in the open market.
The Reporting Persons specifically disclaim beneficial ownership of the
Shares reported herein except to the extent of their pecuniary interest therein.
Item 7 is hereby amended to add the following exhibits:
A. Press Release, dated January 2, 2007 (filed herewith as
Exhibit A).
B. Joint Filing Agreement by and among The Lion Fund L.P.,
Biglari Capital Corp., Sardar Biglari, Western Sizzlin Corp.
and Philip L. Cooley dated January 4, 2007 (filed herewith as
Exhibit B).
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CUSIP No. 358497105 13D Page 9 of 14 Pages
---------------------- ----------------------
SIGNATURES
After reasonable inquiry and to the best of his knowledge and
belief, each of the undersigned certifies that the information set forth in this
statement is true, complete and correct.
Dated: January 4, 2007 THE LION FUND L.P.
By: Biglari Capital Corp.
General Partner
By: /s/ Sardar Biglari
-------------------------------
Sardar Biglari, Chief Executive Officer
BIGLARI CAPITAL CORP.
By: /s/ Sardar Biglari
-------------------------------
Sardar Biglari, Chief Executive Officer
/s/ Sardar Biglari
-----------------------------------
SARDAR BIGLARI
WESTERN SIZZLIN CORP.
By: /s/ Robyn B. Mabe
-------------------------------
Robyn B. Mabe, Chief Financial Officer
/s/ Philip L. Cooley
-----------------------------------
PHILIP L. COOLEY
---------------------- ----------------------
CUSIP No. 358497105 13D Page 10 of 14 Pages
---------------------- ----------------------
SCHEDULE A
DIRECTORS AND EXECUTIVE OFFICERS OF WESTERN SIZZLIN CORP.
---------------------------------------------------------
NAME AND POSITION WITH PRESENT PRINCIPAL BUSINESS
WESTERN SIZZLIN OCCUPATION ADDRESS
--------------- ---------- -------
Sardar Biglari, Chairman of the Chairman of the Board and Chief c/o The Lion Fund L.P.
Board Executive Officer of Biglari 9311 San Pedro Avenue, Suite 1440
Capital Corp., an investment San Antonio, Texas 78216
management firm
Philip L. Cooley, Vice Chairman Prassel Distinguished Professor of c/o Trinity University
of the Board Business at Trinity University, San One Trinity Place
Antonio, Texas San Antonio, Texas 78212
Titus W. Greene, Director Director of Western Sizzlin Corp., c/o Western Sizzlin Corp.
an operator and/or franchiser of 1338 Plantation Road
restaurants Roanoke, Virginia 24012
Jonathan Dash, Director President of Dash Acquisitions, c/o Dash Acquisitions, LLC
LLC, an investment management 183 Rodeo Drive
company Beverly Hills, California 90212
James C. Verney, President and President and Chief Executive c/o Western Sizzlin Corp.
Chief Executive Officer Officer of Western Sizzlin Corp., 1338 Plantation Road
an operator and/or franchiser of Roanoke, Virginia 24012
restaurants
Robyn B. Mabe, Vice President, Vice President, Chief Financial c/o Western Sizzlin Corp.
Chief Financial Officer and Officer and Secretary / Treasurer 1338 Plantation Road
Secretary / Treasurer of Western Sizzlin Corp., an Roanoke, Virginia 24012
operator and/or franchiser of
restaurants
---------------------- ----------------------
CUSIP No. 358497105 13D Page 11 of 14 Pages
---------------------- ----------------------
SCHEDULE B
TRANSACTIONS IN THE SHARES BY THE REPORTING PERSONS DURING THE PAST 60 DAYS NOT
-------------------------------------------------------------------------------
OTHERWISE REPORTED IN PRIOR AMENDMENTS TO THE SCHEDULE 13D
----------------------------------------------------------
Shares of Common Stock Price Per Date of
Purchased Share ($) Purchase
--------- --------- --------
PHILIP L. COOLEY
100 10.49 11/08/06
---------------------- ----------------------
CUSIP No. 358497105 13D Page 12 of 14 Pages
---------------------- ----------------------
EXHIBIT A
PRESS RELEASE
SARDAR BIGLARI ISSUES STATEMENT; LION FUND GROUP AND FRIENDLY ICE CREAM CORP.
UNABLE TO REACH AGREEMENT ON BOARD SEATS
ROANOKE, Va., Jan. 2 /PRNewswire-FirstCall/ -- Sardar Biglari, Chairman of The
Lion Fund, L.P. and Western Sizzlin Corp. (OTC Bulletin Board: WSZL - News),
issued the following statement:
On September 20, 2006, we asked the Friendly Ice Cream Corp. (Amex: FRN - News)
for two board seats in order for us to serve the best interests of all
shareholders. Three months later, on December 20, 2006, the company offered us
two board seats with a major restriction which would limit our ability to act in
the best interests of the company's stockholders. In light of the company's poor
performance and total disregard for proper corporate governance, we cannot
accept restrictions on our ability to hold the existing board and its management
accountable for the company's performance. Nevertheless, on December 21, 2006,
we informed the company that we would accept its offer, but only if the board
agreed to place a binding management proposal on the 2007 annual meeting agenda
to declassify the board, that is, to make the election of the entire board a
yearly occurrence. This change would represent a significant start towards
improving the corporate governance of the company and making the board
answerable to the stockholders, the true owners of the company.
Research indicates that a classified board diminishes the value of a company
because that system obstructs directors' accountability to shareholders.
Unfortunately, earlier today, the board rejected our recommendation with no
clear explanation of its refusal to declassify the staggered board -- another
marker of its poor business judgment.
The cost of an entrenched board is weighing heavily on Friendly's value. If the
board were concerned about acting in the best interest of shareholders, it would
have already acted on our previous request to grant us two board seats without
restrictions, or the board would have accepted our recommendation to put the
declassification of the board to a binding shareholder proposal. Either action
would have avoided a costly and distracting proxy battle, which as a last resort
we are now forced to wage. We are confident that stockholders will support
constructive change when we seek their votes in 2007 to elect our director
nominees. No rhetoric can overcome the record of this board. We own; we care.
THIS COMMUNICATION IS NOT A SOLICITATION OF A PROXY WHICH MAY BE DONE ONLY
PURSUANT TO A DEFINITIVE PROXY STATEMENT. STOCKHOLDERS ARE ADVISED TO READ THE
PROXY STATEMENT AND OTHER DOCUMENTS RELATED TO THE SOLICITATION OF PROXIES BY
THE LION FUND L.P., BIGLARI CAPITAL CORP., WESTERN SIZZLIN CORP., SARDAR BIGLARI
AND PHILIP L. COOLEY FROM THE SHAREHOLDERS OF FRIENDLY ICE CREAM CORPORATION,
FOR USE AT ITS 2007 ANNUAL MEETING OF STOCKHOLDERS WHEN THEY BECOME AVAILABLE
BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. WHEN COMPLETED, A DEFINITIVE
PROXY STATEMENT AND A FORM OF PROXY WILL BE MAILED TO STOCKHOLDERS OF FRIENDLY
---------------------- ----------------------
CUSIP No. 358497105 13D Page 13 of 14 Pages
---------------------- ----------------------
ICE CREAM CORPORATION AND WILL BE AVAILABLE AT NO CHARGE AT THE SECURITIES AND
EXCHANGE COMMISSION'S WEBSITE AT HTTP://WWW.SEC.GOV. IN ADDITION, COPIES OF THE
PROXY STATEMENT AND OTHER DOCUMENTS WILL BE PROVIDED WITHOUT CHARGE UPON
REQUEST. REQUESTS FOR COPIES SHOULD BE DIRECTED TO OUR PROXY SOLICITOR, MORROW &
CO., INC. AT ITS TOLL-FREE NUMBER (800) 607-0088. THE PARTICIPANTS IN THE PROXY
SOLICITATION ARE ANTICIPATED TO BE THE LION FUND L.P., BIGLARI CAPITAL CORP.,
WESTERN SIZZLIN CORP., SARDAR BIGLARI AND PHILIP L. COOLEY (THE "PARTICIPANTS").
INFORMATION REGARDING CERTAIN OF THE PARTICIPANTS, INCLUDING THEIR DIRECT OR
INDIRECT INTERESTS, BY SECURITY HOLDINGS OR OTHERWISE, IS CONTAINED IN THE
SCHEDULE 13D FILED BY THEM WITH THE SECURITIES AND EXCHANGE COMMISSION ON AUGUST
7, 2006 WITH RESPECT TO FRIENDLY ICE CREAM CORPORATION, AS AMENDED, MOST
RECENTLY ON DECEMBER 18, 2006. THAT SCHEDULE 13D, AS AMENDED, IS CURRENTLY
AVAILABLE AT NO CHARGE ON THE SECURITIES AND EXCHANGE COMMISSION'S WEBSITE AT
HTTP://WWW.SEC.GOV. AS OF JANUARY 2, 2007, EACH OF THE PARTICIPANTS MAY BE
DEEMED TO BENEFICIALLY OWN 1,182,388 SHARES OF COMMON STOCK OF FRIENDLY ICE
CREAM CORPORATION. EACH OF THE PARTICIPANTS DISCLAIMS BENEFICIAL OWNERSHIP OF
SUCH SHARES EXCEPT TO THE EXTENT OF HIS/ITS PECUNIARY INTEREST THEREIN.
Source: Western Sizzlin Corp.
---------------------- ----------------------
CUSIP No. 358497105 13D Page 14 of 14 Pages
---------------------- ----------------------
EXHIBIT B
JOINT FILING AGREEMENT
In accordance with Rule 13d-1(k)(1)(iii) under the Securities Exchange
Act of 1934, as amended, the persons named below agree to the joint filing on
behalf of each of them of a Statement on Schedule 13D dated January 4, 2007
(including amendments thereto) with respect to the Common Stock of Friendly Ice
Cream Corporation. This Joint Filing Agreement shall be filed as an Exhibit to
such Statement.
Dated: January 4, 2007 THE LION FUND L.P.
By: Biglari Capital Corp.
General Partner
By: /s/ Sardar Biglari
-------------------------------
Sardar Biglari, Chief Executive Officer
BIGLARI CAPITAL CORP.
By: /s/ Sardar Biglari
-------------------------------
Sardar Biglari, Chief Executive Officer
/s/ Sardar Biglari
-----------------------------------
SARDAR BIGLARI
WESTERN SIZZLIN CORP.
By: /s/ Robyn B. Mabe
-------------------------------
Robyn B. Mabe, Chief Financial Officer
/s/ Philip L. Cooley
-----------------------------------
PHILIP L. COOLEY