FORM 4 Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940

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(Print or Type Responses)

1. Name and Address of Reporting Person * CONDOS GEORGE M   2. Issuer Name and Ticker or Trading Symbol FRIENDLY ICE CREAM CORP [frn] 5. Relationship of Reporting Person(s) to Issuer (Check all applicable) __X__ Director _____ 10% Owner __X__ Officer (give title below) _____ Other (specify below) President & CEO (Last) (First) (Middle) C/O FRIENDLY ICE CREAM CORPORATION, 1855 BOSTON ROAD 3. Date of Earliest Transaction (Month/Day/Year) 08/30/2007 (Street) WILBRAHAM, MA 01095 4. If Amendment, Date Original Filed(Month/Day/Year) 6. Individual or Joint/Group Filing(Check Applicable Line) _X_ Form filed by One Reporting Person ___ Form filed by More than One Reporting Person (City) (State) (Zip) Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned

1.Title of Security (Instr. 3) 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4) Code V Amount (A) or (D) Price Common Stock 08/30/2007   A   22,862 A (1) 22,862 D   Common Stock 08/30/2007   D   22,862 D (1) (2) 0 D

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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)

1. Title of Derivative Security (Instr. 3)

2. Conversion or Exercise Price of Derivative Security

3. Transaction Date (Month/Day/Year)

3A. Deemed Execution Date, if any (Month/Day/Year)

4. Transaction Code (Instr. 8)

5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4, and 5)

6. Date Exercisable and Expiration Date (Month/Day/Year)

7. Title and Amount of Underlying Securities (Instr. 3 and 4)

8. Price of Derivative Security (Instr. 5)

9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)

10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4)

11. Nature of Indirect Beneficial Ownership (Instr. 4)

Code

V

(A)

(D)

Date Exercisable

Expiration Date

Title

Amount or Number of Shares

Stock Options

$ 11.8

08/30/2007

D

75,000

(3)

01/08/2012

Common Stock

75,000

$ 3.7

0 (3)

D

Stock Options

$ 14.5

08/30/2007

D

27,026

(4)

03/08/2012

Common Stock

27,026

$ 1

0 (4)

D

Reporting Owners

Reporting Owner Name / Address	Relationships
	Director	10% Owner	Officer	Other
CONDOS GEORGE M C/O FRIENDLY ICE CREAM CORPORATION 1855 BOSTON ROAD WILBRAHAM, MA 01095	X		President & CEO

Signatures

/s/ George M. Condos		09/12/2007
**Signature of Reporting Person		Date

Explanation of Responses:

*	If the form is filed by more than one reporting person, see Instruction 4(b)(v).
**	Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1)	In connection with the merger of the issuer with Freeze Operations, Inc. pursuant to that certain agreement and plan of merger dated June 17, 2007, by and among the issuer, Freeze Operations Holding Corp. and Freeze Operations, Inc. (the "Merger"), the 2007 Threshold EBITDA under the 2003 Incentive Plan (2007 Long-Term Incentive Plan) was deemed to have been achieved and the reporting person became entitled to receive 22,862 shares, which shares were canceled in the Merger in exchange for the right to receive a cash payment equal to $15.50 per share.
(2)	Disposed in connection with the Merger, in exchange for the right to receive a cash payment equal to $15.50 per share.
(3)	These options, which provided for vesting in three equal annual installments commencing on January 8, 2008, were accelerated and became fully vested, and were canceled in connection with the Merger in exchange for a cash payment of $277,500.00, representing the difference between the exercise price of the options and $15.50 per share.
(4)	These options, which provided for vesting in three equal annual installments commencing on March 8, 2008, were accelerated and became fully vested, and were canceled in connection with the Merger in exchange for a cash payment of $27,026.00, representing the difference between the exercise price of the options and $15.50 per share.

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