sec document
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
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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. 18)(1)
Friendly Ice Cream Corporation
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(Name of Issuer)
Common Stock, $.01 Par Value
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(Title of Class of Securities)
358497105
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(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
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(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
July 5, 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 12 Pages)
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(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 12 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.
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) /X/
(b) / /
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
WC
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e) / /
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
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NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY - 0 -
OWNED BY -----------------------------------------------------------------
EACH 8 SHARED VOTING POWER
REPORTING
PERSON WITH 946,011
-----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
- 0 -
-----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
946,011
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
946,011
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
11.59%
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14 TYPE OF REPORTING PERSON*
PN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
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CUSIP No. 358497105 13D Page 3 of 12 Pages
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================================================================================
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Biglari Capital Corp.
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) /X/
(b) / /
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
AF, WC
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e) / /
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
Texas
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NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY - 0 -
OWNED BY -----------------------------------------------------------------
EACH 8 SHARED VOTING POWER
REPORTING
PERSON WITH 946,011
-----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
- 0 -
-----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
946,011
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
946,011
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
11.59%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
CO
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
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CUSIP No. 358497105 13D Page 4 of 12 Pages
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================================================================================
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Biglari, Sardar
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) /X/
(b) / /
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
AF, WC
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e) / /
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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 946,011
-----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
- 0 -
-----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
946,011
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
946,011
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
11.59%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
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CUSIP No. 358497105 13D Page 5 of 12 Pages
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================================================================================
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Western Sizzlin Corp.
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) /X/
(b) / /
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
WC
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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 946,011
-----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
- 0 -
-----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
946,011
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
946,011
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
11.59%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
CO
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
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CUSIP No. 358497105 13D Page 6 of 12 Pages
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================================================================================
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Cooley, Philip L.
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) /X/
(b) / /
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
AF, WC, PF
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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 946,011
-----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
- 0 -
-----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
946,011
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
946,011
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
11.59%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
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CUSIP No. 358497105 13D Page 6 of 12 Pages
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The following constitutes Amendment No. 18 ("Amendment No. 18") to the
Schedule 13D filed by the undersigned. This Amendment No. 18 amends the
Schedule 13D as specifically set forth.
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 946,011 Shares or 11.59% of the Shares of the
Issuer, based upon the 8,162,232 Shares outstanding as of April 30, 2007,
according to the Issuer's most recent Form 10-Q. Of the 946,011 Shares reported
herein, 520,856 Shares are held directly by the Lion Fund, 425,055 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 946,011 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 946,011 Shares.
Except as set forth in Item 6, there were no transactions in the Shares by
the Reporting Persons during the last 60 days.
The Reporting Persons specifically disclaim beneficial ownership of the
Shares reported herein except to the extent of their pecuniary interest therein.
Item 6 is hereby amended to add the following:
On July 5, 2007, the Lion Fund and WSC each sold 130,214 Shares and
106,263 Shares, respectively, to SCSF Equities, LLC, an affiliate of Sun Capital
Partners, Inc., for $15.30 per Share. The parties to this transaction entered
into a letter agreement in connection therewith, a copy of which is attached as
an exhibit hereto and is incorporated herein by reference.
Item 7 is hereby amended to add the following exhibit:
A. Letter Agreement by and among The Lion Fund L.P., Western Sizzlin
Corp. and SCSF Equities, LLC, dated July 5, 2007 (filed herewith as
Exhibit A).
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CUSIP No. 358497105 13D Page 8 of 12 Pages
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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: July 9, 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/ Sardar Biglari
---------------------------------------
Sardar Biglari, as Attorney-In-Fact for
Western Sizzlin Corp.
/s/ Sardar Biglari
-------------------------------------------
SARDAR BIGLARI, as Attorney-In-Fact for
Philip L. Cooley
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CUSIP No. 358497105 13D Page 9 of 12 Pages
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EXHIBIT A
SCSF EQUITIES, LLC
375 PARK AVENUE, SUITE 1302
NEW YORK, NY 10152
212-588-9156
July 3, 2007
The Lion Fund L.P.
Western Sizzlin Corp.
In connection with our purchase from you of common stock, par value $0.01
per share, ("COMMON STOCK") of Friendly Ice Cream Corporation ("Friendly"), you
hereby acknowledge that you (i) are a sophisticated entity with respect to your
agreement to sell to us that number of shares of Common Stock held by you as
noted opposite your name on SCHEDULE A attached hereto, (ii) have adequate
information concerning the business and financial condition of Friendly to make
an informed decision regarding the sale of the Common Stock, and (iii) have
independently and without reliance upon SCSF Equities, LLC, and based on such
information as you have deemed appropriate, made your own analysis and decision
to sell your Common Stock to us and enter into this letter agreement. In
connection with your sale to us of the Common Stock, we hereby acknowledge that
we (i) are a sophisticated entity with respect to our agreement to purchase from
you that number of shares of Common Stock held by you as noted opposite your
name on SCHEDULE A attached hereto, (ii) have adequate information concerning
the business and financial condition of Friendly to make an informed decision
regarding the purchase of the Common Stock, and (iii) have independently and
without reliance upon The Lion Fund L.P. or Western Sizzlin Corp., and based on
such information as we have deemed appropriate, made our own analysis and
decision to purchase your Common Stock from you and enter into this letter
agreement.
You acknowledge that (i) neither we nor our affiliates have given you any
investment advice or opinion on whether the sale of the Common Stock is prudent,
and (ii) neither we nor our affiliates have disclosed to you: (a) any
information regarding Friendly, or any subsidiary or other affiliate of
Friendly, (b) any financial results for Friendly or any subsidiary or other
affiliate of Friendly, (c) any representations as to the value of the Common
Stock, or (d) any other information regarding the circumstances in which we may
purchase any other Common Stock from any other purchaser. We acknowledge that
(i) neither you nor your affiliates have given us any investment advice or
opinion on whether the purchase of the Common Stock is prudent, and (ii) neither
you nor your affiliates have disclosed to us: (a) any information regarding
Friendly, or any subsidiary or other affiliate of Friendly, (b) any financial
results for Friendly or any subsidiary or other affiliate of Friendly, (c) any
representations as to the value of the Common Stock, or (d) any other
information regarding the circumstances in which you may sell any other Common
Stock to any other purchaser.
You acknowledge that (i) we or our affiliates currently may have, and
later may come into possession of, information about the Common Stock, Friendly,
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CUSIP No. 358497105 13D Page 10 of 12 Pages
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or Friendly's subsidiaries or other affiliates that is not known to you and that
may be material to a decision to sell the Common Stock; (ii) you have determined
to sell the Common Stock held by you notwithstanding your lack of such
knowledge; (iii) neither we nor our affiliates shall have any liability to you,
and you hereby waive and release any claims that you might have against us and
our affiliates, and all of our and their respective officers, directors,
employees, partners, shareholders and agents, whether under applicable
securities laws or otherwise, with respect to your lack of information and your
sale to us of the Common Stock and (iv) we are relying on this letter in
engaging in the purchase of the Common Stock from you and would not engage in
such purchase in the absence of this letter and the acknowledgements and
agreements contained herein. We acknowledge that (i) you and your affiliates
currently may have, and later may come into possession of, information about the
Common Stock, Friendly, or Friendly's subsidiaries or other affiliates that is
not known to us and that may be material to a decision to purchase the Common
Stock; (ii) we have determined to purchase the Common Stock held by you
notwithstanding our lack of such knowledge; (iii) neither you nor your
affiliates shall have any liability to us, and we hereby waive and release any
claims that we might have against you and your affiliates, and all of your and
their respective officers, directors, employees, partners, shareholders and
agents, whether under applicable securities laws or otherwise, with respect to
our lack of information and our purchase from you of the Common Stock and (iv)
you are relying on this letter in engaging in the sale of the Common Stock to us
and would not engage in such sale in the absence of this letter and the
acknowledgements and agreements contained herein.
This letter may be signed in counterparts and faxed copies shall be
binding to the same extent as original copies. This letter shall be construed in
accordance with the laws of the State of New York, without regard to any
conflict of laws provisions thereof. Each party hereby waives any right to trial
by jury in connection with any action, proceeding or counterclaim instituted
with respect to this letter.
[REMAINDER OF PAGE INTENTIONAL LEFT BLANK]
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CUSIP No. 358497105 13D Page 11 of 12 Pages
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SCSF EQUITIES, LLC
By: /s/ Michael McConverw
----------------------------
Name: Michael McConverw
Title: Vice president and
Assistant Secretary
ACKNOWLEDGED AND AGREED
AS OF THE DATE FIRST WRITTEN ABOVE:
THE LION FUND L.P.
By: Biglari Capital Corp.
General Partner
By: /s/ Sardar Biglari
--------------------------------
Name: Sardar Biglari
Title: Chief Executive Officer
WESTERN SIZZLIN CORP.
By: /s/ Sardar Biglari
--------------------------------
Name: Sardar Biglari
Title: Attorney-In-Fact for Western Sizzlin Corp.
Signature Page to Acknowlegement Letter
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CUSIP No. 358497105 13D Page 12 of 12 Pages
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Schedule A to Acknowledgement Letter
SCHEDULE A
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Entity Number of Shares
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The Lion Fund L.P. 130,214
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Western Sizzlin Corp. 106,263
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