Resignation Letter

Friendly’s CEO Resigns; Largest Shareholder Requests Seats

On September 28th, Friendly Ice Cream Corp. (FRN), announced CEO John L. Cutter had resigned. It was not immediately clear whether Mr. Cutter had been forced out.

I mention the possibility that Mr. Cutter was forced out, because Friendly’s largest shareholder, Sardar Biglari, included this disclosure in a recent 13-D:

“The Reporting Persons have consulted with the Chairman of the Board of
Directors and management of the Issuer concerning the business, operations and future plans of the Issuer, and are seeking seats on the Board of Directors for Mr. Sardar Biglari and Dr. Philip L. Cooley . The Reporting Persons continue to evaluate the business prospects of the Issuer, as well as its present and future intentions. The Reporting Persons may from time to time consult further with management, with members of the Board of Directors, or with other shareholders of the Issuer.”

The reporting persons are The Lion Fund L.P., Biglari Capital Corp., Sardar Biglari, and Western Sizzlin Corp. (WSZL).

The two notable entities are The Lion Fund, a hedge fund run by Mr. Biglari, and Western Sizzlin, a public company engaged in the operation and franchising of restaurants.

Western Sizzlin

Biglari (and others) effectively took control of Western Sizzlin during late 2005 and early 2006. Individuals controlling more than a third of the company replaced the existing board. Below is the description provided in Western Sizzlin’s most recent annual report:

“In November 2005, we added three members to out Board of Directors, namely Sardar Biglari, Philip L. Cooley, and Paul D. Sonkin. Subsequently, in March 2006, six of the incumbent directors, namely Paul C. Schorr, III (our former chairman), A. Jones Yorke, J. Alan Cowart, Jr., Pat Vezertzis, Jesse M. Harrington, and Roger D. Sack, resigned from the Board. At that same time, Mr. Sonkin indicated that he would not stand for re-election at the 2006 annual meeting of stockholders.”

The Lion Fund

The Lion Fund is managed by Sardar Biglari, 29. Philip Cooley serves as one of the fund’s directors. Biglari was a student of Cooley’s at Trinity University. The Lion Fund was launched just over five years ago – although Biglari apparently operated the fund with his own money for about one year before welcoming new investors.

Sardar Biglari

Biglari has an interesting story. He started an Internet Service Provider while still quite young; then, went on to found The Lion Fund. He frequently cites Warren Buffett as an investing influence. His letter to shareholders (as Chairman of Western Sizzlin) certainly bears a resemblance to Buffett’s own annual letter.

Van Jones Resigns

Obama adviser resigns in the middle of controversy.

President Obama’s political adviser Van Jones has recently tendered his resignation through an e-mail to answer the Republicans’ call to step down from office. Jones have been urged by many politicians (Republicans) to resign after it was found out that he signed a letter in 2004 that suggests the former President George W. Bush’s involvement in the September 11, 2001 attacks.

It was said that former President Bush might have allowed that attacks to be able to use them as a pretext to war. The Republicans’ call for Jones’ resignation was also due to his allegedly derogatory comments about the Republicans prior to joining Obama’s administration. Republicans said that Jones’ statements were inappropriate.

Reports also state that Jones is one of those appointed special advisers in the Obama administration who did not undergo a traditional verification and screening process. Appointments of administration officials are supposed to be confirmed by the Senate.

Do you think that is was necessary for Van Jones to resign from office?

Vote yes or Vote no.

In 2004, Van Jones signed a petition which supported the conspiracy theories for the 9/11 attacks. That 2004 petition was said to be asking for investigations and congressional hearings to identity high-ranking government officials allowed to the attacks to happen as a pretext to war.

Many U.S. citizens believed that US leaders had prior knowledge regarding the 9/11 attacks and failed to act. They said that the Bush’s administration had deliberately allowed that attacks to happen.

Do you believe that the former President George W. Bush’s administration intently allowed the 9/11 attacks to occur?

Vote and get the Apple iPhone free iTunes Gift Card

Vote Yes or Vote No.

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