Sardar Biglari letter to shareholders reads like one written by a classic value investor. Biglari writes, "In making capital allocation decisions, we were not going to let company history or other institutional constraints influence or determine capital commitment but rather choose to allow capital to gravitate to the greenest pastures. Far too many managers blindly reinvest their shareholders’ capital with the prospect of low returns simply because the history of the company, not the rationality of its managers, dictates commitment."

"Friendly Ice Cream Corporation (FRN) has agreed to be acquired by an affiliate of Sun Capital Partners for $15.50 per share in cash." This looks like the end of the battle over Friendly's. It's a big win for Sardar Biglari and his Lion Fund. The biggest winner may be tiny Western Sizzlin (WSZL), also run by Biglari, because of the size of its Friendly's

Sardar Biglari is sitting pretty as Friendly's announces it has hired Goldman Sachs to help pursue strategic alternatives. "Biglari, and those that have followed him into the stock, have made a killing. The stock was at $7.75 per share on 08/07/06, the day Biglari filled his original 13D. Today the stock is at $13.32 - a gain of 72%. (Mr. Buffett we have a new candidate to takeover for you)."

Sardar Biglari along with other members of the Committee to Enhance Friendly's take their battle with Friendly Ice Cream to the streets, literally. They have rented billboards outside of Friendly's headquarters in Wilbraham, MA to declare their displeasure with Friendly's current board.

Sardar Biglari turns up the heat on Friendly's board in this latest letter.

Biglari practices value investing and he is utilizing Western Sizzlin and his hedge fund to acquire undervalued companies.

The Lion Fund is pouncing on shares of Friendly Ice Cream in order to snatch more seats on the Board of Directors.

Sardar Biglari recently disclosed that he controls 12% of Friendly's common stocks through his hedge fund, the Lion Fund, and publicly traded Western Sizzlin (WSZL). Zac Bissonnette isn't sure what Biglari sees in Friendly (FRN). The balance sheet is weak and the company hasn't turned a profit for several years now.