/C O R R E C T I O N -- Western Sizzlin Corp./
04 January 2007 - 9:50AM
PR Newswire (US)
In the news release, Sardar Biglari Issues Statement; Lion Fund
Group and Friendly Ice Cream Corp. Unable to Reach Agreement on
Board Seats, issued yesterday, Jan. 2, by Western Sizzlin Corp.
over PR Newswire, we are advised by the company that the second
paragraph, second sentence, should read "Three months later" rather
than "Two months later" as originally issued inadvertently. We are
also advised that the fourth paragraph, second sentence should read
"If the board were concerned" rather than "was" as originally
issued inadvertently. Complete, corrected release follows: ROANOKE,
Va., Jan. 2 /PRNewswire-FirstCall/ -- Sardar Biglari, Chairman of
The Lion Fund, L.P. and Western Sizzlin Corp. (OTC:WSZL) (BULLETIN
BOARD: WSZL) , issued the following statement: On September 20,
2006, we asked the Friendly Ice Cream Corp. (AMEX:FRN) 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 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.
DATASOURCE: Western Sizzlin Corp. CONTACT: Thomas Ball of Morrow
& Co., Inc., +1-203-658-9400; or Robyn B. Mabe, Chief Financial
Officer of Western Sizzlin Corp., +1-540-345-3195 Web site:
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