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  • September 2008 (Revised October 2008)
  • Case

Shareholder Activists at Friendly Ice Cream (A1)

By: Fabrizio Ferri, V.G. Narayanan and James Weber
Two activist investors, one a founder and one a hedge fund manager, seek to improve board oversight at a chain restaurant company. Prestley Blake founded Friendly Ice Cream in 1935 with his brother, and the two created a chain of full-service restaurants. In 1979, they... View Details
Keywords: Investment Activism; Governing and Advisory Boards; Lawsuits and Litigation; Business or Company Management; Business and Shareholder Relations; Conflict of Interests; Food and Beverage Industry; United States
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  • September 2008 (Revised October 2008)
  • Supplement

Shareholder Activists at Friendly Ice Cream (A2)

By: V.G. Narayanan, Fabrizio Ferri and James Weber
The A1 and A2 versions of the “Shareholder Activists at Friendly Ice Cream (A)” split the original A case into two parts. The A1 case ends as activists Sardar Biglari and Phil Cooley prepare to meet with CEO Don Smith at Friendly's headquarters in September 2006. The... View Details
Keywords: Investment Activism; Business and Shareholder Relations; Governing and Advisory Boards; Conflict and Resolution; Lawsuits and Litigation; Business or Company Management; Food and Beverage Industry; United States
Related
  • 25 Feb 2014
  • First Look

First Look: February 25

Biglari initiates a proxy fight in an attempt to win a board position and change the direction of Cracker Barrel's strategy. Two leading proxy advisory firms, ISS and Glass... View Details
Keywords: Sean Silverthorne
  • 20 Nov 2012
  • First Look

First Look: November 20

firm pay, we exploit exogenous increases in access to pay information using the SEC 1992 Proxy Disclosure Rule that differentially affected firms. Based on differences-in-differences models, we find increased PRS and decreased... View Details
Keywords: Sean Silverthorne

    Carl C. Icahn

    Tappan Company in 1979, Icahn went on to reap huge financial rewards through proxy fights with such notable firms as Texaco, Phillips Petroleum, TWA, and US Steel. In the nineties, Icahn earned huge sums of... View Details
    Keywords: Finance
    • 01 Apr 2001
    • News

    Edwin Yu: Bidding on the Future

    The conventional wisdom is that Asian businesspeople tend to avoid confrontation and take only calculated risks. Edwin Yu is clearly breaking that mold. Last April he came out on top in the first boardroom proxy View Details
    Keywords: Alejandro Reyes; Telecommunications; Information
    • 01 Jun 1997
    • News

    A Better Way to Go on Strike

    deprived them of their bargaining power, at least into April when the presidential order expired. There is, however, a better way - one that would permit the contending parties to fight it out while limiting the costs to themselves and... View Details
    Keywords: David Lax and Professor James K. Sebenius
    • 03 Jun 2020
    • Research & Ideas

    Who Guarantees Your Workplace Is Safe for Return?

    healthy buildings tools in fighting viruses and maintaining health. Temperature and humidity can have significant impact on disease transmission. Most people associate low humidity with the winter, but improperly tuned air conditioning... View Details
    Keywords: by John Macomber and Joseph Allen; Real Estate
    • 21 Jul 2009
    • First Look

    First Look: July 21

    fight to place his five director nominees on the board. Target won the proxy fight, but still faced questions about whether it had a strategy that could work in both good times and bad. Purchase this case:... View Details
    Keywords: Martha Lagace
    • 20 May 2008
    • First Look

    First Look: May 20, 2008

    manager who had invested in Friendly, entered into negotiations with Friendly for him to join the board of directors to help improve the management of the business. When these negotiations failed, Biglari launched a proxy View Details
    Keywords: Martha Lagace
    • 17 Mar 2011
    • Research & Ideas

    Harvard Business School Faculty Comment on Crisis in Japan

    value, and lost another 10.6% on Tuesday. These are no mere "paper" losses. The drop represents a significant loss of wealth which could unleash further deflationary pressures--a phenomenon Japan's on-again, off-again economy has been View Details
    Keywords: Re: Multiple Faculty
    • 30 Jan 2017
    • Research & Ideas

    Vanguard, Trian And The Problem With 'Passive' Index Funds

    is not in the best interest of their investors. For example, Vanguard has participated in proxy votes at shareholder meetings. While it has mostly voted in accordance with recommendations by management, in some key areas it has parted... View Details
    Keywords: by Michael Blanding; Financial Services
    • 06 Nov 2012
    • First Look

    First Look: November 6

    bankrupt fighting its War of Independence against Britain. At the war's end, the national government owed tremendous sums to foreign creditors and its own citizens. But lacking the power to tax, it had no means to repay them. The Founders... View Details
    Keywords: Sean Silverthorne
    • 01 Jun 2009
    • News

    Letters to the Editor

    many organizers use high-pressure tactics to get cards signed. Probably the most damaging however is the impact unions have on innovation. Unions fight change — any change — on the factory floor. Over the years, management gives up trying... View Details
    Keywords: News, Library, Internet, and Other Services; Information
    • 05 Aug 2014
    • First Look

    First Look: August 5

    In mid-2012, Clairemont had invested nearly $75M in Yahoo! after the tech company settled a highly visible proxy fight with prolific activist investor Daniel Loeb of hedge fund Third Point. Since that time,... View Details
    Keywords: Sean Silverthorne
    • 19 Mar 2019
    • First Look

    New Research and Ideas, March 19, 2019

    unexplained pay disparity. After validating my estimate of unexplained pay disparity as a proxy for pay fairness, I find robust evidence of a negative (positive) relation between unexplained (explained) pay disparity and future firm... View Details
    Keywords: Dina Gerdeman
    • 12 May 2009
    • First Look

    First Look: May 12, 2009

    decline in the stock price. Relational decided to invest in Home Depot and intended to initiate a proxy fight if the board did not reassess the company's strategy. Shortly thereafter, Nardelli left Home... View Details
    Keywords: Martha Lagace
    • 03 Mar 2008
    • First Look

    First Look: March 4, 2008

    International, a company publishing 70 editions of its free newspaper in 20 countries. Metro had been a pioneer in the free newspaper market, fighting incumbent publishers distributing traditional paid-for newspapers. Looks at the... View Details
    Keywords: Martha Lagace
    • 02 Oct 2007
    • First Look

    First Look: October 2, 2007

    Tatiana Sandino Abstract In this paper we examine the economic consequences of over 150 shareholder proposals to expense employee stock options (ESO) submitted during the proxy seasons of 2003 and 2004—the first case where the SEC has... View Details
    Keywords: Martha Lagace
    • 31 Mar 2009
    • First Look

    First Look: March 31, 2009

    the board of directors to help improve the management of the business. When these negotiations failed, Biglari launched a proxy fight against Friendly in 2007. While these two activist investors shared... View Details
    Keywords: Martha Lagace