Hedge Funds

Biglari’s Friendly billboard war

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Activists like to get attention, but Sardar Biglari is aiming higher than most. Literally. The founder of the San Antonio, Tex.-based Lion Fund, Biglari has bought billboard space in Massachusetts to convince shareholders of Springfield, Mass.-based Friendly Ice Cream Company to elect he and a colleague to Friendly’s board of directors. “Vote for Biglari and Cooley,” the billboards read. “Good for Employees, Franchisees and Shareholders.”