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Is this the future of activist hedge fund management?

It is certainly proving effective for Sardar Biglari, chairman of the Lion Fund, a San Antonio, Texas, hedge fund. He and a colleague, Phillip Cooley, have been trying to get themselves elected to the board of New England-based Friendly Ice cream Corp.

Having built a 15 per cent stake in what is reportedly an “overleveraged, moribund ice cream distributor” and set up a campaign website, Messrs Biglari and Cooley have now launched a billboard advertising campaign to get their message across, according to MySA.com (via Albourne Village).

The activists want themselves elected to Friendly’s board at the company’s next annual meeting.

“It is time for change,” Biglari and Colley declare on their website. “The current directors have been given their opportunity to perform, but they have failed shareholders. Our group’s goal is to bring about much-needed corporate governance reform, improvement in operational performance, and strengthening of the current balance sheet — all with the intention of creating shareholder wealth for all the shareholders of Friendly’s.”

Note to Polygon, TCI, Centaurus, Carrousel. Carl Icahn - have you considered this approach?