Ownership Submission
FORM 3
 UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940
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(Print or Type Responses)
1. Name and Address of Reporting Person *
  LIBERATION INVESTMENT GROUP LLC
 2. Date of Event Requiring Statement (Month/Day/Year)
01/18/2005		 3. Issuer Name and Ticker or Trading Symbol
FRIEDMANS INC [FRDM]
(Last)
(First)
(Middle)
11766 WILSHIRE BLVD., SUITE #870		 4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
_____ Director __X__ 10% Owner
_____ Officer (give title below) _____ Other (specify below)
5. If Amendment, Date Original Filed(Month/Day/Year)
(Street)

LOS ANGELES, CA 90025		 6. Individual or Joint/Group Filing(Check Applicable Line)
___ Form filed by One Reporting Person
_X_ Form filed by More than One Reporting Person
(City)
(State)
(Zip)
Table I - Non-Derivative Securities Beneficially Owned
1.Title of Security
(Instr. 4)		 2. Amount of Securities Beneficially Owned
(Instr. 4)		 3. Ownership Form: Direct (D) or Indirect (I)
(Instr. 5)		 4. Nature of Indirect Beneficial Ownership
(Instr. 5)
Class A Common Stock 2,338,900 (1)
I
By LILtd and LILP

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly. SEC 1473 (7-02)
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Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 4)		 2. Date Exercisable and Expiration Date
(Month/Day/Year)		 3. Title and Amount of Securities Underlying Derivative Security
(Instr. 4)		 4. Conversion or Exercise Price of Derivative Security 5. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 5)		 6. Nature of Indirect Beneficial Ownership
(Instr. 5)
Date Exercisable Expiration Date Title Amount or Number of Shares

Reporting Owners

Reporting Owner Name / Address Relationships
Director 10% Owner Officer Other
LIBERATION INVESTMENT GROUP LLC
11766 WILSHIRE BLVD.
SUITE #870
LOS ANGELES, CA 90025		     X    
LIBERATION INVESTMENTS LP
11766 WILSHIRE BLVD.
SUITE #870
LOS ANGELES, CA 90025		     X    
Liberation Investments, Ltd.
PO BOX 31106 SMB CORP CENTRE
WEST BAY ROAD
GRAND CAYMAN, E9 -		     X    
PEARLMAN EMANUEL R
11766 WILSHIRE BLVD.
SUITE 870
LOS ANGELES, CA 90025		     X    

Signatures

Liberation Investment Group LLC By: Emanuel R. Pearlman, General Manager** 01/28/2005
**Signature of Reporting Person Date
Liberation Investments Ltd. By: Emanuel R. Pearlman, Director** 01/28/2005
**Signature of Reporting Person Date
Liberation Investments, L.P. By: Liberation Investment Group, LLC, general partner By: Emanuel R. Pearlman, General Manager** 01/28/2005
**Signature of Reporting Person Date
Emanuel R. Pearlman** 01/28/2005
**Signature of Reporting Person Date

Explanation of Responses:

* If the form is filed by more than one reporting person, see Instruction 5(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1) This is a joint filing by Liberation Investments, L.P. ("LILP"), Liberation Investments, Ltd. ("LILtd"), Liberation Investment Group, LLC ("LIGLLC") and Emanuel R. Pearlman. These securities are directly owned by LILP, in the amount of 1,523,770, and LILtd, in the amount of 815,130. LIGLLC, as general partner of LILP and discretionary investment advisor to LILtd, may be deemed to hold indirect beneficial ownership of the securities. Mr. Pearlman, as General Manager of LIGLLC, may be deemed to hold indirect beneficial ownership of the securities. The joint filers are filing this joint Form 3 because they may be regarded as a group. However, each filer disclaims beneficial ownership of the shares owned by the other filers and disclaims membership in a group, and this filing shall not constitute an acknowledgement that the joint filers constitute a group.

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