SEC FORM 4

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

MELLON HBV ALTERNATIVE STRATEGIES LLC

(Last)

(First)

(Middle)

200 PARK AVE

STE 3300

(Street)

NEW YORK

10166-3399

(City)

(State)

(Zip)

2. Issuer Name and Ticker or Trading Symbol
DENNYS CORP [ DNYY ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

Director	X	10% Owner
Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
08/02/2004

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock	08/02/2004		S		1,928	D	$2.93	19,827,545⁽¹⁾⁽²⁾⁽³⁾	I	owned by Reporting Person as investment advisor to Axis RDO Limited
Common Stock	08/02/2004		S		2,041	D	$2.91	19,825,504⁽¹⁾⁽²⁾⁽³⁾	I	owned by Reporting Person as investment advisor to HFR DS Performance Master Trust
Common Stock	08/02/2004		S		1,858	D	$2.91	19,823,646⁽¹⁾⁽²⁾⁽³⁾	I	owned by Reporting Person as investment adv. to Mellon HBV Leveraged Multi-Strategy Fund LP
Common Stock	08/02/2004		S		520	D	$2.91	19,823,126⁽¹⁾⁽²⁾⁽³⁾	I	owned by Reporting Person as invest adv to Distressed Recovery Master Fund Ltd
Common Stock	08/02/2004		S		1,107	D	$2.91	19,822,019⁽¹⁾⁽²⁾⁽³⁾	I	owned by Reporting Person as invest adv to Lyxor/Mellon HBV Rediscovered Opportunity Fund Ltd
Common Stock	08/02/2004		S		10,572	D	$2.91	19,811,447⁽¹⁾⁽²⁾⁽³⁾	I	owned by Reporting Person as investment advisor to Mellon HBV Master Multi-Strategy Fund LP
Common Stock	08/02/2004		S		16,974	D	$2.91	19,794,473⁽¹⁾⁽²⁾⁽³⁾	I	owned by Reporting Person as invest adv to Mellon HBV Master Rediscovered Opportunities Fund LP
Common Stock	08/03/2004		S		286	D	$2.93	19,794,187⁽¹⁾⁽²⁾⁽³⁾	I	owned by Reporting Person as invest adv to Axis RDO Limited
Common Stock	08/03/2004		S		303	D	$2.93	19,793,884⁽¹⁾⁽²⁾⁽³⁾	I	owned by Reporting Person as invest adv to HFR DS Performance Master Trust
Common Stock	08/03/2004		S		78	D	$2.93	19,793,806⁽¹⁾⁽²⁾⁽³⁾	I	owned by Reporting Person as invest adv to Master Distressed Recovery Fund LP
Common Stock	08/03/2004		S		277	D	$2.93	19,793,529⁽¹⁾⁽²⁾⁽³⁾	I	owned by Reporting Person as invest adv to Mellon HBV Master Leveraged Multi-Strategy Fund LP
Common Stock	08/03/2004		S		165	D	$2.93	19,793,364⁽¹⁾⁽²⁾⁽³⁾	I	owned by Reporting Person as invest adv to Lyxor/Mellon HBV Rediscovered Opportunity Fund Ltd
Common Stock	08/03/2004		S		1,570	D	$2.93	19,791,794⁽¹⁾⁽²⁾⁽³⁾	I	owned by Reporting Person as invest adv to Mellon HBV Master Multi-Strategy Fund LP
Common Stock	08/03/2004		S		2,521	D	$2.93	19,789,273⁽¹⁾⁽²⁾⁽³⁾	I	owned by Reporting Person as invest adv to Mellon HBV Master Rediscovered Opportunities Fund LP

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)

Explanation of Responses:

1. The Reporting Person serves as investment advisor and agent for Mellon HBV Master Rediscovered Opportunities Fund LP, Mellon HBV Master Multi-Strategy Fund LP, Axis RDO Ltd., Mellon HBV Capital Partners LP, Distressed Recovery Master Fund Ltd., Mellon HBV Leveraged Multi-Strategy Fund LP, Mellon HBV Master US Event Driven Funds LP, Lyxor/Mellon HBV Rediscovered Opportunity Fund Ltd. The Reporting Person exercises voting and dispository power over all such shares and HFR DS Performance Master Trust, each of which owns shares of Common Stock of the Issuer.

2. The Reporting Person exercises voting and dispository power of all such shares.

3. The Amount of Securities Beneficially Owned Following Reported Transaction(s) sets forth the aggregate number of shares beneficially owned by the Reporting Person following each of the reported transactions as a result of the Reporting Person's ability to exercise voting and dispository power over all the shares reported herein.

	/s/ William F. Harley, III, Pres & CEO	08/04/2004
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (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).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.