SCHEDULE 13D
                                 (Rule 13d-101)
                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549
                    Under the Securities Exchange Act of 1934
                                 Amendment No. 5
                                    --------

                               DENNY'S CORPORATION
                                (Name of Issuer)

                          Common Stock, $0.01 par value
                         (Title of Class of Securities)

                                    24869P104
                                 (CUSIP Number)

                      Mellon HBV Alternative Strategies LLC
                           200 Park Avenue, Suite 3300
                             New York, NY 10166-3399
                                 (212) 808-3950
            (Name, Address and Telephone Number of Person Authorized
                     to Receive Notices and Communications)
                                  December 31, 2004


             (Date of Event which Requires Filing of this Statement)

     If the filing  person has  previously  filed a statement on Schedule 13G to
report the acquisition  which is the subject of this Schedule 13D, and is filing
this  schedule  because  of Rule  13d-1(e),  13d-1(f)  or  13d-1(g),  check  the
following box. ____

     Note:  Schedules  filed in paper format shall include a signed original and
five copies of the schedule, including all exhibits. See Rule 13d-7(b) for other
parties to whom copies are to be sent.

     *The  remainder  of this cover  page  shall be filled  out for a  reporting
person's  initial  filing on this  form with  respect  to the  subject  class of
securities,  and for any subsequent amendment containing information which would
alter  disclosures  provided in a prior cover page. The information  required on
the  remainder  of this cover  page  shall not be deemed to be  "filed"  for the
purpose  of  Section  18 of the  Securities  Exchange  Act of  1934  ("Act")  or
otherwise  subject to the  liabilities  of that  section of the Act but shall be
subject to all other provisions of the Act (however, see the Notes).



                                                                     Page 2 0f 5


  (CUSIP Number): 24869P104

1 NAME OF REPORTING PERSONS S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
                    Mellon HBV Alternative Strategies LLC
                    I.R.S. No.:  13-4050836
  ----------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*  (a)    (b)
  ----------------------------------------------------------------------------
3 SEC USE ONLY
  ----------------------------------------------------------------------------
4 SOURCE OF FUNDS*
                    00
  ----------------------------------------------------------------------------
5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
         TO ITEMS 2(d) OR 2(e)
  ----------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
                     Delaware
  ----------------------------------------------------------------------------
           NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
  ----------------------------------------------------------------------------
7 SOLE VOTING POWER
                    13,864,273
  ----------------------------------------------------------------------------
8 SHARED VOTING POWER
                    0
  ----------------------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
                    13,864,273
  ----------------------------------------------------------------------------
10SHARED DISPOSITIVE POWER
                    0
  ----------------------------------------------------------------------------
11AGGREGATE AMOUNT BENEFICIALLY OWNED BY REPORTING PERSON
                    13,864,273
  ----------------------------------------------------------------------------
12CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*

  ----------------------------------------------------------------------------
13PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
                    15.4%
  ----------------------------------------------------------------------------
14TYPE OF REPORTING PERSON*
                    IA
  ----------------------------------------------------------------------------
          

                                                                     Page 3 Of 5



         Introduction:

     This  Amendment  No. 5 to the Schedule 13D is being filed by the  Reporting
Person to reflect sale  transactions  of the Company's  Common Stock  previously
disclosed on a Form 4 filed by the Reporting Person.

         Item 1. Security and Issuer

     Security: Common Stock, $0.01 par value per share ("Common Stock").

         Issuer's Name and Address:

     Denny's  Corporation  (the  "Company"),  203 Main Street,  Spartanburg,  SC
29319-9966.

         Item 2.  Identity and Background

     (a) Mellon HBV Alternative  Strategies LLC (the  "Reporting  Person") which
acts as investment  advisor and authorized  agent for each of the funds named on
Exhibit A hereto.  Each such fund sold for its respective  account the number of
shares of the Common Stock set forth opposite its name on Exhibit A.

     (b) The Reporting Person is a Delaware limited  liability  company with its
principal executive offices located at 200 Park Avenue, Suite 3300, New York, NY
10166-3399.

     (c) The Reporting Person serves as investment  advisor of Mellon HBV Master
Rediscovered  Opportunities  Fund L.P.,  Mellon HBV Master  Multi-Strategy  Fund
L.P.,  Axis RDO Ltd.,  Mellon HBV Capital  Partners L.P.,  Mellon HBV Distressed
Recovery Master Fund Ltd., Mellon HBV Leveraged Multi-Strategy Fund L.P., Mellon
HBV  Master  U.S.  Event  Driven  Funds  L.P.,   Lyxor/Mellon  HBV  Rediscovered
Opportunity  Fund Ltd. and HFR DS Performance  Master Trust  (collectively,  the
"Clients").  The Reporting Person has sole voting and dispository power over the
shares of Common Stock held by each such fund.

     (d)-(e)  During the last five years neither the Reporting  Person,  nor, to
the best of its knowledge, any of its directors, executive officers, controlling
persons or members, has been (i) convicted of any criminal proceeding (excluding
traffic  violations  or  similar  misdemeanors)  or  (ii)  a  party  to a  civil
proceeding of a judicial or administrative body of competent jurisdiction and as
a result of such  proceeding  was or is subject to a  judgment,  decree or final
order  enjoining  future  violations of, or prohibiting or mandating  activities
subject to federal  or state  securities  laws or  finding  any  violation  with
respect to such laws.

         Item 5.  Interest in Securities of the Issuer

     (a) As of December 31, 2004, the Reporting Person beneficially owned in the
aggregate  13,864,273  shares of the  Company's  Common  Stock  (the  "Shares"),
representing  approximately  15.43% of the  outstanding  Common  Stock (based on
89,856,916  shares issued and outstanding as of November 1, 2004, as reported in
the  Company's  Form 10-Q for the  quarter  ending  September  30, 2004 filed on
November 15, 2004).

     (b) The  Reporting  Person has the sole power to vote or to direct the vote
and the sole power to dispose and to direct the disposition of the Shares.

     (c)  Information  relating to the  transaction  effected  by the  Reporting
Person with respect to the Common Stock appear on Exhibit A attached hereto.

         (d) Not applicable.

         (e) Not applicable.

     Item 6.  Contracts,  Arrangements,  Understandings  or  Relationships  with
Respect to Securities of the Issuer

         None.

     Item 7. Material to be Filed as Exhibits

         None.



                                                                     Page 4 Of 5


                                    Signature

     After  reasonable  inquiry and to the best of my  knowledge  and belief,  I
certify that the information  set forth in this statement is true,  complete and
correct.



         Dated: January 5, 2005

         MELLON HBV ALTERNATIVE STRATEGIES LLC.


           By:  /s/ WILLIAM F. HARLEY III
          --------------------------------------------
          William F. Harley III
           President and Chief Executive Officer




                                                                     Page 5 of 5
                                    Exhibit A

     Information  with  respect  to sales  of the  Common  Stock of the  Company
effected by the  Reporting  Person since the  Reporting  Person's last filing on
Schedule 13D relating to the Company.





                                                                                                  
NAME OF FUND                                                         DATE           Sale Price           SHARES

-------------------------------------------------------------- ----------------- ------------------ ------------------
-------------------------------------------------------------- ----------------- ------------------ ------------------
Mellon HBV Master Rediscovered Opportunities Fund, L.P.          December 30,          4.55              167,845
                                                                     2004
-------------------------------------------------------------- ----------------- ------------------ ------------------
-------------------------------------------------------------- ----------------- ------------------ ------------------
                                                                 December 31,          $4.50              209,808
                                                                     2004
-------------------------------------------------------------- ----------------- ------------------ ------------------
-------------------------------------------------------------- ----------------- ------------------ ------------------
                                                                 December 31,         $4.5342              10,495
                                                                     2004
-------------------------------------------------------------- ----------------- ------------------ ------------------
-------------------------------------------------------------- ----------------- ------------------ ------------------
Mellon HBV Master Multi-Strategy Fund L.P.                       December 30,          $4.55              91,316
                                                                     2004
-------------------------------------------------------------- ----------------- ------------------ ------------------
-------------------------------------------------------------- ----------------- ------------------ ------------------
                                                                 December 31,          $4.50              114,145
                                                                     2004
-------------------------------------------------------------- ----------------- ------------------ ------------------
-------------------------------------------------------------- ----------------- ------------------ ------------------
                                                                 December 31,         $4.5342               5,707
                                                                     2004
-------------------------------------------------------------- ----------------- ------------------ ------------------
-------------------------------------------------------------- ----------------- ------------------ ------------------
Mellon HBV Capital Partners L.P.                                 December 30,          $4.55               7,994
                                                                     2004
-------------------------------------------------------------- ----------------- ------------------ ------------------
-------------------------------------------------------------- ----------------- ------------------ ------------------
                                                                 December 31,          $4.50                9,992
                                                                     2004
-------------------------------------------------------------- ----------------- ------------------ ------------------
-------------------------------------------------------------- ----------------- ------------------ ------------------
                                                                 December 31,         $4.5342                499
                                                                     2004
-------------------------------------------------------------- ----------------- ------------------ ------------------
-------------------------------------------------------------- ----------------- ------------------ ------------------
Axis-RDO Limited                                                 December 30,          $4.55              27,019
                                                                     2004
-------------------------------------------------------------- ----------------- ------------------ ------------------
-------------------------------------------------------------- ----------------- ------------------ ------------------
                                                                 December 31,          $4.50               33,773
                                                                     2004
-------------------------------------------------------------- ----------------- ------------------ ------------------
-------------------------------------------------------------- ----------------- ------------------ ------------------
                                                                 December 31,         $4.5342               1,688
                                                                     2004
-------------------------------------------------------------- ----------------- ------------------ ------------------
-------------------------------------------------------------- ----------------- ------------------ ------------------
HFR DS Performance Master Trust                                  December 30,          $4.55              28,445
                                                                     2004
-------------------------------------------------------------- ----------------- ------------------ ------------------
-------------------------------------------------------------- ----------------- ------------------ ------------------
                                                                 December 31,          $4.50               35,556
                                                                     2004
-------------------------------------------------------------- ----------------- ------------------ ------------------
-------------------------------------------------------------- ----------------- ------------------ ------------------
                                                                 December 31,         $4.5342               1,777
                                                                     2004
-------------------------------------------------------------- ----------------- ------------------ ------------------
-------------------------------------------------------------- ----------------- ------------------ ------------------
Distressed Recovery Master Fund Ltd.                             December 30,          $4.55              14,339
                                                                     2004
-------------------------------------------------------------- ----------------- ------------------ ------------------
-------------------------------------------------------------- ----------------- ------------------ ------------------
                                                                 December 31,          $4.50               17,923
                                                                     2004
-------------------------------------------------------------- ----------------- ------------------ ------------------
-------------------------------------------------------------- ----------------- ------------------ ------------------
                                                                 December 31,         $4.5342                896
                                                                     2004
-------------------------------------------------------------- ----------------- ------------------ ------------------
-------------------------------------------------------------- ----------------- ------------------ ------------------
Mellon HBV Leveraged Multi-Strategy Fund L.P.                    December 30,          $4.55              23,038
                                                                     2004
-------------------------------------------------------------- ----------------- ------------------ ------------------
-------------------------------------------------------------- ----------------- ------------------ ------------------
                                                                 December 31,          $4.50               28,798
                                                                     2004
-------------------------------------------------------------- ----------------- ------------------ ------------------
-------------------------------------------------------------- ----------------- ------------------ ------------------
                                                                 December 31,         $4.5342               1,439
                                                                     2004
-------------------------------------------------------------- ----------------- ------------------ ------------------
-------------------------------------------------------------- ----------------- ------------------ ------------------
Mellon HBV Master U.S. Event Driven Funds L.P.                   December 30,          $4.55               5,356
                                                                     2004
-------------------------------------------------------------- ----------------- ------------------ ------------------
-------------------------------------------------------------- ----------------- ------------------ ------------------
                                                                 December 31,          $4.50                6,695
                                                                     2004
-------------------------------------------------------------- ----------------- ------------------ ------------------
-------------------------------------------------------------- ----------------- ------------------ ------------------
                                                                 December 31,         $4.5342                334
                                                                     2004
-------------------------------------------------------------- ----------------- ------------------ ------------------
-------------------------------------------------------------- ----------------- ------------------ ------------------
Lyxor/Mellon HBV Rediscovered Opportunities Fund Ltd.            December 30,          $4.55              34,648
                                                                     2004
-------------------------------------------------------------- ----------------- ------------------ ------------------
-------------------------------------------------------------- ----------------- ------------------ ------------------
                                                                 December 31,          $4.50               43,310
                                                                     2004
-------------------------------------------------------------- ----------------- ------------------ ------------------
-------------------------------------------------------------- ----------------- ------------------ ------------------
                                                                 December 31,         $4.5342               2,165
                                                                     2004
-------------------------------------------------------------- ----------------- ------------------ ------------------