According to the documentary Kind of Blue: Made in Heaven, and an anecdote from the jazz pianist Monty Alexander, the song was named after an individual named Freddie who would frequently try to see the music Davis and others performed without paying (thus freeloading).
Jack Rice (May 14, 1893 – December 14, 1968) was an American actor best known for appearing as the scrounging, freeloading brother-in-law in Edgar Kennedy'sseries of short domestic comedy films at the RKO studios, and also as "Ollie" in around a dozen of Columbia film studio's series of the Blondie comic strip, which starred Penny Singleton.