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Filing Details

Issuer

Cik	Name	Symbol	Sector (SIC)	IRS No
911002	Lodgenet Interactive Corp	LNET	Communications Services, Nec (4899)	460371161

Insiders

Cik	Name	Reported Address	Director	Officer	Large Shareholder	Other
1178179	Black Horse Capital Lp	338 S. Sharon Amity Rd., #202 Charlotte NC 28211	No	No	Yes	No
1341160	P L Qp Capital Horse Black	338 S. Sharon Amity Rd., #202 Charlotte NC 28211	No	No	Yes	No
1379459	Dale Chappell	338 S. Sharon Amity Rd., #202 Charlotte NC 28211	No	No	Yes	No
1379554	Black Horse Capital Management Llc	338 S. Sharon Amity Rd., #202 Charlotte NC 28211	No	No	Yes	No

Reported Non-Derivative Transactions

Sec. Name	Acquisiton - Disposition	Date	Amount	Price	Remaning Holdings	Equity Swap Involved	Form Type	Code	Nature of Ownership
Common Stock	Acquisiton	2010-01-20	52,663	$6.19	1,016,424	No	4	P	Direct
Common Stock	Acquisiton	2010-01-21	40,092	$6.21	1,056,516	No	4	P	Direct
Common Stock	Acquisiton	2010-01-22	10,012	$6.00	1,066,528	No	4	P	Direct
Common Stock	Acquisiton	2010-01-20	18,346	$6.19	343,874	No	4	P	Direct
Common Stock	Acquisiton	2010-01-21	13,236	$6.21	357,110	No	4	P	Direct
Common Stock	Acquisiton	2010-01-22	3,336	$6.00	360,446	No	4	P	Direct
Common Stock	Acquisiton	2010-01-20	20,391	$6.19	399,171	No	4	P	Direct
Common Stock	Acquisiton	2010-01-21	15,314	$6.21	414,485	No	4	P	Direct
Common Stock	Acquisiton	2010-01-22	3,833	$6.00	418,318	No	4	P	Direct

Equity Swap Involved	Form Type	Code	Nature of Ownership
No	4	P	Direct
No	4	P	Direct
No	4	P	Direct
No	4	P	Direct
No	4	P	Direct
No	4	P	Direct
No	4	P	Direct
No	4	P	Direct
No	4	P	Direct

Footnotes

Represents securities owned directly by Black Horse Capital LP ("Black Horse Capital Fund"). Black Horse Capital Fund additionally owns shares of the issuer's Series B Preferred Stock that is convertible into 512,698 shares of common stock.
Represents securities owned directly by Black Horse Capital (QP) LP ("Black Horse QP Fund"). Black Horse QP Fund additionally owns shares of the issuer's Series B Preferred Stock that is convertible into 161,905 shares of common stock.
Represents securities owned directly by Black Horse Capital Master Fund Ltd. (the "Black Horse Offshore Fund"). Black Horse Offshore Fund additionally owns shares of the issuer's Series B Preferred Stock that is convertible into 185,185 shares of common stock.
Black Horse Capital Management LLC ("Black Horse Management") is the managing general partner Black Horse Capital Fund and Black Horse QP Fund and the investment manager of Black Horse Offshore Fund, and may be deemed to indirectly beneficially own the shares owned by such funds. Dale Chappell is the managing member of Black Horse Management and is deemed to indirectly beneficially own the shares of stock beneficially owned by Black Horse Management. For purposes of this Form 4, Black Horse Management and Mr. Chappell disclaim ownership of the shares of common stock owned by the funds reporting on this Form 4 except to the extent of its or his pecuniary interest therein.