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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	Disposition	2010-07-01	294,421	$3.40	966,430	No	4	S	Direct
Common Stock	Disposition	2010-07-01	109,122	$3.40	315,597	No	4	S	Direct
Common Stock	Disposition	2010-07-01	132,157	$3.40	360,420	No	4	S	Direct
Common Stock	Disposition	2010-07-02	92,334	$3.26	874,096	No	4	S	Direct
Common Stock	Disposition	2010-07-02	34,221	$3.26	281,376	No	4	S	Direct
Common Stock	Disposition	2010-07-02	41,445	$3.26	318,975	No	4	S	Direct
Common Stock	Disposition	2010-07-06	43,035	$3.24	831,061	No	4	S	Direct
Common Stock	Disposition	2010-07-06	15,949	$3.24	265,427	No	4	S	Direct
Common Stock	Disposition	2010-07-06	19,316	$3.24	299,659	No	4	S	Direct

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

Footnotes

Represents securities owned directly by Black Horse Capital LP ("Black Horse Capital Fund"). Black Horse Capital Fund additionally owns 2,477 shares of the issuer's 10% Series B Cumulative Perpetual Convertible Preferred Stock (the "Preferred Stock").
Represents securities owned directly by Black Horse Capital (QP) LP ("Black Horse QP Fund"). Black Horse QP Fund additionally owns 1,079 shares of the issuer's Preferred Stock.
Represents securities owned directly by Black Horse Capital Master Fund Ltd. (the "Black Horse Offshore Fund"). Black Horse Offshore Fund additionally owns 1,390 shares of the issuer's Preferred Stock.
Black Horse Capital Management LLC ("Black Horse Management") is the managing general partner of the Black Horse Capital Fund and Black Horse QP and is 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.
Pursuant to Rule 16a-1(a)(4) under the Securities Exchange Act of 1934, as amended (the "Act"), the filing of this Form 4 shall not be deemed an admission by any of the persons reporting on this Form 4 that he or it, for purposes of Section 16 of the Act or otherwise, is the beneficial owner of any equity securities covered by this Form.