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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13G
Under the Securities Exchange Act of 1934
(Amendment No. _____)*
LODGENET ENTERTAINMENT CORP.
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(Name of Issuer)
COMMON STOCK
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(Title of Class of Securities)
540211 10 9
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(CUSIP Number)
*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 the
disclosures provided in a prior cover page.
The information required in 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).
(Continued on following page(s))
Page 1 of 7 pages
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CUSIP No. 540211 10 9 13G Page 2 of 7 pages
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1. NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Longwood Investment Advisors, Inc.
23-2745059
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2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ]
(b) [ X ]
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3. SEC USE ONLY
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4. CITIZENSHIP OR PLACE OF ORGANIZATION
Pennsylvania
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5. SOLE VOTING POWER
0
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NUMBER OF 6. SHARED VOTING POWER
SHARES
BENEFICIALLY 633,300
OWNED BY ___________________________________________________________
EACH 7. SOLE DISPOSITIVE POWER
REPORTING
PERSON 0
WITH ___________________________________________________________
8. SHARED DISPOSITIVE POWER
633,300
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9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
633,300
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10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
[ ]
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11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
5.6%
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12. TYPE OF REPORTING PERSON*
IA
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CUSIP No. 540211 10 9 13G Page 3 of 7 pages
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1. NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Robert A. Davidson
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2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ]
(b) [ X ]
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3. SEC USE ONLY
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4. CITIZENSHIP OR PLACE OF ORGANIZATION
United States
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5. SOLE VOTING POWER
0
-----------------------------------------------------------
NUMBER OF 6. SHARED VOTING POWER
SHARES
BENEFICIALLY 633,300
OWNED BY ___________________________________________________________
EACH 7. SOLE DISPOSITIVE POWER
REPORTING
PERSON 0
WITH ___________________________________________________________
8. SHARED DISPOSITIVE POWER
633,300
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9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
633,300
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10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
[ ]
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11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
5.6%
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12. TYPE OF REPORTING PERSON*
IN
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CUSIP No. 540211 10 9 13G Page 4 of 7 pages
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1. NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
John P. McNiff
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2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ]
(b) [ X ]
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3. SEC USE ONLY
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4. CITIZENSHIP OR PLACE OF ORGANIZATION
United States
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5. SOLE VOTING POWER
0
-----------------------------------------------------------
NUMBER OF 6. SHARED VOTING POWER
SHARES
BENEFICIALLY 633,300
OWNED BY ___________________________________________________________
EACH 7. SOLE DISPOSITIVE POWER
REPORTING
PERSON 0
WITH ___________________________________________________________
8. SHARED DISPOSITIVE POWER
633,300
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9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
633,300
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10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
[ ]
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11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
5.6%
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12. TYPE OF REPORTING PERSON*
IN
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CUSIP No. 540211 10 9 13G Page 5 of 7 pages
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Item 1(a) Name of Issuer
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Lodgenet Entertainment Corp.
Item 1(b) Address of Issuer's Principal Executive Offices
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Lodgenet Entertainment Corp.
808 West Avenue N.
Sioux Falls, SD 57104
Item 2(a) Name of Person Filing
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This statement is filed on behalf of (i) Longwood Investment Advisors,
Inc., a Pennsylvania corporation ("LIA"), (ii) Robert A. Davidson and
(iii) John P. McNiff. LIA is registered as an investment adviser under
the Investment Advisers Act of 1940, as amended. Robert A. Davidson is
Chief Investment Officer and a Managing Director of LIA and is
responsible for the selection, acquisition and disposition of
securities on behalf of LIA. John P. McNiff is President and a
Managing Director of LIA and, as such, shares responsibility with Mr.
Davidson for selection, acquisition and disposition of securities on
behalf of LIA.
Item 2(b) Address of Principal Business Office, or, if none, Residence
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Longwood Investment Advisors, Inc.
Three Radnor Corporate Center
Suite 300
100 Matsonford Road
Radnor, Pennsylvania 19087
Item 2(c) Citizenship
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United States
Item 2(d) Title of Class of Securities
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Common Stock
Item 2(e) CUSIP Number
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540211 10 9
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CUSIP No. 540211 10 9 13G Page 6 of 7 pages
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Item 3 If this statement if filed pursuant to Rule 13d-1(b), or 13d-2(b), check
whether the person filing is a:
(a) [ ] Broker or Dealer registered under section 15 of the Act;
(b) [ ] Bank as defined in section 3(a)(6) of the Act
(c) [ ] Insurance Company as defined in section 3(a)(19) of the Act
(d) [ ] Investment Company registered under section 8 of the Investment Company
Act
(e) [x] Investment Adviser registered under section 203 of the Investment
Advisers Act of 1940
(f) [ ] Employee Benefit Plan, Pension Fund which is subject to the provisions
of the Employee Retirement Income Security Act of 1974 or Endowment Fund
(g) [ ] Parent Holding Company, in accordance with 240.13d-1(b)(ii)(G)
(h) [ ] Group, in accordance with 240.13d-1(b)(1)(ii)(H)
Item 4 Ownership
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(a) and (b) LIA beneficially owned an aggregate of 633,300 shares of the
issuer's common stock, or approximately 5.6% of the shares outstanding as of
December 31, 1997.
(c) LIA has shared power to vote or direct the vote, and shared power to
dispose or direct the disposition of, 633,300 shares of the issuer's common
stock. Robert A. Davidson and John P. McNiff have shared power to dispose or
direct the disposition of 633,300 shares of the common stock by virtue of being
responsible for the selection, acquisition and disposition of the portfolio
securities on behalf of LIA.
Item 5 Ownership of Five Percent or Less of a Class
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Not applicable
Item 6 Ownership of More than Five Percent on Behalf of Another Person
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Other persons have the right to receive or the power to direct the
receipt of dividends from, or the proceeds from the sale of, the issuer's shares
which are the subject of this Schedule 13G. Of such shares, Longwood Partners,
L.P., of which LIA is the investment advisor, has such right with respect to
394,250 shares.
Item 7 Identification and Classification of the Subsidiary Which Acquired
the Security Being Reported on By the Parent Holding Company
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Not Applicable
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CUSIP No. 540211 10 9 13G Page 7 of 7 pages
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Item 8 Identification and Classification of Members of the Group
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Not Applicable
Item 9 Notice of Dissolution of Group
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Not Applicable
Item 10 Certification
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Each of the undersigned certifies that, to the best of its or his
knowledge and belief, the securities referred to above were not
acquired for the purpose of, and do not have the effect of, changing
or influencing the control of the issuer of such securities and were
not acquired in connection with or as a participant in any transaction
having such purpose of effect.
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.
February 13, 1998
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Date
LONGWOOD INVESTMENT ADVISORS, INC.
By: /s/John P. McNiff
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Signature
John P. McNiff, President
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Name/Title
/s/ Robert A. Davidson
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Signature
Robert A. Davidson
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Name/Title
/s/ John P. McNiff
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Signature
John P. McNiff
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Name/Title
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EXHIBIT "A"
Joint Filing Agreement
The undersigned agree that the foregoing Schedule 13G, dated February
13, 1998 is being filed with the Securities and Exchange Commission on behalf of
each of the undersigned pursuant to Rule 13d-1(f).
Dated: February 13, 1998
LONGWOOD INVESTMENT ADVISORS, INC.
By: /s/ John P. McNiff
------------------------------
John P. McNiff, President
Name/Title
/s/ Robert A. Davidson
- ------------------------------
Robert A. Davidson
Name/Title
/s/ John P. McNiff
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Signature
John P. McNiff, President
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Name/Title
