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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
Amendment No.: *
Name of Issuer: LodgeNet Entertainment Corporation
Title of Class of Securities: Common Stock, $1 par value
CUSIP Number: 540211109
(Name, Address and Telephone Number of Person
Authorized To Receive Notices and Communications)
Richard Cooperstein
Red Coat Capital Management, L.L.C.
350 Park Avenue, 5th Floor
New York, New York 10022
(Date of Event which Requires Filing of this Statement)
January 31, 2000
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
[X]
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 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).
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CUSIP No.: 540211109
1. Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
Red Coat Capital Management, L.L.C.
2. Check the Appropriate Box if a Member of a Group
a.
b.
3. SEC Use Only
4. Source of Funds
OO
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:
8. Shared Voting Power:
2,566,200
9. Sole Dispositive Power:
10. Shared Dispositive Power:
2,566,200
2
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11. Aggregate Amount Beneficially Owned by Each Reporting
Person
2,566,200
12. Check Box if the Aggregate Amount in Row (11) Excludes
Certain Shares [ ]
13. Percent of Class Represented by Amount in Row (11)
21.17%
14. Type of Reporting Person
OO
3
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CUSIP No.: 540211109
1. Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
Red Coat Capital Partners, L.P.
2. Check the Appropriate Box if a Member of a Group
a.
b.
3. SEC Use Only
4. Source of Funds
WC
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:
8. Shared Voting Power:
1,737,964
9. Sole Dispositive Power:
10. Shared Dispositive Power:
1,737,964
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11. Aggregate Amount Beneficially Owned by Each Reporting
Person
1,737,964
12. Check Box if the Aggregate Amount in Row (11) Excludes
Certain Shares [ ]
13. Percent of Class Represented by Amount in Row (11)
14.34%
14. Type of Reporting Person
PN
5
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CUSIP No.: 540211109
1. Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
Kenneth L. Londoner
2. Check the Appropriate Box if a Member of a Group
a.
b.
3. SEC Use Only
4. Source of Funds
OO
5. Check if Disclosure of Legal Proceedings is Required
Pursuant to Items 2(d) or 2(e)
6. Citizenship or Place of Organization
United States
Number of Shares Beneficially Owned by Each Reporting Person
With:
7. Sole Voting Power:
8. Shared Voting Power:
2,566,200
9. Sole Dispositive Power:
10. Shared Dispositive Power:
2,566,200
6
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11. Aggregate Amount Beneficially Owned by Each Reporting
Person
2,566,200
12. Check Box if the Aggregate Amount in Row (11) Excludes
Certain Shares [ ]
13. Percent of Class Represented by Amount in Row (11)
21.17%
14. Type of Reporting Person
IN
7
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The purpose of this Schedule 13D is to report the ownership
of Red Coat Capital Management, L.L.C. ("RCCM"), Red Coat
Capital Partners, L.P. ("RCCP") and Kenneth L. Londoner
(collectively, the "Reporting Persons") in the Common Stock
(the "Common Stock") of LodgeNet Entertainment Corporation
(the "Issuer") of 21.17%, 14.34% and 21.17%, respectively,
of the outstanding Common Stock.
Item 1. Security and Issuer
The title of the class of equity securities to
which this statement relates is: Common Stock.
The name and address of the principal executive and
business office of the Issuer is:
LodgeNet Entertainment Corporation
3900 West Innovation Street
Sioux Falls, South Dakota 57107
Item 2. Identity and Background
This statement is being filed on behalf of RCCM, a
Delaware limited liability corporation, RCCP, a Delaware
limited partnership and Kenneth L. Londoner, together the
"Reporting Persons." RCCM has investment discretion over
certain private investment funds for which it serves as
general partner or investment manager. RCCP, a Delaware
limited partnership, is a private investment fund which is
managed by RCCM. Mr. Londoner is the managing member of
RCCM. The principal office of the Reporting Persons is at
350 Park Avenue, 5th Floor, New York, New York 10022.
None of the Reporting Persons has, during the last
five years, been convicted in a criminal proceeding
(excluding traffic violations or similar misdemeanors).
None of the Reporting Persons has, during the last five
years, been a party to a civil proceeding of a judicial or
administrative body of competent jurisdiction which resulted
in 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
violations with respect to such laws.
Item 3. Source and Amount of Funds or Other Consideration
The funds for the purchase of the Common Stock
deemed to be beneficially owned by RCCM and Mr. Londoner
came from the working capital of their investment management
clients. The funds for the purchase of the Common Stock
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owned by RCCP came from its own working capital. No funds
were borrowed to purchase any of the Common Stock.
Item 4. Purpose of Transactions
The Common Stock deemed to be beneficially owned by
the Reporting Persons is held for investment purposes.
The Reporting Persons have not entered into any
agreements or arrangements relating to the Common Stock.
The Reporting Persons do not have any plan or
proposal which relates to, or would result in, any of the
actions enumerated in Item 4 of the instructions to the
Schedule 13D. The Reporting Persons reserves the right to
acquire additional Common Stock, dispose of all or some of
the Common Stock from time to time, or continue to hold the
Common Stock.
Item 5. Interest in Securities of Issuer
As of the date hereof, RCCM, RCCP and Mr. Londoner
are deemed to beneficially own 2,566,200, 1,737,964 and
2,566,200 shares of the Common Stock. Based on information
contained in the Issuer's Form 10-K dated March 29, 2000, as
of March 22, 2000 there were 12,123,688 shares of Common
Stock outstanding. Therefore, RCCM, RCCP and Mr. Londoner
are deemed to beneficially own 21.17%, 14.34% and 21.17%,
respectively of the outstanding shares of Common Stock. The
Reporting Persons have the shared power to vote or direct
the vote of all 2,566,200 shares of the Common Stock. The
Reporting Persons have the power to dispose of or direct the
disposition of all 2,566,200 shares of the Common Stock.
All transactions in the Common Stock effected by the
Reporting Persons during the sixty days prior to January 31,
2000 through the date of this filing were effected in
open-market transactions and are set forth in Exhibit B
hereto.
The Reporting Persons may be deemed to be
beneficially owners of the shares of Common Stock. Pursuant
to Rule 13d-4 promulgated under the Securities Exchange Act
of 1934, the Reporting Persons hereby declare that the
filing of this Schedule 13D shall not be construed as an
admission that the Reporting Persons are the beneficial
owners of the Common Stock.
Item 6. Contracts, Arrangements, Understandings or
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Relationships with Respect to Securities of the Issuer
N/A
Item 7. Material to be Filed as Exhibits
1. An agreement relating to the filing of a joint
statement as required by Rule 13d-1(f) under
the Securities Exchange Act of 1934 is filed
herewith as Exhibit A.
2. A description of the transactions in the
Common Stock that were effected by the
Reporting Persons during the 60 days prior to
January 31, 2000 through the date of this
filing is filed herewith as Exhibit B.
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Signature
The undersigned, after reasonable inquiry and to
the best of their knowledge and belief, certify that the
information set forth in this statement is true, complete
and correct.
RED COAT CAPITAL MANAGEMENT, L.L.C.
By: /s/ Kenneth L. Londoner
_____________________________
Kenneth L. Londoner
Managing Member
RED COAT CAPITAL PARTNERS, L.P.
By: Red Coat Capital Management,
L.L.C.
General Partner
By: /s/ Kenneth L. Londoner
_____________________________
Kenneth L. Londoner
Managing Member
/s/ Kenneth L. Londoner
_____________________________
Kenneth L. Londoner
June 20, 2000
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Exhibit A
AGREEMENT
The undersigned agree that this Schedule 13D dated
June 20, 2000 relating to the Common Stock of LodgeNet
Entertainment Corporation shall be filed on behalf of the
undersigned.
RED COAT CAPITAL MANAGEMENT, L.L.C.
By: /s/ Kenneth L. Londoner
_____________________________
Kenneth L. Londoner
Managing Member
RED COAT CAPITAL PARTNERS, L.P.
By: Red Coat Capital Management,
L.L.C.
General Partner
By: /s/ Kenneth L. Londoner
_____________________________
Kenneth L. Londoner
Managing Member
/s/ Kenneth L. Londoner
_____________________________
Kenneth L. Londoner
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Exhibit B
SCHEDULE OF TRANSACTIONS
Price Per Share
Date Shares Purchased or (Sold) (excluding commission)
____ __________________________ _____________________
Dec 03 1999 (500) 17.625
Dec 03 1999 (500) 17.625
Dec 03 1999 7,500 18.1658
Dec 06 1999 2,000 17.875
Dec 06 1999 (2,000) 17.5
Dec 06 1999 (4,000) 17.5
Dec 06 1999 (19,000) 17.5
Dec 07 1999 3,500 17.9554
Dec 07 1999 (1,000) 17.8056
Dec 07 1999 (2,000) 17.8056
Dec 07 1999 (2,500) 18.25
Dec 07 1999 (4,500) 17.8056
Dec 07 1999 (10,000) 17.8056
Dec 07 1999 (5,000) 17.8056
Dec 08 1999 10,000 17.4479
Dec 08 1999 5,000 17.4479
Dec 09 1999 1,000 18.5
Dec 09 1999 40,000 18.2853
Dec 09 1999 10,000 18.2853
Dec 10 1999 (1,000) 18.5
Dec 10 1999 (9,000) 18.5
Dec 13 1999 22,500 18.6806
Dec 14 1999 5,000 18.5625
Dec 15 1999 1,000 18.125
Dec 20 1999 7,000 18
Dec 20 1999 3,000 18
Dec 21 1999 2,500 18.255
Dec 22 1999 2,500 18.25
Dec 23 1999 17,000 18.3094
Dec 23 1999 3,000 18.3094
Dec 27 1999 5,000 18.4188
Dec 28 1999 5,000 19.125
Dec 28 1999 2,500 19.125
Dec 28 1999 5,000 19.125
Dec 29 1999 7,500 19.1875
Dec 29 1999 10,000 19.44
Dec 29 1999 (5,000) 20
Dec 30 1999 5,000 22.2
Dec 30 1999 25,000 22.1805
Dec 30 1999 (2,500) 22.325
Dec 30 1999 (5,000) 22.325
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Dec 30 1999 (5,000) 22.325
Dec 30 1999 (5,000) 22.325
Dec 30 1999 (7,500) 22.325
Dec 30 1999 (25,000) 22.325
Dec 30 1999 2,500 22.2
Dec 30 1999 2,500 22.2
Dec 31 1999 11,000 24.5795
Dec 31 1999 (1,500) 23.975
Dec 31 1999 (5,000) 23.5
Dec 31 1999 (11,000) 23.975
Jan 05 2000 9,544 22.5946
Jan 05 2000 25,000 22.5946
Jan 05 2000 456 22.5946
Jan 07 2000 23,861 20.1875
Jan 07 2000 1,139 20.1875
Jan 10 2000 28,527 22.1354
Jan 10 2000 1,473 22.1354
Jan 12 2000 47,544 20.35
Jan 12 2000 2,456 20.35
Jan 13 2000 25,000 19.65
Jan 14 2000 6,656 19.9841
Jan 14 2000 600 19.9841
Jan 14 2000 20,000 19.9841
Jan 14 2000 344 19.9841
Jan 19 2000 60,000 22.1911
Jan 20 2000 7,500 24.0833
Jan 21 2000 11,411 24.4271
Jan 21 2000 10,000 24.6206
Jan 21 2000 589 24.4271
Jan 24 2000 14,263 24.0375
Jan 24 2000 10,000 24.0375
Jan 24 2000 10,000 24.4813
Jan 24 2000 737 24.0375
Jan 25 2000 5,000 24.1413
Jan 26 2000 40,000 25.1798
Jan 31 2000 25,000 23.4825
Feb 01 2000 (870) 20.7917
Feb 01 2000 (913) 22
Feb 01 2000 (1,931) 22
Feb 01 2000 (9,480) 20.4375
Feb 01 2000 (13,350) 20.7917
Feb 01 2000 (26) 22
Feb 01 2000 (130) 22
Feb 01 2000 (191) 20.7917
Feb 01 2000 (520) 20.4375
Feb 01 2000 (589) 20.7917
Feb 02 2000 469 20.5
Feb 02 2000 (4,740) 20.375
Feb 02 2000 (2,000) 20.375
Feb 02 2000 (3,000) 20.375
Feb 02 2000 31 20.5
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Feb 02 2000 (260) 20.375
Feb 04 2000 1,407 20.99
Feb 04 2000 500 20.99
Feb 04 2000 500 20.99
Feb 04 2000 93 20.99
Feb 07 2000 6,566 21.375
Feb 07 2000 3,000 21.375
Feb 07 2000 434 21.375
Feb 08 2000 12,194 21.9766
Feb 08 2000 7,000 21.9766
Feb 08 2000 806 21.9766
Feb 09 2000 14,070 21.9688
Feb 09 2000 5,000 21.9688
Feb 09 2000 930 21.9688
Feb 10 2000 4,690 22.25
Feb 10 2000 310 22.25
Feb 14 2000 14,070 22.75
Feb 14 2000 930 22.75
Feb 15 2000 4,690 23
Feb 15 2000 5,000 22.895
Feb 15 2000 310 23
Feb 16 2000 4,690 23.55
Feb 16 2000 9,380 23
Feb 16 2000 310 23.55
Feb 16 2000 620 23
Feb 17 2000 5,816 23.9496
Feb 17 2000 384 23.9496
Feb 18 2000 4,690 24.0179
Feb 18 2000 2,000 24.0179
Feb 18 2000 310 24.0179
Feb 22 2000 4,690 24.8958
Feb 22 2000 10,000 24.8958
Feb 22 2000 310 24.8958
Feb 23 2000 (3,934) 24
Feb 23 2000 (4,690) 24
Feb 23 2000 (4,690) 24
Feb 23 2000 (4,690) 24
Feb 23 2000 (4,690) 24
Feb 23 2000 (4,690) 24
Feb 23 2000 (5,816) 24
Feb 23 2000 (8,635) 24
Feb 23 2000 (9,380) 24
Feb 23 2000 (14,070) 24
Feb 23 2000 (500) 24
Feb 23 2000 (500) 24
Feb 23 2000 (500) 24
Feb 23 2000 (600) 24
Feb 23 2000 (2,000) 24
Feb 23 2000 (2,500) 24
Feb 23 2000 (3,000) 24
Feb 23 2000 (25,000) 24.25
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Feb 23 2000 (65) 24
Feb 23 2000 (66) 24
Feb 23 2000 (310) 24
Feb 23 2000 (310) 24
Feb 23 2000 (310) 24
Feb 23 2000 (310) 24
Feb 23 2000 (310) 24
Feb 23 2000 (384) 24
Feb 23 2000 (620) 24
Feb 23 2000 (930) 24
Feb 24 2000 9,380 25.0565
Feb 24 2000 (4,170) 24.1224
Feb 24 2000 (9,380) 24.1224
Feb 24 2000 620 25.0565
Feb 24 2000 (130) 24.1224
Feb 24 2000 (620) 24.1224
Feb 25 2000 18,760 24.8536
Feb 25 2000 22,000 24.8536
Feb 25 2000 1,240 24.8536
Feb 28 2000 9,380 25.1375
Feb 28 2000 (469) 24.5
Feb 28 2000 (569) 24.5
Feb 28 2000 (1,407) 24.5
Feb 28 2000 (6,566) 24.5
Feb 28 2000 (8,811) 25.5
Feb 28 2000 (8,875) 24.5
Feb 28 2000 (12,194) 24.5
Feb 28 2000 (14,070) 24.5
Feb 28 2000 (15,722) 24.5
Feb 28 2000 (18,760) 24.5
Feb 28 2000 (2,000) 24.5
Feb 28 2000 (5,000) 24.5
Feb 28 2000 (6,000) 24.5
Feb 28 2000 (12,000) 24.5
Feb 28 2000 620 25.1375
Feb 28 2000 (131) 24.5
Feb 28 2000 (489) 25.5
Feb 28 2000 (806) 24.5
Feb 28 2000 (913) 24.5
Feb 28 2000 (1,240) 24.5
Feb 28 2000 (1,278) 24.5
Feb 29 2000 6,566 26
Feb 29 2000 3,000 26
Feb 29 2000 434 26
Mar 01 2000 4,690 26.125
Mar 01 2000 (2,953) 26.25
Mar 01 2000 (4,690) 26.25
Mar 01 2000 (6,566) 26.25
Mar 01 2000 310 26.125
Mar 01 2000 (17) 26.25
Mar 01 2000 (30) 26.25
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Mar 01 2000 (310) 26.25
Mar 01 2000 (434) 26.25
Mar 02 2000 2,345 24.625
Mar 02 2000 2,500 24.625
Mar 02 2000 155 24.625
Mar 03 2000 23,450 25.1375
Mar 03 2000 (9,472) 24.125
Mar 03 2000 1,550 25.1375
Mar 03 2000 (528) 24.125
Mar 09 2000 (4,735) 23
Mar 09 2000 (6,630) 23.25
Mar 09 2000 (2,000) 23.25
Mar 09 2000 (3,000) 23.25
Mar 09 2000 (265) 23
Mar 09 2000 (370) 23.25
Mar 10 2000 (2,345) 21.6667
Mar 10 2000 (2,613) 21.6667
Mar 10 2000 (14,931) 21.6667
Mar 10 2000 500 22.8125
Mar 10 2000 (2,000) 21.6667
Mar 10 2000 (7,000) 21.6667
Mar 10 2000 (31) 21.6667
Mar 10 2000 (41) 21.6667
Mar 10 2000 (93) 21.6667
Mar 10 2000 (155) 21.6667
Mar 10 2000 (387) 21.6667
Mar 10 2000 (404) 21.6667
Mar 13 2000 23,450 21.4912
Mar 13 2000 3,500 21.4912
Mar 13 2000 (2,000) 21.625
Mar 13 2000 1,550 21.4912
Mar 24 2000 1,240 19.9688
Mar 24 2000 18,760 19.9688
Mar 27 2000 20,000 21.125
Mar 27 2000 5,000 21.125
Mar 27 2000 9,380 20.5
Mar 27 2000 620 20.5
Mar 30 2000 9,380 20.25
Mar 30 2000 620 20.25
Mar 30 2000 10,000 20.25
Mar 30 2000 5,000 20.25
Mar 31 2000 7,000 20.2125
Mar 31 2000 5,500 20.2125
Apr 04 2000 14,070 19.9325
Apr 04 2000 930 19.9325
Apr 04 2000 3,000 19.9325
Apr 04 2000 9,500 19.9325
Apr 05 2000 10,000 19.4063
Apr 05 2000 10,000 19.4063
Apr 06 2000 18,760 20.2813
Apr 06 2000 1,240 20.2813
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Apr 06 2000 10,000 20.2813
Apr 06 2000 5,000 20.2813
Apr 07 2000 6,570 22.9375
Apr 07 2000 430 22.9375
Apr 07 2000 3,000 22.9375
Apr 11 2000 5,650 22.5048
Apr 11 2000 350 22.5048
Apr 11 2000 3,000 22.5048
Apr 11 2000 4,000 22.5048
Apr 12 2000 9,415 24.5688
Apr 12 2000 585 24.5688
Apr 12 2000 5,000 24.5688
Apr 12 2000 5,000 24.5688
Apr 13 2000 1,880 23.225
Apr 13 2000 120 23.225
Apr 13 2000 2,500 23.225
Apr 13 2000 3,000 23.225
Apr 14 2000 5,649 23.8333
Apr 14 2000 351 23.8333
Apr 14 2000 3,500 23.8333
Apr 14 2000 5,500 23.8333
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