-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, KFmLejbN0nuo4iHCiSAa4BIBar5QTWD0W9IY+pWdEb38o/wAqt0sE5rxGZl/YT4d isS7MIhdj+2flNL0RuIdTQ== 0000900440-08-000045.txt : 20080425 0000900440-08-000045.hdr.sgml : 20080425 20080425094330 ACCESSION NUMBER: 0000900440-08-000045 CONFORMED SUBMISSION TYPE: SC 13D PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 20080425 DATE AS OF CHANGE: 20080425 SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: REWARDS NETWORK INC CENTRAL INDEX KEY: 0000078536 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-BUSINESS SERVICES, NEC [7389] IRS NUMBER: 846028875 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13D SEC ACT: 1934 Act SEC FILE NUMBER: 005-35435 FILM NUMBER: 08776093 BUSINESS ADDRESS: STREET 1: TWO NORTH RIVERSIDE PLAZA STREET 2: SUITE 950 CITY: CHICAGO STATE: IL ZIP: 60606 BUSINESS PHONE: 312-521-6767 MAIL ADDRESS: STREET 1: TWO NORTH RIVERSIDE PLAZA STREET 2: SUITE 950 CITY: CHICAGO STATE: IL ZIP: 60606 FORMER COMPANY: FORMER CONFORMED NAME: IDINE REWARDS NETWORK INC DATE OF NAME CHANGE: 20020613 FORMER COMPANY: FORMER CONFORMED NAME: TRANSMEDIA NETWORK INC /DE/ DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: PIKES PEAK AMERICAN CORP DATE OF NAME CHANGE: 19840912 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: ELKHORN PARTNERS LIMITED PARTNERSHIP CENTRAL INDEX KEY: 0000928400 IRS NUMBER: 000000000 STATE OF INCORPORATION: NE FILING VALUES: FORM TYPE: SC 13D BUSINESS ADDRESS: STREET 1: ELKHORN LIMITED PARTNERSHIP STREET 2: PO BOX 0449 CITY: ELKHORN STATE: NE ZIP: 68022-0449 BUSINESS PHONE: 4022893217 MAIL ADDRESS: STREET 1: ELKHORN LIMITED PARTNERSHIP STREET 2: PO BOX 0449 CITY: ELKHORN STATE: NE ZIP: 68022 SC 13D 1 elkhorn13drewardnet.htm

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

REWARDS NETWORK INC.

(Name of Issuer)

COMMON STOCK

(Title of Class of Securities)

761557107

(CUSIP Number)

Alan S. Parsow	with a copy to	David L. Hefflinger
Elkhorn Partners Limited Partnership		Jason D. Benson
2222 Skyline Drive		McGrath North Mullin
Elkhorn, NE 68022		& Kratz, PC LLO
(402) 289-3217		Suite 3700 First National Tower
		Omaha, NE 68102
		(402) 341-3070

(Name, Address and Telephone Number of Person

Authorized to Receive Notices and Communications)

April 22, 2008

(Date of Event which Required Filing of this Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that 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 o.

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 disclosures provided in a prior cover page.

The information required on 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.

CUSIP NO. 761557107

13D

Page 2 of 4 Pages

Name of Reporting Person

Elkhorn Partners Limited Partnership

Check the Appropriate Box if a Member of a Group

/X/

(a)

/ /

(b)

SEC Use Only

Source of Funds

Check Box if Disclosure of Legal Proceedings is Required

Pursuant to Items 2(d) or 2(e)

/ /

Citizenship or Place of Organization

Nebraska

	7. Sole Voting Power

	1,529,200 Shares
Number of
Shares	8. Shared Voting Power
Beneficially
Owned by	0
Reporting
Person	9. Sole Dispositive Power
With
	1,529,200 Shares

	10. Shared Dispositive Power

	0

11.

Aggregate Amount Beneficially Owned by Each Reporting Person

1,529,200 Shares

12.

Check Box if Aggregate Amount in Row 11 Excludes Certain

/ /

13.

Percent of Class Represented by Amount in Row 11

Approximately 5.7% of voting securities

14.

Type of Reporting Person

CUSIP NO. 761557107

13D

Page 3 of 4 Pages

ITEM 1. SECURITY AND ISSUER.

The securities to which this Schedule 13D relates are shares of common stock of Rewards Network Inc. (“Rewards Network”), whose principal executive offices are located at Two North Riverside Plaza, Suite 950, Chicago, Illinois 60606. Elkhorn Partners Limited Partnership (the “Partnership”) is the entity making this filing.

ITEM 2. IDENTITY AND BACKGROUND.

(a)-(c), (f) This Schedule 13D is being filed by the Partnership. The sole general partner of the Partnership is Parsow Management LLC (the “General Partner”). Alan S. Parsow is the sole manager of the General Partner. The business of the Partnership consists of the buying and selling, for the account of the Partnership, of stocks, bonds and other securities, commodities, property and investments. The address of the Partnership, the General Partner and Mr. Parsow is 2222 Skyline Drive, Elkhorn, Nebraska 68022. The Partnership is a Nebraska limited partnership, the General Partner is a Nebraska limited liability company and Mr. Parsow is a United States citizen.

(d)-(e) Neither the Partnership, the General Partner nor Mr. Parsow has during the last five years been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors) or has been a party to a civil proceeding of a judicial or administrative body of competent jurisdiction and as a result of such proceeding was or is subject to 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 violation of such law.

ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION.

The Partnership has acquired Rewards Network common stock through open market purchases. The purchase price was obtained from the Partnership’s working capital.

ITEM 4. PURPOSE OF THE TRANSACTION.

The Partnership has acquired the Rewards Network common stock as an investment. The Partnership intends to review on a continuing basis its investment in the Rewards Network common stock, Rewards Network's business affairs and financial condition, as well as conditions in the securities markets and general economic and industry conditions. The Partnership may purchase additional Rewards Network common stock either in the open market, in privately-negotiated transactions, or otherwise. Additionally, the Partnership may dispose of the Rewards Network common stock it presently owns or hereafter acquires either in the open market, in privately negotiated transactions, or otherwise.

ITEM 5. INTEREST IN SECURITIES OF THE ISSUER.

(a)(b) As of April 24, 2008, the Partnership owns 1,513,000 shares of Rewards Network common stock. Mr. Parsow also owns 16,200 shares of Rewards Network common stock in an individual retirement account. The Rewards Network Form 10-K for the year ended December 31, 2007 reported that there were outstanding 26,951,489 shares of Rewards Network common stock as of March 12, 2008. Based on this number, the Partnership and Mr. Parsow own approximately 5.7% of the Rewards Network common stock.

(c) During the past 60 days, the Partnership purchased 188,000 shares of Rewards Network common stock, in open market transactions, at prices ranging from $3.84 to $4.40 per share.

CUSIP NO. 761557107

13D

Page 4 of 4 Pages

ITEM 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH RESPECT TO SECURITIES OF THE ISSUER.

Neither the Partnership, the General Partner nor Mr. Parsow has any contract, arrangement, understanding or relationship with any other person with respect to any securities of Rewards Network including the transfer or voting of any of the securities, finder's fees, joint ventures, loan or option arrangements, puts or calls, guarantees of profits, division of profits or loss, or the giving or withholding of proxies.

ITEM 7. MATERIAL TO BE FILED AS EXHIBITS.

Not Applicable.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I hereby certify that the information set forth in this statement is true, complete and correct.

DATED: April 24, 2008

Elkhorn Partners Limited Partnership

By: Parsow Management LLC, General Partner

By: /s/ Alan S. Parsow

Alan S. Parsow

Sole Manager

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