SEC Form 4

FORM 4		UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940	OMB APPROVAL OMB Number: 3235-0287 Estimated average burden hours per response: 0.5
	Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person* Black Horse Capital Management LLC (Last) (First) (Middle) 338 S. SHARON AMITY RD., #202 (Street) CHARLOTTE NC 28211 (City) (State) (Zip)	2. Issuer Name and Ticker or Trading Symbol LODGENET INTERACTIVE CORP [ LNET ]	5. Relationship of Reporting Person(s) to Issuer (Check all applicable) Director X 10% Owner Officer (give title below) Other (specify below)
	3. Date of Earliest Transaction (Month/Day/Year) 01/20/2010
	4. If Amendment, Date of Original Filed (Month/Day/Year)	6. Individual or Joint/Group Filing (Check Applicable Line) Form filed by One Reporting Person X Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	01/20/2010		P		52,663	A	$6.1872	1,016,424	D(1)(4)
Common Stock	01/21/2010		P		40,092	A	$6.2064	1,056,516	D(1)(4)
Common Stock	01/22/2010		P		10,012	A	$6.0044	1,066,528	D(1)(4)
Common Stock	01/20/2010		P		18,346	A	$6.1872	343,874	D(2)(4)
Common Stock	01/21/2010		P		13,236	A	$6.2064	357,110	D(2)(4)
Common Stock	01/22/2010		P		3,336	A	$6.0044	360,446	D(2)(4)
Common Stock	01/20/2010		P		20,391	A	$6.1872	399,171	D(3)(4)
Common Stock	01/21/2010		P		15,314	A	$6.2064	414,485	D(3)(4)
Common Stock	01/22/2010		P		3,833	A	$6.0044	418,318	D(3)(4)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

1. Name and Address of Reporting Person* Black Horse Capital Management LLC (Last) (First) (Middle) 338 S. SHARON AMITY RD., #202 (Street) CHARLOTTE NC 28211 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer Director X 10% Owner Officer (give title below) Other (specify below)

1. Name and Address of Reporting Person* BLACK HORSE CAPITAL LP (Last) (First) (Middle) 338 S. SHARON AMITY RD., #202 (Street) CHARLOTTE NC 28211 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer Director X 10% Owner Officer (give title below) Other (specify below)

1. Name and Address of Reporting Person* BLACK HORSE CAPITAL QP L P (Last) (First) (Middle) 338 S. SHARON AMITY RD., #202 (Street) CHARLOTTE NC 28211 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer Director X 10% Owner Officer (give title below) Other (specify below)

1. Name and Address of Reporting Person* Chappell Dale (Last) (First) (Middle) 338 S. SHARON AMITY RD., #202 (Street) CHARLOTTE NC 28211 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer Director X 10% Owner Officer (give title below) Other (specify below)

Explanation of Responses:

1. 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.

2. 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.

3. 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.

4. 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.

	Dale Chappell, Managing Member	01/22/2010
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
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