FORM 4
[ ] Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).         
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES
                                                                                  
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Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public
Utility Holding Company Act of 1935 or Section 30(f) of the Investment Company Act of 1940
                      

1. Name and Address of Reporting Person *

Black Horse Capital Management LLC 		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)
(Last)          (First)          (Middle)

338 S. SHARON AMITY RD., #202 		3. Date of Earliest Transaction (MM/DD/YYYY)

7/1/2010
(Street)

CHARLOTTE, NC 28211
(City)        (State)        (Zip)
4. If Amendment, Date Original Filed (MM/DD/YYYY)

 
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. Trans. Date 2A. Deemed Execution Date, if any 3. Trans. 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   7/1/2010     S    294421   D $3.4039   966430   D   (1) (4) (5)  
Common Stock   7/1/2010     S    109122   D $3.4039   315597   D   (2) (4) (5)  
Common Stock   7/1/2010     S    132157   D $3.4039   360420   D   (3) (4) (5)  
Common Stock   7/2/2010     S    92334   D $3.2614   874096   D   (1) (4) (5)  
Common Stock   7/2/2010     S    34221   D $3.2614   281376   D   (2) (4) (5)  
Common Stock   7/2/2010     S    41445   D $3.2614   318975   D   (3) (4) (5)  
Common Stock   7/6/2010     S    43035   D $3.2366   831061   D   (1) (4) (5)  
Common Stock   7/6/2010     S    15949   D $3.2366   265427   D   (2) (4) (5)  
Common Stock   7/6/2010     S    19316   D $3.2366   299659   D   (3) (4) (5)  

Table II - Derivative Securities Beneficially Owned ( e.g. , puts, calls, warrants, options, convertible securities)
1. Title of Derivate Security
(Instr. 3) 		2. Conversion or Exercise Price of Derivative Security 3. Trans. Date 3A. Deemed Execution Date, if any 4. Trans. 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 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 of Derivative Security: 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

Explanation of Responses:
( 1)  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").
( 2)  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.
( 3)  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.
( 4)  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.
( 5)  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.

Reporting Owners
Reporting Owner Name / Address
Relationships
Director 10% Owner Officer Other
Black Horse Capital Management LLC
338 S. SHARON AMITY RD., #202
CHARLOTTE, NC 28211
X

BLACK HORSE CAPITAL LP
338 S. SHARON AMITY RD., #202
CHARLOTTE, NC 28211
X

BLACK HORSE CAPITAL QP L P
338 S. SHARON AMITY RD., #202
CHARLOTTE, NC 28211
X

Chappell Dale
338 S. SHARON AMITY RD., #202
CHARLOTTE, NC 28211
X


Signatures
Dale Chappell, Managing Member of Black Horse Capital Management LLC 7/6/2010
** 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).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number.
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