Insider filing report for Changes in Beneficial Ownership
- Schedule 13G & 13D forms are used to report a party's ownership of stock which exceeds 5% of a company's total stock issue.
- Schedule 13G is a shorter version of Schedule 13D with fewer reporting requirements.
"Insiders might sell their shares for any number of reasons, but they buy them for only one: they think the price will rise"
- Peter Lynch
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- Peter Lynch
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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
SCHEDULE 13G
(Rule 13d-102)
INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT
TO RULES 13d-1(b)(c), AND (d) AND AMENDMENTS THERETO FILED
PURSUANT TO RULE 13d-2(b)
(Amendment No.____________)
Lakes Entertainment Inc.
- --------------------------------------------------------------------------------
(Name of Issuer)
Common Stock
- --------------------------------------------------------------------------------
(Title of Class of Securities)
51206P109
- --------------------------------------------------------------------------------
(CUSIP Number)
December 1, 2006
- --------------------------------------------------------------------------------
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this
Schedule is filed:
[_] Rule 13d-1(b)
[X] Rule 13d-1(c)
[ ] Rule 13d-1(d)
- ----------
(1) 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 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).
CUSIP No. 51206P109 13G Page __ of___ Pages
________________________________________________________________________________
1. NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
Deephaven Capital Management LLC
41-1908497
________________________________________________________________________________
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [No]
(b) [X]
________________________________________________________________________________
3. SEC USE ONLY
________________________________________________________________________________
4. CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
________________________________________________________________________________
NUMBER OF 5. SOLE VOTING POWER
SHARES 1,122,801
_________________________________________________________________
BENEFICIALLY 6. SHARED VOTING POWER
OWNED BY 0
_________________________________________________________________
EACH 7. SOLE DISPOSITIVE POWER
REPORTING 1,122,801
_________________________________________________________________
PERSON 8. SHARED DISPOSITIVE POWER
WITH 0
________________________________________________________________________________
9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,122,801
________________________________________________________________________________
10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
[_]
________________________________________________________________________________
11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
4.90%
________________________________________________________________________________
12. TYPE OF REPORTING PERSON*
IA
Deephaven Capital Management LLC ("Deephaven") is the investment manager to one
or more private funds and/or separately managed accounts (collectively, the
"Funds"). As investment manager to the Funds, Deephaven has full voting and
dispositive power with respect to the 1,122,801 shares of the common stock of
the Issuer ("Common Stock") held directly by the funds. Deephaven disclaims
beneficial ownership of such shares of Common Stock except to the extent of its
pecuniary interest in such shares.
________________________________________________________________________________
_
*SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. 51206P109 13G Page __ of __ Pages
Item 1(a). Name of Issuer:
Lakes Entertainment Inc.
____________________________________________________________________
Item 1(b). Address of Issuer's Principal Executive Offices:
130 Cheshire Lane
Suite 101
Minnetonka, MN 55305
____________________________________________________________________
Item 2(a). Name of Person Filing:
Deephaven Capital Management LLC.
____________________________________________________________________
Item 2(b). Address of Principal Business Office, or if None, Residence:
The principal business office of Deephaven Capital Management LLC
is:
130 Cheshire Lane, Suite 102, Minnetonka, MN 55305
____________________________________________________________________
Item 2(c). Citizenship:
Deephaven Capital Management LLC is a Delaware limited liability
company
____________________________________________________________________
Item 2(d). Title of Class of Securities:
Common
____________________________________________________________________
Item 2(e). CUSIP Number:
51206P109
____________________________________________________________________
Item 3. If This Statement is Filed Pursuant to Rule 13d-1(b), or 13d-2(b)
or (c), Check Whether the Person Filing is a:
(a) [_] Broker or dealer registered under Section 15 of the Exchange Act.
(b) [_] Bank as defined in Section 3(a)(6) of the Exchange Act.
(c) [_] Insurance company as defined in Section 3(a)(19) of the Exchange
Act.
(d) [_] Investment company registered under Section 8 of the Investment
Company Act.
(e) [X] An investment adviser in accordance with Rule 13d-1(b)(1)(ii)(E);
(f) [_] An employee benefit plan or endowment fund in accordance with
Rule 13d-1(b)(1)(ii)(F);
(g) [_] A parent holding company or control person in accordance with
Rule 13d-1(b)(1)(ii)(G);
(h) [_] A savings association as defined in Section 3(b) of the Federal
Deposit Insurance Act;
(i) [_] A church plan that is excluded from the definition of an
investment company under Section 3(c)(14) of the Investment
Company Act;
(j) [_] Group, in accordance with Rule 13d-1(b)(1)(ii)(J).
CUSIP No. 51206P109 13G Page __ of __ Pages
Item 4. Ownership.
Provide the following information regarding the aggregate number and
percentage of the class of securities of the issuer identified in Item 1.
(a) Amount beneficially owned:
1,122,801
______________________________________________________________________
(b) Percent of class:
4.90%
This percentage was determined by dividing 1,122,801 by the sum of
22,903,000 shares of Common Stock outstanding as of November 3,
2006, based upon the Issuer's Form 10-Q filed on November 9,2006 with
the Securities and Exchange Commission pursuant to Section 13 or 15
(D) of the Securities Exchange Act of 1934.
______________________________________________________________________
(c) Number of shares as to which such person has:
1,122,801
(i) Sole power to vote or to direct the vote_______________________,
0
(ii) Shared power to vote or to direct the vote_____________________,
1,122,801
(iii) Sole power to dispose or to direct the disposition of__________,
0
(iv) Shared power to dispose or to direct the disposition of________
Item 5. Ownership of Five Percent or Less of a Class.
If this statement is being filed to report the fact that as of the date
hereof the reporting person has ceased to be the beneficial owner of more than
five percent of the class of securities check the following [X].
The reporting person has ceased to be the beneficial owner of more than
five percent of the class of securities.
_______________________________________________________________________
Item 6. Ownership of More Than Five Percent on Behalf of Another Person.
N/A
_______________________________________________________________________
Item 7. Identification and Classification of the Subsidiary Which Acquired the
Security Being Reported on by the Parent Holding Company or Control
Person.
N/A
_______________________________________________________________________
Item 8. Identification and Classification of Members of the Group.
N/A
_______________________________________________________________________
Item 9. Notice of Dissolution of Group.
N/A
______________________________________________________________________
Item 10. Certifications.
"By signing below I certify that, to the best of my knowledge and
belief, the securities referred to above were not acquired and are not
held for the purpose of or with the effect of changing or influencing
the control of the issuer of the securities and were not acquired and
are not held in connection with or as a participant in any transaction
having such purpose or 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.
December 1, 2006
----------------------------------------
(Date)
/s/Thomas Wagner
----------------------------------------
(Signature)
Chief Compliance Officer
----------------------------------------
(Name/Title)
Note. Schedules filed in paper format shall include a signed original and five
copies of the schedule, including all exhibits. See Rule 13d-7 for other parties
for whom copies are to be sent.
Attention. Intentional misstatements or omissions of fact constitute federal
criminal violations (see 18 U.S.C. 1001).