UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): June 5, 2009
Lakes Entertainment, Inc.
(Exact name of registrant as specified in its charter)
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| Minnesota | | 0-24993 | | 41-1913991 |
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| (State or other jurisdiction of | | (Commission File Number) | | (IRS Employer |
| incorporation) | | | | Identification No.) |
| | | |
| 130 Cheshire Lane, Suite 101, Minnetonka, Minnesota | | 55305 |
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| (Address of principal executive offices) | | (Zip Code) |
Registrant’s telephone number, including area code: (952) 449-9092
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 7.01. Regulation FD Disclosure
Pursuant to Section 2 of the Consent and Agreement to Buyout and Release dated January 30, 2003 by and between Jerry A. Argovitz (“Argovitz”) and Lakes KAR — Shingle Springs, LLC (“Lakes”) (“Agreement”), on June 5, 2009, Argovitz elected to exercise his Sale of Asset Election under the Agreement. As described in the Agreement, as a result of this exercise and beginning as of its effectiveness, Argovitz is entitled to receive $1,000,000 per year (prorated based on a 365 day year) during the initial term of the Management Contract between Lakes and the Shingle Springs Tribal Gaming Authority, subject to certain conditions. Also as provided in the Agreement, Argovitz also has elected to forego his rights under the Agreement to repurchase any interest in Lakes at any time in the future.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
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| | LAKES ENTERTAINMENT, INC.
(Registrant)
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| Date: June 26, 2009 | /s/ Timothy J. Cope | |
| | Name: | Timothy J. Cope | |
| | Title: | President and Chief Financial Officer | |
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