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): July 12, 2010
Lakes Entertainment, Inc.
(Exact name of registrant as specified in its charter)
| | | | | |
|
| Minnesota | | 0-24993 | | 41-1913991 |
| | | | | |
(State or other jurisdiction of
incorporation) | | (Commission File Number) | | (IRS Employer
Identification No.) |
| | | |
|
| 130 Cheshire Lane, Suite 101, Minnetonka, Minnesota | | 55305 |
| | | |
| (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)) |
TABLE OF CONTENTS
| | |
| Item 7.01. | | Regulation FD Disclosure |
On July 12, 2010, Lakes Entertainment, Inc. (“Lakes”) announced that UBS Financial Services, Inc. (“UBS”) had purchased Lakes remaining auction rate securities (“ARS”) at par value. As previously announced, on November 8, 2008, Lakes entered into an auction rate securities rights agreement (“Agreement”) with UBS which granted Lakes the right to sell its ARS at par value to UBS at any time during the period of June 30, 2010 through July 2, 2012. During the second quarter of 2010, UBS purchased Lakes’ remaining ARS at their par value of $21.9 million resulting in no gain or loss to Lakes. A portion of the proceeds were used to repay the remaining balance of $14.7 million on Lakes’ related line of credit with UBS, which line was subsequently closed upon repayment. These transactions resulted in net additional liquidity of $7.2 million to Lakes, and Lakes has no remaining ARS investments.
The information furnished pursuant to this Item 7.01 shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and will not be incorporated by reference into any filing under the Securities Act of 1933, as amended, unless specifically identified therein as being incorporated therein by reference.
A copy of the press release is attached as Exhibit 99.1 to this Form 8-K.
| | |
| Item 9.01. | | Financial Statements and Exhibits |
| | (a) | | Not Applicable |
| |
| | (b) | | Not Applicable |
| |
| | (c) | | Not Applicable |
| |
| | (d) | | Exhibits |
| |
| | 99.1 | | Lakes Entertainment, Inc. Press Release dated July 12, 2010 |
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.
| | | | | |
| | LAKES ENTERTAINMENT, INC.
(Registrant)
| |
| Date: July 14, 2010 | /s/ Timothy J. Cope | |
| | Name: | Timothy J. Cope | |
| | Title: | President and Chief Financial Officer | |
