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): November 17, 2011
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, 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:
| ¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| ¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| ¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| ¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 2.04 Triggering Events That Accelerate or Increase a Direct Financial Obligation or an Obligation Under an Off-Balance Sheet Arrangement
On November 17, 2011, Lakes Entertainment, Inc. terminated its aircraft lease with Banc of America Leasing & Capital, LLC, which was set to expire on February 28, 2018. To complete the early termination of the lease, Lakes paid a termination fee equal to approximately $4.7 million resulting in the purchase of the aircraft. Lakes contemporaneously sold the aircraft to an unrelated third party for approximately $1.6 million, thereby incurring a loss of approximately $3.1 million. Lakes determined that the costs associated with operating and maintaining the aircraft over the remaining lease term significantly exceeded the amount of the loss it recognized as a result of the early lease termination.
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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: November 23, 2011 | /s/ Timothy J. Cope | |||
| Name: | Timothy J. Cope | |||
| Title: | President and Chief Financial Officer | |||
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