<SEC-DOCUMENT>0001091818-11-000575.txt : 20111028
<SEC-HEADER>0001091818-11-000575.hdr.sgml : 20111028
<ACCEPTANCE-DATETIME>20111028171724
ACCESSION NUMBER:		0001091818-11-000575
CONFORMED SUBMISSION TYPE:	SC 13D
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20111028
DATE AS OF CHANGE:		20111028

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			LAKES ENTERTAINMENT INC
		CENTRAL INDEX KEY:			0001071255
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-MISCELLANEOUS AMUSEMENT & RECREATION [7990]
		IRS NUMBER:				411913991
		STATE OF INCORPORATION:			MN
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SC 13D
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-54993
		FILM NUMBER:		111166041

	BUSINESS ADDRESS:	
		STREET 1:		130 CHESHIERE LANE
		CITY:			MINNETONKA
		STATE:			MN
		ZIP:			55305
		BUSINESS PHONE:		6124499092

	MAIL ADDRESS:	
		STREET 1:		130 CHESHIRE LANE
		CITY:			MINNETONKA
		STATE:			MN
		ZIP:			55305

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	LAKES GAMING INC
		DATE OF NAME CHANGE:	19980929

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Phileo Emerald Fund, LP
		CENTRAL INDEX KEY:			0001499610
		IRS NUMBER:				270219169
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SC 13D

	BUSINESS ADDRESS:	
		STREET 1:		1601 MUSEUM ROAD
		CITY:			WYOMISSING
		STATE:			PA
		ZIP:			19610
		BUSINESS PHONE:		(610) 413-6719

	MAIL ADDRESS:	
		STREET 1:		1601 MUSEUM ROAD
		CITY:			WYOMISSING
		STATE:			PA
		ZIP:			19610
</SEC-HEADER>
<DOCUMENT>
<TYPE>SC 13D
<SEQUENCE>1
<FILENAME>phil10281113d.htm
<DESCRIPTION>OWNERSHIP REPORT
<TEXT>

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<P style="margin:0pt"><BR></P>
<P style="margin:0pt" align=center><FONT FACE="Times New Roman" COLOR=#000000><B>UNITED STATES</B></FONT></P>
<P style="margin:0pt" align=center><B>SECURITIES AND EXCHANGE COMMISSION</B></P>
<P style="margin:0pt" align=center><B>Washington, D.C. 20549</B></P>
<P style="margin:0pt" align=center><BR></P>
<P style="line-height:15.5pt; margin:0pt; font-size:13.5pt" align=center><B>SCHEDULE 13D</B></P>
<P style="margin:0pt" align=center><BR></P>
<P style="margin:0pt" align=center><B>Under the Securities Exchange Act of 1934</B></P>
<P style="margin:0pt" align=center><B>(Amendment No. __)*</B></P>
<P style="margin:0pt" align=center><BR></P>
<P style="line-height:14pt; margin:0pt; font-size:12pt" align=center>LAKES ENTERTAINMENT, INC.</P>
<P style="margin:0pt" align=center><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P>
<P style="margin:0pt" align=center>(Name of Issuer)</P>
<P style="margin:0pt" align=center><BR></P>
<P style="margin:0pt" align=center>Common Stock</P>
<P style="margin:0pt" align=center><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P>
<P style="margin:0pt" align=center>(Title of Class of Securities)</P>
<P style="margin:0pt" align=center><BR></P>
<P style="margin:0pt" align=center>51206P109</P>
<P style="margin:0pt" align=center><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P>
<P style="margin:0pt" align=center>(CUSIP Number)</P>
<P style="margin:0pt" align=center><BR></P>
<P style="line-height:14pt; margin:0pt; font-size:12pt" align=center>Ali Carim</P>
<P style="line-height:14pt; margin:0pt; font-size:12pt" align=center>Phileo Emerald Fund, L.P.</P>
<P style="line-height:14pt; margin:0pt; font-size:12pt" align=center>1601 Museum Road</P>
<P style="line-height:14pt; margin:0pt; font-size:12pt" align=center>Wyomissing, PA 19610</P>
<P style="line-height:14pt; margin:0pt; font-size:12pt" align=center>(610) 413-6719</P>
<P style="margin:0pt" align=center><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P>
<P style="margin:0pt" align=center>&nbsp;Name, Address and Telephone Number of Person Authorized to</P>
<P style="margin:0pt" align=center>Receive Notices and Communications)</P>
<P style="margin:0pt" align=center><BR></P>
<P style="line-height:14pt; margin:0pt; font-size:12pt" align=center>October 28, 2011</P>
<P style="margin:0pt" align=center><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P>
<P style="margin:0pt" align=center>(Date of Event which Requires Filing of this Statement)</P>
<P style="margin:0pt" align=center><BR></P>
<P style="line-height:normal; margin:0pt">If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of &#167;&#167;240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box. <FONT FACE="Wingdings">o</FONT></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt"><B>Note:</B> 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 to whom copies are to be sent.</P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt">* The remainder of this cover page shall be filled out for a reporting person&#146;s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page.</P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt">The information required on the remainder of this cover page shall not be deemed to be &#147;filed&#148; for the purpose of Section 18 of the Securities Exchange Act of 1934 (&#147;Act&#148;) 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).</P>
<P align="center" style="margin:0pt"><BR>
  -1-
</P>
<P align="center" style="margin:0pt; page-break-before:always"><BR></P>
<div align="center">
  <TABLE style="font-size:10pt" cellspacing=0>
    <TR><TD width=109.2></TD><TD width=423.9></TD></TR>
    <TR><TD style="border:3pt double #3F3F3F" width=710.8 colspan=2><P style="margin:0pt">CUSIP No. 51206P109</P>
    </TD></TR>
    <TR><TD style="border-left:3pt double #3F3F3F; border-right:3pt double #3F3F3F; border-bottom:3pt double #3F3F3F" width=710.8 colspan=2><P style="margin:0pt">1. &nbsp;Names of Reporting Person.</P>
    <P style="margin:0pt"><BR></P>
    <P style="margin:0pt">Phileo Emerald Fund, L.P. </P>
    </TD></TR>
    <TR><TD style="border-left:3pt double #3F3F3F; border-right:3pt double #3F3F3F; border-bottom:3pt double #3F3F3F" width=710.8 colspan=2><P style="margin:0pt">2. &nbsp;Check the Appropriate Box if a Member of a Group (See Instructions)</P>
    </TD></TR>
    <TR><TD style="border-left:3pt double #3F3F3F; border-right:3pt double #3F3F3F; border-bottom:3pt double #3F3F3F" width=710.8 colspan=2 rowspan=2><P style="margin:0pt">(a) <BR>
    (b) x</P>
    </TD></TR>
    <TR></TR>
    <TR><TD style="border-left:3pt double #3F3F3F; border-right:3pt double #3F3F3F; border-bottom:3pt double #3F3F3F" width=710.8 colspan=2><P style="margin:0pt">3. &nbsp;SEC Use Only</P>
    </TD></TR>
    <TR><TD style="border-left:3pt double #3F3F3F; border-right:3pt double #3F3F3F; border-bottom:3pt double #3F3F3F" width=710.8 colspan=2><P style="margin:0pt">4. &nbsp;Source of Funds (See Instructions)</P>
    <P style="margin:0pt">WC</P>
    </TD></TR>
    <TR><TD style="border-left:3pt double #3F3F3F; border-right:3pt double #3F3F3F; border-bottom:3pt double #3F3F3F" width=710.8 colspan=2><P style="margin:0pt">5. &nbsp;Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e)</P>
    <P style="line-height:14pt; margin:0pt; font-family:Wingdings; font-size:12pt"><FONT FACE="Wingdings">o</FONT></P>
    </TD></TR>
    <TR><TD style="border-left:3pt double #3F3F3F; border-right:3pt double #3F3F3F; border-bottom:3pt double #3F3F3F" width=710.8 colspan=2><P style="margin:0pt"><FONT FACE="Times New Roman">6. &nbsp;Citizenship or Place of Organization</FONT></P>
    <P style="margin:0pt">State of Delaware, United States</P>
    </TD></TR>
    <TR><TD style="border-left:3pt double #3F3F3F; border-right:3pt double #3F3F3F; border-bottom:3pt double #3F3F3F" width=145.6 rowspan=4><P style="margin:0pt">&nbsp;&nbsp;&nbsp;Number of Shares <BR>
&nbsp;&nbsp;&nbsp;Beneficially<BR>
 &nbsp;&nbsp;Owned by<BR>
 &nbsp;&nbsp;Each Reporting<BR>
 &nbsp;&nbsp;Person With:</P>
    </TD><TD style="border-right:3pt double #3F3F3F; border-bottom:3pt double #3F3F3F" width=565.2><P style="margin:0pt">7. &nbsp;Sole Voting Power &#8211; 689,627 shares of Common Stock</P>
    </TD></TR>
    <TR><TD style="border-left:3pt double #3F3F3F; border-right:3pt double #3F3F3F; border-bottom:3pt double #3F3F3F" width=565.2><P style="margin:0pt">8. &nbsp;Shared Voting Power &#8211; N/A</P>
    </TD></TR>
    <TR><TD style="border-left:3pt double #3F3F3F; border-right:3pt double #3F3F3F; border-bottom:3pt double #3F3F3F" width=565.2><P style="margin:0pt">9. &nbsp;Sole Dispositive Power &#150; 689,627 shares of Common Stock</P>
    </TD></TR>
    <TR><TD style="border-left:3pt double #3F3F3F; border-right:3pt double #3F3F3F; border-bottom:3pt double #3F3F3F" width=565.2><P style="margin:0pt">10. &nbsp;Shared Dispositive Power &#150; N/A</P>
    </TD></TR>
    <TR><TD style="border-left:3pt double #3F3F3F; border-right:3pt double #3F3F3F; border-bottom:3pt double #3F3F3F" width=710.8 colspan=2><P style="margin:0pt">11. &nbsp;Aggregate Amount Beneficially Owned by Each Reporting Person</P>
    <P style="margin:0pt">689,627</P>
    </TD></TR>
    <TR><TD style="border-left:3pt double #3F3F3F; border-right:3pt double #3F3F3F; border-bottom:3pt double #3F3F3F" width=710.8 colspan=2><P style="margin:0pt">12. &nbsp;Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions) &nbsp;</P>
    </TD></TR>
    <TR><TD style="border-left:3pt double #3F3F3F; border-right:3pt double #3F3F3F; border-bottom:3pt double #3F3F3F" width=710.8 colspan=2><P style="margin:0pt">13. &nbsp;Percent of Class Represented by Amount in Row (11)</P>
    <P style="margin:0pt">2.61%</P>
    </TD></TR>
    <TR><TD style="border-left:3pt double #3F3F3F; border-right:3pt double #3F3F3F; border-bottom:3pt double #3F3F3F" width=710.8 colspan=2><P style="margin:0pt">14. &nbsp;Type of Reporting Person (See Instructions)</P>
    <P style="margin:0pt">IV, PN</P>
    </TD></TR>
  </TABLE>
</div>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt" align=center><BR>
-2-<BR>
</P>
<P style="margin:0pt; page-break-before:always" align=justify><BR></P>
<P style="margin:0pt" align=justify><B>ITEM 1. SECURITY AND ISSUER</B></P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt">The Issuer is Lakes Entertainment, Inc. (the &#147;Issuer&#148;). &nbsp;Its principal executive offices are located at 130 Cheshire Lane, Suite 101, Minnetonka, Minnesota 55305. &nbsp;The class of equity securities to which this statement relates is the Issuer&#146;s common stock. </P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt" align=justify><B>ITEM 2. IDENTITY AND BACKGROUND</B></P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-left:54pt; text-indent:-18pt" align=justify>(a)</P>
<P style="margin:0pt; padding-left:54pt" align=justify>Name: &nbsp;Phileo Emerald Fund, L.P. (the &#147;Reporting Person&#148;)</P>
<P style="margin:0pt" align=justify>&nbsp;</P>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-left:54pt; text-indent:-18pt" align=justify>(b)</P>
<P style="margin:0pt; padding-left:54pt" align=justify>State of organization: Delaware. </P>
<P style="margin:0pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-left:54pt; text-indent:-18pt" align=justify>(c)</P>
<P style="margin:0pt; padding-left:54pt" align=justify>Address of its principal office: 1601 Museum Road, Wyomissing, PA 19610.</P>
<P style="margin:0pt" align=justify>&nbsp;</P>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-left:54pt; text-indent:-18pt" align=justify>(d)</P>
<P style="margin:0pt; padding-left:54pt" align=justify>During the past five years, the Reporting Person has not been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors).</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-left:54pt; text-indent:-18pt" align=justify>(e)</P>
<P style="margin:0pt; padding-left:54pt" align=justify>During the past five years, the Reporting Person has not been a party to a civil proceeding of a judicial or administrative body of competent jurisdiction as a result of which the Reporting Person was or is subject to any judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, federal or state securities laws or finding any violation with respect to such laws.</P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt" align=justify><B>ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION</B></P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt" align=justify>The Reporting Person is an investment fund, and the funds used to purchase its interest in the Issuer were obtained from investors in the Reporting Person. &nbsp;The Reporting Person acquired all of its shares through open market purchases, for total consideration of $1,739,018.34. </P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt" align=justify>&nbsp;</P>
<P style="margin:0pt" align=center>-3-</P>
<P style="margin:0pt" align=center>&nbsp;</P>
<P style="margin:0pt" align=justify><B>ITEM 4. PURPOSE OF TRANSACTION</B></P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt" align=justify>The Reporting Person acquired its interests in the Issuer for investment purposes because the Reporting Person believes the Issuer is undervalued and represents an attractive investment opportunity. The Reporting Person intends to monitor and evaluate its investment in such interest on a continuing basis. &nbsp;Depending upon overall market conditions and other investment opportunities available to the Reporting Person, the Reporting Person may endeavor to increase or decrease its respective position in the Issuer through, among other things, the purchase or sale of shares on the open market or in private transactions or otherwise, on such terms and at such times as the Reporting Person may deem advisable.</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt" align=justify>The Reporting Person has no current plans to cause the Issuer to effect an extraordinary corporate reorganization. However, the Reporting Person has spoken with management about steps to increase shareholder value. As a result of the large discrepancy between market and intrinsic value of the Issuer, the Reporting Person may also explore a going private transaction.</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt" align=justify>Depending upon its assessment of the Issuer from time to time, the Reporting Person may change its present intentions as stated above or dispose of some or all of the interests of the Issuer held by it in the open market, in privately negotiated transactions, to third parties or otherwise, and may sell such shares to one or more purchasers. &nbsp;Although the foregoing represents the range of activities presently contemplated by the Reporting Person with respect to its interests in the Issuer, the possible activities of the Reporting Person may change from time to time.</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt" align=justify>Except as set forth in this Item 4 and elsewhere in this Statement, the Reporting Person does not have any plans or proposals which related to or would result in any of the actions specified in Schedule 13D, and the Reporting Person reserves the right to change its intentions with respect to any of the foregoing at any time without notice.</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt" align=justify><B>ITEM 5. INTEREST IN SECURITIES OF THE ISSUER</B></P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt; text-indent:36pt" align=justify>(a) Aggregate number and percentage of beneficially owned Common Stock: 689,627; 2.61%<SUP>1</SUP></P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt; text-indent:36pt" align=justify>(b) Aggregate number of beneficially owned shares of Common Stock with:</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt; text-indent:36pt" align=justify>Sole power to vote or direct the vote: &nbsp;689,627</P>
<P style="margin:0pt; text-indent:36pt" align=justify>Shared power to vote or direct the vote: 0 </P>
<P style="margin:0pt; text-indent:36pt" align=justify>Sole power to dispose or direct the disposition: 689,627</P>
<P style="margin:0pt; text-indent:36pt" align=justify>Shared power to dispose or direct the disposition: 0 </P>
<P style="margin:0pt" align=center><BR>
<BR>
-4-</P>
<P style="margin:0pt; page-break-before:always" align=justify><BR></P>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-left:54pt; text-indent:-18pt" align=justify>(1)</P>
<P style="margin:0pt; padding-left:54pt" align=justify>Based on 26,405,679 shares of Common Stock outstanding on August 5, 2011.</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt; text-indent:36pt" align=justify>(c) Transactions effected during the last sixty (60) days or since the most recent filing on Schedule 13D: &nbsp;The Reporting Person purchased 84,983shares for total consideration of $191,310.56 in the last 60 days.</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt; padding-left:49.5pt; text-indent:-13.5pt" align=justify>(d) Name of any other person known to have the right to receive or power to direct dividends from, or the proceeds from the sale of the foregoing securities: &nbsp;Ali Carim and Vijay Rao are co-managing partners of Phileo Securities, LLC, the general partner of the Reporting Person.</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt; text-indent:36pt" align=justify>(e) N/A</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt" align=justify><B>ITEM 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH RESPECT TO SECURITIES OF THE ISSUER</B></P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt" align=justify>There are no contracts, arrangements, understandings or relationships (legal or otherwise), among the persons named in Item 2 and between such persons and any person with respect to the securities of Issuer, including but not limited to transfer of voting of any of the securities, finder&#146;s fees, joint ventures, loan or option arrangements, puts or calls, guarantees of profit, division of profits or loss, of the giving or withholding of proxies. </P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt" align=justify><B>ITEM 7. MATERIAL TO BE FILED AS EXHIBITS</B></P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt" align=justify>None. </P>
<P style="margin:0pt" align=center><BR>
-5-</P>
<P style="margin:0pt" align=center>&nbsp;</P>
<P style="margin:0pt" align=center>&nbsp;</P>
<P style="margin:0pt" align=center>&nbsp;</P>
<P style="margin:0pt" align=center><B>SIGNATURE</B></P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt" align=justify>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.</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt" align=justify>October 28, 2011</P>
<P style="margin:0pt" align=justify>_______________________</P>
<P style="margin:0pt" align=justify>Date</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt" align=justify>Phileo Emerald Fund, LP</P>
<P style="margin:0pt" align=justify>By Phileo Securities, LLC, its General Partner</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt" align=justify>/s/ Ali Carim</P>
<P style="margin:0pt" align=justify>_______________________</P>
<P style="margin:0pt" align=justify>Signature</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt" align=justify>Ali Carim, Managing Partner</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt" align=justify>Name/Title</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt" align=justify>The original statement shall be signed by each person on whose behalf the statement is filed or his authorized representative. If the statement is signed on behalf of a person by his authorized representative (other than an executive officer or general partner of the filing person), evidence of the representative's authority to sign on behalf of such person shall be filed with the statement: provided, however, that a power of attorney for this purpose which is already on file with the Commission may be incorporated by reference. The name and any title of each person who signs the statement shall be typed or printed beneath his signature.</P>
<P style="margin:0pt" align=center><BR>
<BR>
-6-</P>
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