[SCHEDULE 13D] Inspirato Incorporated SEC Filing

Rhea-AI Filing Summary

Marin Software (MRIN) filed this Form 8-K to report key developments in its Chapter 11 case.

• DIP Financing: On 29-Jul-2025 the Bankruptcy Court entered a Final DIP Order approving up to $1.2 million in post-petition secured financing from YYYYY, LLC ("5Y"). Of this, $0.5 million was previously available under an interim order.
• Plan of Reorganization: A First Amended Combined Disclosure Statement & Plan was filed 30-Jul-2025. The Plan pays all creditor claims in full and cancels all existing MRIN equity; shareholders will receive only any residual cash after claims are satisfied. Plan sponsor Kaxxa Holdings, Inc. will receive up to 1,000 new shares, reduced by any DIP debt 5Y elects to convert (10 % of DIP amount per 60 shares).
• Confirmation Timeline: Conditional disclosure approval has been granted. Objections are due 21-Aug-2025; the combined confirmation hearing is set for 28-Aug-2025.
• Nasdaq Delisting: Nasdaq suspended trading on 26-Jun-2025 following notice of non-compliance; MRIN will be formally delisted ten days after Nasdaq files Form 25. Deregistration under the Exchange Act will follow ~90 days later.

Investor implications: Common stock now trades over-the-counter and is highly speculative; existing shares are expected to be cancelled with minimal or no recovery. The approved DIP facility provides short-term liquidity to administer the case and supports the Plan’s goal of full creditor repayment.

Insights

Financial Restructuring Analyst

TL;DR: DIP loan secured, plan cancels equity, pays creditors, Nasdaq delisting—negative for shareholders, neutral-positive for creditors.

The court’s final approval of the $1.2 m DIP facility stabilises liquidity and signals that secured lender 5Y supports the restructuring. Because all creditor classes are unimpaired, the plan should move quickly to confirmation, reducing legal burn and uncertainty. However, the plan explicitly wipes out existing equity, offering shareholders only residual cash—typically de minimis once professional fees are paid. The forthcoming delisting and deregistration will further depress trading volumes and transparency. Overall, this filing is credit-positive (claims paid in full) but equity-negative.

Distressed Debt Portfolio Manager

TL;DR: Fast-track, unimpaired plan limits upside; small DIP suggests limited enterprise value.

The modest size of the DIP indicates a narrow cash runway and implies that Marin’s remaining operations are minimal. The sponsor’s receipt of only 1,000 new shares underscores a likely liquidation-style outcome rather than a turnaround. For claims buyers, full recovery is attractive but room for premium is limited. Equity’s mandatory cancellation makes any current market cap effectively option value on leftover cash—high risk, low probability. Key date is 28-Aug confirmation; absent objections, estate resolution could be swift.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

Inspirato Inc

(Name of Issuer)

Class A Common Stock, $0.0001 par value per share

(Title of Class of Securities)

45791E206

(CUSIP Number)

RYAN NEBEL
OLSHAN FROME WOLOSKY LLP, 1325 Avenue of the Americas
New York, NY, 10019
212-451-2300

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

07/29/2025

(Date of Event Which Requires Filing of This Statement)

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 §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.

The information required on 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 ("Act") 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).

SCHEDULE 13D

CUSIP No. 45791E206

1

Name of reporting person

Stoney Lonesome HF LP

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

WC

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 728,122.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 728,122.00

11

Aggregate amount beneficially owned by each reporting person

728,122.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

5.8 %

14

Type of Reporting Person (See Instructions)

PN

SCHEDULE 13D

CUSIP No. 45791E206

1

Name of reporting person

COGHILL CAPITAL MANAGEMENT LLC

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

AF

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 728,122.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 728,122.00

11

Aggregate amount beneficially owned by each reporting person

728,122.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

5.8 %

14

Type of Reporting Person (See Instructions)

OO

SCHEDULE 13D

CUSIP No. 45791E206

1

Name of reporting person

Drake Helix Holdings, LLC

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

WC

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

WYOMING

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 36,000.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 36,000.00

11

Aggregate amount beneficially owned by each reporting person

36,000.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

0.3 %

14

Type of Reporting Person (See Instructions)

OO

SCHEDULE 13D

CUSIP No. 45791E206

1

Name of reporting person

CDC Financial, Inc.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

AF

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

ILLINOIS

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 764,122.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 764,122.00

11

Aggregate amount beneficially owned by each reporting person

764,122.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

6.1 %

14

Type of Reporting Person (See Instructions)

CO

SCHEDULE 13D

CUSIP No. 45791E206

1

Name of reporting person

COGHILL CLINT D

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

AF

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 764,122.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 764,122.00

11

Aggregate amount beneficially owned by each reporting person

764,122.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

6.1 %

14

Type of Reporting Person (See Instructions)

IN

SCHEDULE 13D

Item 1.	Security and Issuer
(a)	Title of Class of Securities: Class A Common Stock, $0.0001 par value per share
(b)	Name of Issuer: Inspirato Inc
(c)	Address of Issuer's Principal Executive Offices: 1544 WAZEE STREET, DENVER, COLORADO , 80202.
Item 2.	Identity and Background
(a)	This statement is filed by: (i) Stoney Lonesome HF LP, a Delaware limited partnership ("Stoney Lonesome"), with respect to the shares of Class A Common Stock, $0.0001 par value per share, of the Issuer (the "Shares") directly and beneficially owned by it; (ii) Coghill Capital Management, LLC, a Delaware limited liability company ("CCM"), as the general partner of Stoney Lonesome; (iii) The Drake Helix Holdings, LLC, a Wyoming limited liability company ("Drake Helix"), with respect to the Shares directly and beneficially owned by it; (iv) CDC Financial, Inc., an Illinois corporation ("CDC Financial"), as the managing member of each of CCM and Drake Helix; and (v) Clint D. Coghill, as the President and sole shareholder of CDC Financial. Each of the foregoing is referred to as a "Reporting Person" and collectively as the "Reporting Persons." Each of the Reporting Persons is party to that certain Joint Filing Agreement, as further described in Item 6. Accordingly, the Reporting Persons are hereby filing a joint Schedule 13D. Set forth on Exhibit 1 is the name and present principal occupation or employment, principal business address and citizenship of the executive officers and directors of CDC Financial. To the best of the Reporting Persons' knowledge, except as otherwise set forth herein, none of the persons listed on Exhibit 1 beneficially owns any securities of the Issuer or is a party to any contract, agreement or understanding required to be disclosed herein.
(b)	The principal business address of each of the Reporting Persons is 222 S Riverside Plaza, 15th Floor, Chicago, Illinois 60606.
(c)	The principal business of each of Stoney Lonesome and Drake Helix is investing in securities. The principal business of CCM is serving as the general partner of Stoney Lonesome. The principal business of CDC Financial is serving as the managing member of each of CCM and Drake Helix. The principal occupation of Mr. Coghill is serving as the President and sole shareholder of CDC Financial.
(d)	No Reporting Person, nor any person listed on Exhibit 1, has, during the last five years, been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors).
(e)	No Reporting Person, nor any person listed on Exhibit 1, has, during the last five years, been party to a civil proceeding of a judicial or administrative body of competent jurisdiction and as a result of such proceeding was or is subject to a 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.
(f)	Each of Stoney Lonesome and CCM is organized under the laws of the State of Delaware. Drake Helix is organized under the laws of the State of Wyoming. CDC Financial is organized under the laws of the State of Illinois. Mr. Coghill is a citizen of the United States of America.
Item 3.	Source and Amount of Funds or Other Consideration
	The Shares purchased by Stoney Lonesome and Drake Helix were purchased with working capital (which may, at any given time, include margin loans made by brokerage firms in the ordinary course of business). The aggregate purchase price of the 728,122 Shares directly owned by Stoney Lonesome is approximately $3,635,744, including brokerage commissions. The aggregate purchase price of the 36,000 Shares directly owned by Drake Helix is approximately $121,947, including brokerage commissions.
Item 4.	Purpose of Transaction
	The Reporting Persons purchased the Shares based on the Reporting Persons' belief that the Shares, when purchased, were undervalued and represented an attractive investment opportunity. Depending upon overall market conditions, other investment opportunities available to the Reporting Persons and the availability of Shares at prices that would make the purchase or sale of Shares desirable, the Reporting Persons may endeavor to increase or decrease their 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 Persons may deem advisable. The Reporting Persons believe that the Issuer's proposed reverse merger (the "Proposed Merger") with Buyerlink Inc. ("Buyerlink") is not in the best interests of the Issuer's stockholders other than the Issuer's Chairman and CEO Payam Zamani, who also happens to be the Founder and CEO of Buyerlink and stands to receive a substantial payout in connection with and following the Proposed Merger at the expense of the Issuer's minority stockholders. Accordingly, the Reporting Persons currently intend to vote against the approval of the Proposed Merger. The Reporting Persons have engaged, and intend to continue to engage, in discussions with management and the Board of Directors (the "Board") of the Issuer (including the Special Committee thereof), stockholders and other third parties regarding the Proposed Merger and the Reporting Persons' opposition thereto. No Reporting Person has any present plan or proposal which would relate to or result in any of the matters set forth in subparagraphs (a) - (j) of Item 4 of Schedule 13D except as set forth herein or such as would occur upon or in connection with completion of, or following, any of the actions discussed herein. The Reporting Persons intend to review their investment in the Issuer on a continuing basis. Depending on various factors including, without limitation, the Issuer's financial position and investment strategy, the price levels of the securities of the Issuer, conditions in the securities markets and general economic and industry conditions, the Reporting Persons may in the future engage in additional communications with management, the Board and their advisors, engage in additional discussions with stockholders of the Issuer and others about the Issuer and the Reporting Persons' investment, make proposals to the Issuer concerning changes to the capitalization or operations of the Issuer, purchase additional securities of the Issuer, sell some or all of such securities, enter into financial instruments or other agreements that increase or decrease the Reporting Persons' economic or beneficial exposure with respect to their investment in the Issuer, or engage in short selling of or any hedging or similar transaction with respect to the securities of the Issuer.
Item 5.	Interest in Securities of the Issuer
(a)	The aggregate percentage of Shares reported owned by each person named herein is based on 12,453,572 Shares outstanding as of June 25, 2025, which is the total number of Shares outstanding as disclosed in Exhibit 2.1 to the Issuer's Current Report on Form 8-K filed with the Securities and Exchange Commission on June 26, 2025. As of the date hereof, Stoney Lonesome directly beneficially owned 728,122 Shares, constituting approximately 5.8% of the Shares outstanding. CCM, as the general partner of Stoney Lonesome, may be deemed the beneficial owner of the 728,122 Shares directly owned by Stoney Lonesome, constituting approximately 5.8% of the Shares outstanding. As of the date hereof, Drake Helix directly beneficially owned 36,000 Shares, constituting approximately 0.3% of the Shares outstanding. CDC Financial, as the managing member of each of CCM and Drake Helix, may be deemed the beneficial owner of the (i) 728,122 Shares directly owned by Stoney Lonesome and (ii) 36,000 Shares directly owned by Drake Helix, constituting approximately 6.1% of the Shares outstanding. Mr. Coghill, as the President and sole shareholder of CDC Financial, may be deemed the beneficial owner of the (i) 728,122 Shares directly owned by Stoney Lonesome and (ii) 36,000 Shares directly owned by Drake Helix, constituting approximately 6.1% of the Shares outstanding. The filing of this Schedule 13D shall not be deemed an admission that the Reporting Persons are, for purposes of Section 13(d) of the Securities Exchange Act of 1934, as amended, the beneficial owners of any securities of the Issuer that he or it does not directly own. Each Reporting Person disclaims beneficial ownership of the Shares that he or it does not directly own.
(b)	Each of Stoney Lonesome, CCM, CDC Financial and Mr. Coghill may be deemed to share the power to vote and dispose of the Shares directly owned by Stoney Lonesome. Each of Drake Helix, CDC Financial and Mr. Coghill may be deemed to share the power to vote and dispose of the Shares directly owned by Drake Helix.
(c)	The transactions in securities of the Issuer by the Reporting Persons during the past 60 days are set forth in Exhibit 2 and are incorporated herein by reference. All of such transactions were effected in the open market unless otherwise noted therein.
(d)	No person other than the Reporting Persons is known to have the right to receive, or the power to direct the receipt of dividends from, or proceeds from the sale of, the Shares.
(e)	Not applicable.
Item 6.	Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer
	On August 4, 2025, the Reporting Persons entered into a Joint Filing Agreement in which the Reporting Persons agreed to the joint filing on behalf of each of them of statements on Schedule 13D with respect to the securities of the Issuer to the extent required by applicable law. The Joint Filing Agreement is attached hereto as Exhibit 99.1 and is incorporated herein by reference. Other than as described herein, there are no contracts, arrangements, understandings or relationships among the Reporting Persons, or between the Reporting Persons and any other person, with respect to the securities of the Issuer.
Item 7.	Material to be Filed as Exhibits.
	1 - Directors and Officers. 2 - Transactions in Securities. 99.1 - Joint Filing Agreement, dated August 4, 2025.

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.

Stoney Lonesome HF LP

Signature:	/s/ Clint D. Coghill
Name/Title:	Clint D. Coghill, President and sole shareholder of the managing member of its general partner
Date:	08/04/2025

COGHILL CAPITAL MANAGEMENT LLC

Signature:	/s/ Clint D. Coghill
Name/Title:	Clint D. Coghill, President and sole shareholder of its managing member
Date:	08/04/2025

Drake Helix Holdings, LLC

Signature:	/s/ Clint D. Coghill
Name/Title:	Clint D. Coghill, President and sole shareholder of its managing member
Date:	08/04/2025

CDC Financial, Inc.

Signature:	/s/ Clint D. Coghill
Name/Title:	Clint D. Coghill, President and sole shareholder
Date:	08/04/2025

COGHILL CLINT D

Signature:	/s/ Clint D. Coghill
Name/Title:	Clint D. Coghill
Date:	08/04/2025

FAQ

Why was Marin Software (MRIN) delisted from Nasdaq?

Nasdaq determined MRIN failed to meet continued-listing requirements; trading was suspended 26-Jun-2025 and Form 25 will formalize delisting.

How much DIP financing did Marin Software obtain?

The Bankruptcy Court approved up to $1.2 million in post-petition financing from YYYYY, LLC, with $0.5 million already available.

What happens to MRIN common shareholders under the proposed Plan?

All existing shares will be cancelled and discharged; shareholders may receive only residual cash, if any, after all claims are paid.

When is the confirmation hearing for Marin Software’s Plan of Reorganization?

The combined disclosure and confirmation hearing is scheduled for 28-Aug-2025 at 10:30 a.m. ET.

Will creditors be paid in full under Marin Software’s Chapter 11 Plan?

Yes. The Plan classifies all creditor claims as unimpaired and provides for 100 % cash payment on the effective date.