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U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 3 OMB APPROVAL
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OMB NUMBER: 3235-0104
Expires: September 30,1998
Estimated average burden
hours per response ...... 0.5
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INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES
Filed pursuant to Section16(a) of the Securities Exchange Act of 1934,
Section 17(a) of the Public Utility Holding Company Act of 1935 or
Section 30(f) of the Investment Company Act of 1940
1. Name and Address of Reporting Person
Morgan Michael J.
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(Last) (First) (Middle)
215 Roband Lane
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(Street)
Roseburg OR 97470
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(City) (State) (Zip)
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2. Date of Event Requiring Statement (Month/Day/Year)
11/12/97
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3. IRS or Social Security Number of Reporting Person (Voluntary)
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4. Issuer Name and Ticker or Trading Symbol
U.S. Timberlands Company, L.P. (Nasdaq: TIMBZ)
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5. Relationship of Reporting Person to Issuer:
(Check all applicable)
Director 10% Owner
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x Officer (give Other (Specify
----- title below) ------ below)
Vice President and CFO
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6. If Amendment, Date of Original (Month/Day/Year)
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7. Individual or Joint/Group
Filing (Check Applicable Line)
x
- --- Form filed by One Reporting Person
___ Form filed by More than One Reporting Person
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<TABLE>
<CAPTION>
Table 1 -- Non-Derivative Securities Beneficially Owned
1. Title of Security 2. Amount of Securities 3. Ownership Form: 4. Nature of Indirect Beneficial Ownership
(Instr. 4) Beneficially Owned Direct (D) or (Instr. 5)
(Instr. 4) Indirect (I)
(Instr. 5)
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<S> <C> <C> <C>
Common Units 0 N/A
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</TABLE>
Reminder: Report on a separate line for each class of securities beneficially
owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction
5(b)(v).
(Over)
SEC 1473 (7/96)
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FORM 3 (continued)
<TABLE>
<CAPTION>
Table II -- Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security 2. Date Exer- 3. Title and Amount of Securities 4. Conversion 5. Ownership 6. Nature of
(Instr.4) cisable and Underlying Derivative Security or Exercise Form of Indirect
Expiration (Instr. 4) Price of Derivative Beneficial
Date Derivative Security: Ownership
(Month Day Security Direct (D) (Instr. 5)
Year) or
------- ------- --------------------------------- Indirect (I)
Date Expira- Amount (Instr. 5)
Exer- tion of
cisable Date Title Number
of
Shares
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<S> <C> <C> <C> <C> <C> <C> <C>
Unit Options (right to convert) + ++ Common Units 55,941 +++ D
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</TABLE>
Explanation of Responses:
+ The Unit Options will become exercisable upon the conversion of the
Subordinated Units to Common Units on a pro rata basis, which date shall be
no earlier than December 31, 2000.
++ The Unit Options expire on the tenth anniversary of the date such Unit
Option is granted or earlier in certain instances upon termination of
employment.
+++ The Unit Options will have an exercise price equal to the initial public
offering price of the Common Units.
**Intentional misstatements or omissions of facts constitute Federal Criminal
Violations.
See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
/s/ Michael J. Morgan 11/10/97
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**Signature of Reporting Person Date
Note: File three copies of this Form, one of which must be manually signed. If
space provided is insufficient,
See Instruction 6 for procedure.
Potential persons who are to respond to the collection of information contained
in this form are not required to respond unless the form displays a currently
valid OMB Number.
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SEC 1473 (7-96)
