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UNITED STATES SECURITIES AND EXCHANGE COMMISSION OMB APPROVAL
FORM 4 Washington, D.C. 20549 ---------------------------
/_/ Check this box if no longer STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OMB Number 3235-0287
subject to Section 16. Form 4 or Expires: September 30, 1998
Form 5 obligations may continue. Estimated average burden
See Instruction 1(b). hours per response......0.5
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Filed pursuant to Section 16(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
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1.Name and Address of Reporting Person* |2.Issuer Name and Ticker or Trading Symbol |6. Relationship of Reporting Person(s) to |
| U.S. Timberlands Company, L.P. | Issuer (Check all applicable) |
Rudey John M. | (Nasdaq: TIMBZ) | |
(Last) (First) (MI) | | x Director 10% Owner |
- -----------------------------------------|-------------------------|----------------- | ----- ----- |
625 Madison Avenue, |3. IRS or Social Security| 4. Statement for | Officer (give Other |
Suite 10-B | Number of Reporting | Month/Year | ----- title below) ----- (specify below)|
| Person (Voluntary) | | |
| | July, 1998 | Chairman of the Board |
- -----------------------------------------| | ----------------------------------------------------------- |
(Street) | | 5. If Amendment |7. Individual or Joint/Group Filing |
| | Date of | (Check Applicable Line) |
New York NY 10022 | | Original | | |
| | (Month/Year) | x Form filed by One Reporting Person |
| | | --- |
| | | Form filed by More than One |
| | | --- Reporting Person |
| | | |
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(City) (State) (Zip) TABLE I - NON-DERIVATIVE SECURITIES ACQUIRED, DISPOSED OF OR BENEFICIALLY OWNED |
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|
1.Title of | 2.Trans- | 3.Trans- | 4.Securities Acquired | 5. Amount of | 6. Owner- | 7.Nature |
Security | action | action | (A)or Disposed of(D) | Securities | ship | of Indirect |
| Date | Code | (Inst. 3, 4 &5) | Beneficially | Form | Beneficial |
(Instr. 3) | | (Instr.8) | | Owned at End | (D) or | Ownership |
| | | | of Month | (I) | |
| |--------|-----|-------|--------|-------| | | |
| (Mo/Day/Yr) | Code | V | Amount| (A) or | |(Instr. 3 & 4)| (Instr. 4) | (Instr. 4) |
| | | | | (D) |Price | | | |
- --------------|-------------|--------------|------------------------|--------------|------------|-------------------------------- |
| | | | | | |
Common Units | 7/1/98 | P | 1,000 | A | $19.00 | | I | (1) |
- --------------|-------------|--------------|---------|----|---------|--------------|------------|-------------------------------- |
Common Units | 7/2/98 | P | 3,000 | A | $19.25 | | I | (1) |
- --------------|-------------|--------------|---------|----|---------|--------------|------------|-------------------------------- |
Common Units | 7/30/98 | P | 5,000 | A | $18.50 | | I | (1) |
- --------------|-------------|--------------|---------|----|---------|--------------|------------|-------------------------------- |
Common Units | 7/30/98 | P | 2,000 | A | $18.625 | | I | (1) |
- --------------|-------------|--------------|---------|----|---------|--------------|------------|-------------------------------- |
Common Units | 7/31/98 | P | 1,200 | A | $18.375 | | I | (1) |
- --------------|-------------|--------------|---------|----|---------|--------------|------------|-------------------------------- |
Common Units | 7/31/98 | P | 500 | A | $18.50 | | I | (1) |
- --------------|-------------|--------------|---------|----|---------|--------------|------------|-------------------------------- |
Common Units | 7/31/98 | P | 1,300 | A | $18.125 | 94,325 | I | (1) |
- --------------|-------------|--------------|---------|----|---------|--------------|------------|-------------------------------- |
(1) By Rudey Timber Company, L.L.C. |
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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 4(b)(v).
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FORM 4 (continued)
Table II -- Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
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1.Title of| 2.Conver- |3.Trans-|4.Trans- |5.Number of|6.Date Exer- |7.Title and |8.Price| 9. Number |10.Owner- |11.Nature |
Deriv- | sion or | action | action | Derivative| cisable and |Amount of | of | of deriv- | ship | of |
Security | Exercise | Date | Code | Securities| Expiration |Underlying | Deriv-| ative | Form of | Indirect |
(Instr.3)| Price of | |(Instr.8)| Acquired | Date(Month/ |Securities | ative | Secur- | Deriv- | Benefi- |
| Deri- | (Month/| | (A) or | Day/Year) |(Instr.3 | Secur-| ities | ative | cial |
| vative | Day/ | | Disposed | |and 4) | ity | Bene- | Security:| Owner- |
| Security | Year) | | of (D) |----------------------------|(Instr.| ficially | Direct(D)| ship |
| | | | (Instr.3, |Date |Expira-|Title|Amount| 5) | Owned | or | (Instr.4)|
| | | | 4 and 5) |Exer- |tion | |or | | at End | Indirect)| |
| | | | |cisable|Date | |Number| | of | (I) | |
| | |-------------------- | | | |of | | Month | (Instr.4)| |
| | | Code| V | (A) | (D) | | | |Shares| |(Instr.4) | | |
| | | | | | | | | | | | | | |
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Explanation of Responses:
/s/ JOHN M. RUDEY 7/31/98
** Intentional misstatements or omissions of ------------------- -------
facts constitute Federal Criminal Violations. **Signature of Date
See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a). Reporting Person
Note: File three copies of this Form, one of
which must be manually signed. If space 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. Page 2
SEC 1474 (7-96)
