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FORM 4
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U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
/ / Check box if no
longer subject to Filed pursuant to Section 16(a) of the Securities
Section 16. Form 4 Exchange Act of 1934, Section 17(a) of the
or Form 5 obligations Public Utility Holding Company Act of 1935
may continue. See or Section 30(f) of the Investment Company
Instruction 1(b). Act of 1940
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<S> <C> <C> <C> <C> <C> <C>
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| 1. Name and Address of Reporting Person(1) | 2. Issuer Name and Ticker or Trading Symbol |6. Relationship of Reporting Person to|
| Murphy William M. | Correctional Properties Trust "CPV" | Issuer (Check all applicable) |
|--------------------------------------------|----------------------------------------------| |
| (Last) (First) (Middle) | 3. IRS Identification | 4. Statement For | X Director 10% Owner |
| | Number of Reporting | Month/Year | ---- --- |
| | Person, if an Entity | | Officer (give Other (Specify|
| 3300 PGA Boulevard | (Voluntary) | 03/99 | ---- title --- below)|
| Gardens Plaza, Suite 430 | | | below |
|--------------------------------------------| |--------------------| Vice President, CFO, |
| (Street) | | 5. If Amendment, | Secretary & Treasurer |
| | | Date of Original|--------------------------------------|
| Palm Beach Gardens, FL 33410 | | (Month/Year) |7. Individual or Joint/Group Filing |
|--------------------------------------------|----------------------------------------------| (Check applicable line) |
| (City) (State) (Zip) | | |
| | | X Form Filed by One |
| | | ----- Reporting Person |
| | | Form Filed by More Than |
| | | ----- One Reporting Person |
|----------------------------------------------------------------------------------------------------------------------------------|
| TABLE 1 -- NON-DERIVATIVE SECURITIES ACQUIRED, DISPOSED OF, OR BENEFICIALLY OWNED |
|----------------------------------------------------------------------------------------------------------------------------------|
|1. Title of Security |2. Transaction |3. Transac- |4. Securities Acquired (A) |5. Amount of Se- |6. Owner- |7. Nature |
| (Instr. 3) | Date | tion Code | or Disposed of (D) | curities Benefi-| ship | of In- |
| | (Month/Day | (Instr. 8) | | cially Owned at | Form: | direct |
| | Year) | | | End of Month | Direct | Benefi-|
| | | | (Instr. 3, 4 and 5) | (Instr. 3 and 4)| (D) or | cial |
| | |--------------|--------------------------- | | Indirect | Owner- |
| | |Code V | Amount | A) or | Price | | (I) | ship |
| | | | | D) | | | (Instr. 4)| (Instr.|
| | | | | | | | | 4) |
|----------------------|------------------|--------------|------------|-------|-------|-------------------|-------------|----------|
| Common Shares of | 3/22/99 | P -- | 100 shs. | A |$15 1/2| 100 shs. | I | (1) |
| Beneficial Interest,| | | | | | | | |
| par value $.001 per | | | | | | | | |
| share | | | | | | | | |
|----------------------|------------------|--------------|------------|-------|-------|-------------------|-------------|----------|
| Common Shares of | | | | | | | | |
| Beneficial Interest,| | | | | |2,500 shs. | D | N/A |
| par value $.001 per | | | | | | | | |
| share | | | | | | | | |
|----------------------|------------------|--------------|------------|-------|-------|-------------------|-------------|----------|
| | | | | | | | | |
|----------------------|------------------|--------------|------------|-------|-------|-------------------|-------------|----------|
| | | | | | | | | |
|----------------------|------------------|--------------|------------|-------|-------|-------------------|-------------|----------|
| | | | | | | | | |
|----------------------|------------------|--------------|------------|-------|-------|-------------------|-------------|----------|
| | | | | | | | | |
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* If the Form is filed by more than one Reporting Person, see Instruction 4(b)(v),
Reminder: Report on a Separate line for each class of securities beneficially owned directly or indirectly.
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<TABLE>
<CAPTION>
FORM 4 (CONTINUED) TABLE II -- DERIVATIVE SECURITIES ACQUIRED, DISPOSED OF, OR BENEFICIALLY OWNED
(E.G., PUTS, CALLS, WARRANTS, OPTIONS, CONVERTIBLE SECURITIES)
<S> <C> <C> <C> <C> <C> <C> <C>
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|1. Title of Derivative | 2. Conver- |3. Trans- |4. Trans- | 5. Number of | 6. Date Exer- | 7. Title and Amount | 8. Price |
| Security | sion or | action | action | Derivative | cisable and| of Underlying | of |
| (Instr. 3) | Exercise | Date | Code | Securities | Expiration | Securities | Deriv- |
| | Price of | (Month/| (Instr.| Acquired (A)| Date | (Instr. 3 and 4) | ative |
| | Deriv- | Day/ | 8) | or Disposed | (Month/Day/ | | Secur- |
| | | Year) | | 4, and 5) | Year | | ity |
| | | | | |----------------|---------------------| (Instr. 5)|
| | | | | | Date |Expira-| | Amount or| |
| | | |----------|----------------| Exer- |tion | Title | Number of| |
| | | | Code| V | (A) | (D) | cisable|Date | | Shares | |
|-----------------------|--------------|----------|-----|----|--------|-------|--------|-------|----------|----------|-------------|
| Options | $20/share | -- | -- | -- | -- | -- | 4/28/98|4/28/08|Common |5,000 shs.| -- |
| | | | | | | | | |Shares of | | |
| | | | | | | | | |Beneficial| | |
| | | | | | | | | |Interest | | |
|-----------------------|--------------|----------|-----|----|--------|-------|--------|-------|----------|----------|-------------|
| Options | $17 5/16 sh. | -- | -- | -- | -- | -- | 1/21/99|1/21/07|Common |2,000 shs.| |
| | | | | | | | | |Shares of | | |
| | | | | | | | | |Beneficial| | |
| | | | | | | | | |Interest | | |
|-----------------------|--------------|----------|-----|----|--------|-------|--------|-------|----------|----------|-------------|
| | | | | | | | | | | | |
|-----------------------|--------------|----------|-----|----|--------|-------|--------|-------|----------|----------|-------------|
| | | | | | | | | | | | |
|----------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
<S> <C> <C>
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| 9. Number of | 10. Ownership | 11. Nature of |
| Derivative | Form of | Indirect |
| Securities | Derivative | Beneficial |
| Beneficially | Security: | Ownership |
| Owned at End | Direct (D) | (Instr. 4) |
| of Month | or Indirect (I) | |
| (Instr. 4) | (Instr. 4) | |
| | | |
|---------------------|-------------------------------|----------------------|
| 7,000 | D | -NA- |
|---------------------|-------------------------------|----------------------|
| | | |
|---------------------|-------------------------------|----------------------|
| | | |
|---------------------|-------------------------------|----------------------|
| | | |
|---------------------|-------------------------------|----------------------|
| | | |
|---------------------|-------------------------------|----------------------|
| | | |
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Explanation of Responses: (1) These shares are held in trust for the benefit
of Mr. Murphy's daughter, Kerri Murphy, and
Mr. Murphy disclaims beneficial ownership
thereof.
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. /s/ William M. Murphy 4/9/99
See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a). ------------------------------- -------
**Signature of Reporting Person(1) Date
William M. Murphy
Note. File three copies of this form, one of which must be manually signed. Page 2
If space provided is insufficient, see Instruction 6 for procedure.
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