U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 4
Check this box if no longer STATEMENT OF CHANGES
IN BENEFICIAL OWNERSHIP
subject to Section 16. Form 4
or Form 5 obligations may
continue. See Instruction 1(b). 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
<TABLE>
<S> <S> <S>
1. Name and Address of 2. Issuer Name and 6. Relationship of Reporting
Reporting Person Ticker or Trading Symbol Person to Issuer
(Check all applicable)
<C> <C> <C>
Shepherd John D. Lincoln Logs Ltd. / LLOG __X__ Director__X__ 10% Owner
(Last) (First) (Middle) 3. IRS or 4. Statement for __X__ Officer (give___ Other (specify
Social Month/Year CEO, President & Treasurer below)
1020 Sport Hill Road Security
(Street) Number of 4/30/98
Reporting
Easton CT 06612 Person
(City) (State) (Zip) (Voluntary)
5. If Amendment,
Date of Original
(Month / Year)
</TABLE>
________________________________________________________________________________
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially
Owned
<TABLE>
<S> <S> <S> <S> <S> <S> <S>
1. Title of Security 2. Trans- 3.Trans- 4. Securities Acquired (A) 5. Amount of 6. Owner-7. Nature
(Instr. 3) action action or Disposed of (D) Securities ship of In-
Date Code (Instr. 3, 4 and 5) Beneficially Form: direct
Month/ (Instr. 8) Owned at Direct Bene-
Day/ End of (D) or ficial
Year Month Indirect Owner-
Code V Amount (A) or Price (Instr. 3 & 4) (I) ship
(D) (Instr. 4)(Instr. 4)
<C> <C> <C> <C> <C> <C> <C>
Common Stock 4/20/98 C 1,375,000 A $275,000.00 D
Common Stock 4/20/98 M 687,500 A $257,812.50 3,214,461 D
</TABLE>
Reminder: Report on a separate line for each class of securities beneficially
owned directly or indirectly.
(Over)
Form 4 (continued)
Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
________________________________________________________________________________
<TABLE>
<S> <S> <S> <S> <S> <S> <S> <S> <S>
1. Title of 2. Conver- 3. Trans-4. Transac- 5.Number of 6. Date Exer- 7. Title and 8. Price 9.Number 10. Owner-11. Na-
Derivative sion or action tion Code Derivative cisable and Amount of of of Diriv- ship ture
Security Exercise Date Securities Expiration Underlying Deriv- ative Form of In-
(Instr. 3) Price of (Month/ (Instr. 8) Acquired Date Securities ative Secur- of De- direct
Deriv- Day/ (A) or (Month/Day (Instr. 3 Secur- ties rivative Bene-
ative Year) Disposed /Year) and 4) ity Bene- Secu- ficial
Security of (D) (Instr. ficially ity: Own-
(Instr 3, 5) Owned Direct ership
4, and 5) Date Expira- at End (D) or
Exer- tion Title Amount or of Indi- (Instr 4)
cisable Date Number of Month rect (I)
Shares (Instr 4) (Instr 4)
Code V (A) (D)
<C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Series B
Convertible
Subordinated Common
Debenture $.20 3/9/98 P 250,000 4/9/98 5/15/99 Stock 250,000 $.20
Series B
Convertible
Subordinated Common
Debenture $.20 3/23/98 P 250,000 4/23/98 5/15/99 Stock 250,000 $.20 - 0 -
Common Stock
Warrant
( right to Common
buy ) $.375 3/9/98 A 125,000 Immed. * Stock 125,000 $.375
Common Stock
Warrant Common
(right to buy) $.375 3/23/98 A 125,000 Immed. * Stock 125,000 $.375 - 0 -
Series B
Convertible
Subordinated Common
Debenture 4/20/98 C 1,375,000 Stock 1,375,000 $.20 - 0 -
Common Stock
Warrant Common
(right to buy) $.375 4/20/98 M 687,500 Stock 687,000 $.375 - 0 -
</TABLE>
________________________________________________________________________________
Explanation of Responses:
* Earlier of (a) January 30, 2003, or (b) the tenth (10th) day prior to the
Issuer's anticipated filing date with
the Securities and Exchange Commission of a registration statement to
conduct a public offering.
/S/ John D. Shepherd May 11, 1998
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** Intentional misstatements or **Signature of
omissions of facts constitute Federal Reporting Person Date
Criminal Violations.
See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
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