U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES
FORM 3
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
1. Name and Address of Reporting Person Kellogg, Peter R.
c/o Spear, Leeds & Kellogg
120 Broadway
New York, New York 10271
2. Date of Event Requiring StatementJuly 28, 1999
3. IRS or Social Security Number of Reporting Person
(Voluntary)
4. Issuer Name and Ticker or Trading Symbol: Thousand Trails
Inc. ("TRV")
5. Relationship of Reporting Person to Issuer (Check all
applicable)
___ Director 10% Owner
___ Officer ___ Other
(give title below) (specify below)
6. If Amendment, Date of Original (Month/Day/Year)
Table I - Non-Derivative Securities Beneficially Owned
1. Title of Security (Instr. 4): Common Stock, Par Value $.01
per share
2. Amount of Securities Beneficially Owned (Instr. 4)
1,000,000
3. Ownership Form: Direct (D)or Indirect (I) (Instr. 5) I
4. Nature of Indirect Beneficial Ownership (Instr. 5) _(1)
(2)____
Table II - Derivative Securities Beneficially Owned (e.g., puts,
calls, warrants, options, convertible
securities)
1. Title of Derivative Security (Instr. 4)
___N/A_____
2. Date Exercisable and Expiration Date (Month/Day/Year)
___N/A_____
3. Title and Amount of Securities Underlying
Derivative Security (Instr. 4)
___N/A_____
4. Conversion or Exercise Price of Derivative Security
___N/A_____
5. Ownership Form of Derivative Security:
Direct (D) or Indirect (I) (Instr. 5)
___N/A_____
6. Nature of Indirect Beneficial Ownership (Instr. 5)
___N/A_____
Explanation of Responses:
1. IAT Reinsurance Syndicate Ltd, a Bermuda Corporation of
which Mr. Kellogg is sole holder of voting stock.
2. Mr. Kellogg disclaims beneficial ownership of these shares.
**Intentional misstatements or omissions of facts constitute
Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C.
78ff(a).
__Peter R. Kellogg______________ August 3,
1999
**Signature of Reporting Person Date
