U.S. SECURITIES AND EXCHANGE COMMISSION


     Litigation Release No. 15774 / June 9, 1998

     Securities and Exchange Commission v. Global Timber Corporation, Stephen J.
     Sand, Jose F. Garcia, Jonathon Bentley-Stevens, David A. Kirk, and Pamela
     J. Vega, Civil Action No. 98 CV 1072J RBB (S.D. Cal.)

     The Securities and Exchange Commission (Commission) announced today that it
     filed an enforcement action in federal court in San Diego against Global
     Timber Corporation (Global), based in La Jolla, California, Stephen J. Sand
     (Sand), of Las Vegas, Nevada, Jose F. Garcia (Garcia), of Las Vegas,
     Nevada, Jonathon Bentley-Stevens (Stevens), of Butuan City, Philippines,
     David A. Kirk (Kirk), of La Jolla, California, and Pamela J. Vega (Vega),
     of Las Vegas, Nevada (collectively, the Defendants).  The Commission
     alleges fraud in connection with the purchase or sale of securities issued
     by Global, a public company.  The Commission alleges that, from at least
     November 1995 through December 1996, Global and certain officers and
     directors misrepresented to the public that Global had the right to harvest
     certain timber located in the Philippines.  By this misrepresentation,
     Global grossly overstated its financial condition.  Further, Global s
     accountant and a Global officer made misrepresentations that Global s
     accountant was a certified public accountant who performed an audit of
     Global s timber rights in accordance with Generally Accepted Auditing
     Standards.  The Defendants incorporated these false statements in documents
     submitted to market makers, the National Association of Securities Dealers,
     and the Commission.  The Commission wishes to acknowledge the assistance of
     the Philippine Department of Environment and Natural Resources in this
     matter.

     The Commission has asked the Court to permanently enjoin the Defendants
     from future violations of Section 10(b) of the Securities Exchange Act of
     1934 and Commission Rule 10b-5, and impose a civil penalty against Sand,
     Garcia, Stevens, Kirk and Vega.  Garcia consented, without admitting or
     denying the allegations in the complaint, to the entry of a judgment of
     permanent injunction enjoining him from future violations of Section 10(b)
     of the Exchange Act and Rule 10b-5 thereunder and imposing a civil penalty
     of $25,000.

     The Commission previously obtained a temporary trading suspension of
     Global s stock, pursuant to Section 12(k) of the Exchange Act, based on
     questions regarding the accuracy of publicly disseminated information
     concerning Global s financial condition.  [Rel. 34-37580] 









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