<TABLE> <S> <C>

<ARTICLE>                                                                      5
<MULTIPLIER>                                                                   1
       
<S>                                                                                <C>
<PERIOD-TYPE>                                                                            9-MOS
<FISCAL-YEAR-END>                                                                  DEC-31-1997
<PERIOD-START>                                                                     JAN-01-1997
<PERIOD-END>                                                                       SEP-30-1997
<CASH>                                                                               6,403,371
<SECURITIES>                                                                        50,920,423
<RECEIVABLES>                                                                        9,672,837
<ALLOWANCES>                                                                                 0
<INVENTORY>                                                                                  0
<CURRENT-ASSETS>                                                                    67,429,639
<PP&E>                                                                              25,934,604
<DEPRECIATION>                                                                       6,199,859
<TOTAL-ASSETS>                                                                     158,575,113
<CURRENT-LIABILITIES>                                                               61,761,573
<BONDS>                                                                                      0
<PREFERRED-MANDATORY>                                                                        0
<PREFERRED>                                                                             30,341
<COMMON>                                                                                49,061
<OTHER-SE>                                                                          27,351,563
<TOTAL-LIABILITY-AND-EQUITY>                                                       158,575,113
<SALES>                                                                                      0
<TOTAL-REVENUES>                                                                    19,123,424
<CGS>                                                                                        0
<TOTAL-COSTS>                                                                       22,505,379
<OTHER-EXPENSES>                                                                             0
<LOSS-PROVISION>                                                                             0
<INTEREST-EXPENSE>                                                                   6,905,585
<INCOME-PRETAX>                                                                     (3,381,955)
<INCOME-TAX>                                                                           259,685
<INCOME-CONTINUING>                                                                 (3,641,640)
<DISCONTINUED>                                                                               0
<EXTRAORDINARY>                                                                              0
<CHANGES>                                                                                    0
<NET-INCOME>                                                                        (3,641,640)
<EPS-PRIMARY>                                                                            (0.87)
<EPS-DILUTED>                                                                             0.00
        


</TABLE>