<TABLE> <S> <C>

<ARTICLE>                                                                      5
<MULTIPLIER>                                                                   1
       
<S>                                                                                <C>
<PERIOD-TYPE>                                                                            6-MOS
<FISCAL-YEAR-END>                                                                  DEC-31-1997
<PERIOD-START>                                                                     JAN-01-1997
<PERIOD-END>                                                                       JUN-30-1997
<CASH>                                                                               5,603,255
<SECURITIES>                                                                        48,931,725
<RECEIVABLES>                                                                        7,691,092
<ALLOWANCES>                                                                                 0
<INVENTORY>                                                                                  0
<CURRENT-ASSETS>                                                                    62,361,845
<PP&E>                                                                              24,694,437
<DEPRECIATION>                                                                       6,099,266
<TOTAL-ASSETS>                                                                     153,935,064
<CURRENT-LIABILITIES>                                                               56,545,181
<BONDS>                                                                                      0
<PREFERRED-MANDATORY>                                                                        0
<PREFERRED>                                                                             30,362
<COMMON>                                                                                49,038
<OTHER-SE>                                                                          27,329,498
<TOTAL-LIABILITY-AND-EQUITY>                                                       153,935,064
<SALES>                                                                                      0
<TOTAL-REVENUES>                                                                    12,814,474
<CGS>                                                                                        0
<TOTAL-COSTS>                                                                       15,177,263
<OTHER-EXPENSES>                                                                             0
<LOSS-PROVISION>                                                                             0
<INTEREST-EXPENSE>                                                                   4,638,932
<INCOME-PRETAX>                                                                     (2,362,789)
<INCOME-TAX>                                                                            93,388
<INCOME-CONTINUING>                                                                 (2,456,177)
<DISCONTINUED>                                                                               0
<EXTRAORDINARY>                                                                              0
<CHANGES>                                                                                    0
<NET-INCOME>                                                                        (2,456,177)
<EPS-PRIMARY>                                                                            (0.59)
<EPS-DILUTED>                                                                             0.00
        


</TABLE>