<ARTICLE> 5 <PERIOD-TYPE> 3-MOS <FISCAL-YEAR-END> DEC-31-1996 <PERIOD-END> JUN-30-1997 <CASH> 12,223,000 <SECURITIES> 0 <RECEIVABLES> 5,627,000 <ALLOWANCES> 0 <INVENTORY> 0 <CURRENT-ASSETS> 17,850,000 <PP&E> 0 <DEPRECIATION> 0 <TOTAL-ASSETS> 17,850,000 <CURRENT-LIABILITIES> 1,143,000 <BONDS> 0 <PREFERRED-MANDATORY> 0 <PREFERRED> 0 <COMMON> 1,488,411 <OTHER-SE> 15,218,589 <TOTAL-LIABILITY-AND-EQUITY> 17,850,000 <SALES> 0 <TOTAL-REVENUES> 626,000 <CGS> 0 <TOTAL-COSTS> 0 <OTHER-EXPENSES> 604,000 <LOSS-PROVISION> 0 <INTEREST-EXPENSE> 709,000 <INCOME-PRETAX> (687,000) <INCOME-TAX> 0 <INCOME-CONTINUING> (687,000) <DISCONTINUED> 0 <EXTRAORDINARY> 0 <CHANGES> 0 <NET-INCOME> (687,000) <EPS-PRIMARY> (0.46) <EPS-DILUTED> (0.46)