WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.

  


ARTICLE                                5
       

PERIOD-TYPE                              3-MOS
FISCAL-YEAR-END                    Dec-31-1996
PERIOD-END                        June-30-1996

                                      
CASH                                   176,000
SECURITIES                           2,956,000
RECEIVABLES                                  0
ALLOWANCES                                   0 
INVENTORY                                    0
CURRENT-ASSETS                       3,132,000
PP&E                                   291,000
DEPRECIATION                                 0 
TOTAL-ASSETS                         3,423,000  
CURRENT-LIABILITIES                  1,692,000
BONDS                                        0
COMMON                                       0 
PREFERRED-MANDATORY                          0
PREFERRED                                    0
OTHER-SE                             1,731,000 
TOTAL-LIABILITY-AND-EQUITY           3,423,000      
SALES                                        0
TOTAL-REVENUES                          95,000
CGS                                          0
TOTAL-COSTS                                  0
OTHER-EXPENSES                               0
LOSS-PROVISION                               0 

INTEREST-EXPENSE                             0
INCOME-PRETAX                                0
INCOME-TAX                                   0
INCOME-CONTINUING                            0
DISCONTINUED                                 0
EXTRAORDINARY                                0
CHANGES                                      0
NET-INCOME                                   0
EPS-PRIMARY                                  0 
EPS-DILUTED                                  0