<ARTICLE> 5 <PERIOD-TYPE> 12-MOS <FISCAL-YEAR-END> DEC-31-1997 <PERIOD-START> JAN-01-1997 <PERIOD-END> DEC-31-1997 <CASH> 5,015,698 <SECURITIES> 0 <RECEIVABLES> 0 <ALLOWANCES> 0 <INVENTORY> 0 <CURRENT-ASSETS> 5,015,698 <PP&E> 0 <DEPRECIATION> 0 <TOTAL-ASSETS> 5,052,669 <CURRENT-LIABILITIES> 399,127 <BONDS> 0 <PREFERRED-MANDATORY> 825,231 <PREFERRED> 0 <COMMON> 0 <OTHER-SE> 3,828,311 <TOTAL-LIABILITY-AND-EQUITY> 5,052,669 <SALES> 0 <TOTAL-REVENUES> 529,599 <CGS> 0 <TOTAL-COSTS> 0 <OTHER-EXPENSES> 0 <LOSS-PROVISION> 0 <INTEREST-EXPENSE> 0 <INCOME-PRETAX> 0 <INCOME-TAX> 0 <INCOME-CONTINUING> 529,599 <DISCONTINUED> 0 <EXTRAORDINARY> 0 <CHANGES> 0 <NET-INCOME> 529,599 <EPS-PRIMARY> 0 <EPS-DILUTED> 0