<ARTICLE> 5 <PERIOD-TYPE> 3-MOS <FISCAL-YEAR-END> DEC-31-1998 <PERIOD-START> JUL-01-1998 <PERIOD-END> SEP-30-1998 <CASH> 17,796,059 <SECURITIES> 0 <RECEIVABLES> 0 <ALLOWANCES> 0 <INVENTORY> 0 <CURRENT-ASSETS> 0 <PP&E> 0 <DEPRECIATION> 0 <TOTAL-ASSETS> 18,686,185 <CURRENT-LIABILITIES> 707,382 <BONDS> 0 <PREFERRED-MANDATORY> 0 <PREFERRED> 0 <COMMON> 0 <OTHER-SE> (2,007,439) <TOTAL-LIABILITY-AND-EQUITY> 18,686,185 <SALES> 0 <TOTAL-REVENUES> 0 <CGS> 0 <TOTAL-COSTS> 0 <OTHER-EXPENSES> 817,845 <LOSS-PROVISION> 0 <INTEREST-EXPENSE> 86,566 <INCOME-PRETAX> (904,411) <INCOME-TAX> 0 <INCOME-CONTINUING> (904,411) <DISCONTINUED> 0 <EXTRAORDINARY> 0 <CHANGES> 0 <NET-INCOME> (904,411) <EPS-PRIMARY> (0.045) <EPS-DILUTED> (0.045)