<ARTICLE> 5 <LEGEND> (This schedule contains financial information extracted from the consolidated balance sheet and the consolidated statement of operations and is qualified in its entirety by reference to such financial statements </LEGEND> <PERIOD-TYPE> year <FISCAL-YEAR-END> OCT-31-1996 <PERIOD-END> OCT-31-1996 <CASH> 151,870 <SECURITIES> 0 <RECEIVABLES> 19,751,419 <ALLOWANCES> 0 <INVENTORY> 0 <CURRENT-ASSETS> 21,362,586 <PP&E> 38,737,846 <DEPRECIATION> 0 <TOTAL-ASSETS> 105,931,172 <CURRENT-LIABILITIES> 43,989,235 <BONDS> 0 <PREFERRED-MANDATORY> 0 <PREFERRED> 0 <COMMON> 402,322 <OTHER-SE> (25,263,636) <TOTAL-LIABILITY-AND-EQUITY> 105,931,172 <SALES> 56,538,507 <TOTAL-REVENUES> 56,538,507 <CGS> 0 <TOTAL-COSTS> 58,371,627 <OTHER-EXPENSES> (1,078,255) <LOSS-PROVISION> 0 <INTEREST-EXPENSE> 7,634,263 <INCOME-PRETAX> (9,510,913) <INCOME-TAX> 0 <INCOME-CONTINUING> (9,510,913) <DISCONTINUED> 0 <EXTRAORDINARY> 1,149,817 <CHANGES> 0 <NET-INCOME> (8,361,096) <EPS-PRIMARY> (.21) <EPS-DILUTED> (.21)