<ARTICLE> 5
<LEGEND>
Unaudited Financial Information As Of And For The Three Months Ended
June 30, 1996
</LEGEND>
       
                             
<PERIOD-TYPE>                   3-MOS
<FISCAL-YEAR-END>                          MAR-31-1997
<PERIOD-START>                             APR-01-1996
<PERIOD-END>                               JUN-30-1996
<CASH>                                      79,704,650
<SECURITIES>                                         0
<RECEIVABLES>                                2,246,750
<ALLOWANCES>                                   899,145
<INVENTORY>                                          0
<CURRENT-ASSETS>                                     0
<PP&E>                                      80,705,361
<DEPRECIATION>                              17,762,020
<TOTAL-ASSETS>                             679,993,575
<CURRENT-LIABILITIES>                                0
<BONDS>                                    315,910,895
<PREFERRED-MANDATORY>                       69,632,503
<PREFERRED>                                          0
<COMMON>                                   275,173,587
<OTHER-SE>                                (84,786,258)
<TOTAL-LIABILITY-AND-EQUITY>               679,993,575
<SALES>                                              0
<TOTAL-REVENUES>                             9,304,823
<CGS>                                                0
<TOTAL-COSTS>                               19,475,942
<OTHER-EXPENSES>                             3,000,000
<LOSS-PROVISION>                               571,215
<INTEREST-EXPENSE>                          10,160,834
<INCOME-PRETAX>                           (21,120,435)
<INCOME-TAX>                               (4,500,000)
<INCOME-CONTINUING>                       (16,620,435)
<DISCONTINUED>                                       0
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                              (16,620,435)
<EPS-PRIMARY>                                   (0.51)
<EPS-DILUTED>                                        0