<ARTICLE> 5
<LEGEND>
This schedule contains summary financial information extracted from the
September 30, 1996 financial statements contained in this Form 10-Q and is
qualified in its entirety by reference to such financial statements.
</LEGEND>
       
                             
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          MAR-31-1997
<PERIOD-END>                               SEP-30-1996
<CASH>                                      45,483,937
<SECURITIES>                                         0
<RECEIVABLES>                                2,362,028
<ALLOWANCES>                                 1,085,395
<INVENTORY>                                          0
<CURRENT-ASSETS>                                     0
<PP&E>                                      93,384,965
<DEPRECIATION>                              21,819,206
<TOTAL-ASSETS>                             630,990,906
<CURRENT-LIABILITIES>                                0
<BONDS>                                    315,685,004
<PREFERRED-MANDATORY>                       69,667,504
<PREFERRED>                                          0
<COMMON>                                   275,191,915
<OTHER-SE>                               (107,856,347)
<TOTAL-LIABILITY-AND-EQUITY>               630,990,906
<SALES>                                              0
<TOTAL-REVENUES>                            18,487,778
<CGS>                                                0
<TOTAL-COSTS>                               15,341,345
<OTHER-EXPENSES>                             7,800,000
<LOSS-PROVISION>                             1,165,830
<INTEREST-EXPENSE>                          20,304,553
<INCOME-PRETAX>                           (45,477,449)
<INCOME-TAX>                               (9,000,000)
<INCOME-CONTINUING>                       (36,477,449)
<DISCONTINUED>                                       0
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                              (36,477,449)
<EPS-PRIMARY>                                   (1.08)
<EPS-DILUTED>                                        0