<ARTICLE> 5 <LEGEND> This schedule contains summary financial information extracted from the December 31, 1996 financial statements contained in this Form 10-Q and is qualified in its entirety by reference to such financial statements. </LEGEND> <PERIOD-TYPE> 9-MOS <FISCAL-YEAR-END> MAR-31-1997 <PERIOD-END> DEC-31-1996 <CASH> 19,038,921 <SECURITIES> 0 <RECEIVABLES> 2,190,161 <ALLOWANCES> 1,052,956 <INVENTORY> 0 <CURRENT-ASSETS> 0 <PP&E> 97,945,275 <DEPRECIATION> 25,426,868 <TOTAL-ASSETS> 595,018,115 <CURRENT-LIABILITIES> 0 <BONDS> 312,117,799 <PREFERRED-MANDATORY> 69,125,005 <PREFERRED> 0 <COMMON> 275,769,414 <OTHER-SE> (132,178,142) <TOTAL-LIABILITY-AND-EQUITY> 595,018,115 <SALES> 0 <TOTAL-REVENUES> 27,737,756 <CGS> 0 <TOTAL-COSTS> 23,651,959 <OTHER-EXPENSES> 13,000,000 <LOSS-PROVISION> 2,219,772 <INTEREST-EXPENSE> 30,316,613 <INCOME-PRETAX> (70,993,239) <INCOME-TAX> (13,500,000) <INCOME-CONTINUING> (57,493,239) <DISCONTINUED> 0 <EXTRAORDINARY> 0 <CHANGES> 0 <NET-INCOME> (57,493,239) <EPS-PRIMARY> (1.68) <EPS-DILUTED> 0