<ARTICLE> 5 <PERIOD-TYPE> 9-MOS <FISCAL-YEAR-END> MAR-31-1998 <PERIOD-START> APR-01-1997 <PERIOD-END> DEC-31-1997 <CASH> 2,170,436 <SECURITIES> 0 <RECEIVABLES> 967,082 <ALLOWANCES> 388,494 <INVENTORY> 0 <CURRENT-ASSETS> 0 <PP&E> 102,242,410 <DEPRECIATION> 40,648,883 <TOTAL-ASSETS> 480,672,916 <CURRENT-LIABILITIES> 0 <BONDS> 311,599,695 <PREFERRED-MANDATORY> 98,946,187 <PREFERRED> 0 <COMMON> 275,769,414 <OTHER-SE> (270,741,246) <TOTAL-LIABILITY-AND-EQUITY> 480,672,916 <SALES> 0 <TOTAL-REVENUES> 21,977,384 <CGS> 0 <TOTAL-COSTS> 60,241,866 <OTHER-EXPENSES> 23,118,008 <LOSS-PROVISION> 636,200 <INTEREST-EXPENSE> 40,128,505 <INCOME-PRETAX> (98,536,569) <INCOME-TAX> 0 <INCOME-CONTINUING> (98,536,569) <DISCONTINUED> 0 <EXTRAORDINARY> 0 <CHANGES> 0 <NET-INCOME> (98,536,569) <EPS-PRIMARY> (2.70) <EPS-DILUTED> 0