<ARTICLE> 5 <PERIOD-TYPE> 9-MOS <FISCAL-YEAR-END> DEC-31-1997 <PERIOD-START> JAN-01-1997 <PERIOD-END> SEP-30-1997 <CASH> 272,777 <SECURITIES> 0 <RECEIVABLES> 140,348 <ALLOWANCES> 0 <INVENTORY> 0 <CURRENT-ASSETS> 0 <PP&E> 0 <DEPRECIATION> 0 <TOTAL-ASSETS> 498,138 <CURRENT-LIABILITIES> 24,342 <BONDS> 0 <PREFERRED-MANDATORY> 0 <PREFERRED> 0 <COMMON> 0 <OTHER-SE> 450,351 <TOTAL-LIABILITY-AND-EQUITY> 498,138 <SALES> 0 <TOTAL-REVENUES> 225,271 <CGS> 0 <TOTAL-COSTS> 248,848 <OTHER-EXPENSES> 524 <LOSS-PROVISION> 0 <INTEREST-EXPENSE> (6,314) <INCOME-PRETAX> (17,787) <INCOME-TAX> 0 <INCOME-CONTINUING> (17,787) <DISCONTINUED> 0 <EXTRAORDINARY> 0 <CHANGES> 0 <NET-INCOME> (17,787) <EPS-PRIMARY> (1.38) <EPS-DILUTED> (1.38)