<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
COMPANY'S FORM 10-Q FOR THE QUARTERLY PERIOD ENDED FEBRUARY 28, 1999.
</LEGEND>
<MULTIPLIER> 1000
       
                             
<PERIOD-TYPE>                   3-MOS
<FISCAL-YEAR-END>                          AUG-31-1999
<PERIOD-START>                             DEC-01-1998
<PERIOD-END>                               FEB-28-1999
<CASH>                                           6,072
<SECURITIES>                                         0
<RECEIVABLES>                                        0
<ALLOWANCES>                                         0
<INVENTORY>                                          0
<CURRENT-ASSETS>                                 6,416
<PP&E>                                           2,986
<DEPRECIATION>                                   (253)
<TOTAL-ASSETS>                                 265,209
<CURRENT-LIABILITIES>                         (20,223)
<BONDS>                                       (21,242)
<PREFERRED-MANDATORY>                                0
<PREFERRED>                                          0
<COMMON>                                           (2)
<OTHER-SE>                                   (223,742)
<TOTAL-LIABILITY-AND-EQUITY>                 (265,209)
<SALES>                                              0
<TOTAL-REVENUES>                                     0
<CGS>                                                0
<TOTAL-COSTS>                                        0
<OTHER-EXPENSES>                                22,486
<LOSS-PROVISION>                                     0
<INTEREST-EXPENSE>                                 862
<INCOME-PRETAX>                               (19,495)
<INCOME-TAX>                                         0
<INCOME-CONTINUING>                           (19,495)
<DISCONTINUED>                                       0
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                                  (19,495)
<EPS-PRIMARY>                                   (1.10)
<EPS-DILUTED>                                   (1.10)