<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM QUARTERLY
REPORT ON FORM 10-Q AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH
FINANCIAL STATEMENTS.
</LEGEND>
       
                             
<PERIOD-TYPE>                   3-MOS
<FISCAL-YEAR-END>                          DEC-31-1998
<PERIOD-START>                             MAR-17-1998
<PERIOD-END>                               MAR-31-1998
<CASH>                                      12,591,200
<SECURITIES>                               112,533,613
<RECEIVABLES>                                  695,525
<ALLOWANCES>                                         0
<INVENTORY>                                          0
<CURRENT-ASSETS>                            13,286,725
<PP&E>                                               0
<DEPRECIATION>                                       0
<TOTAL-ASSETS>                             125,832,226
<CURRENT-LIABILITIES>                      107,900,744
<BONDS>                                              0
<PREFERRED-MANDATORY>                                0
<PREFERRED>                                          0
<COMMON>                                        22,001
<OTHER-SE>                                  17,909,481
<TOTAL-LIABILITY-AND-EQUITY>               125,832,226
<SALES>                                              0
<TOTAL-REVENUES>                                73,400
<CGS>                                                0
<TOTAL-COSTS>                                        0
<OTHER-EXPENSES>                                15,239
<LOSS-PROVISION>                                     0
<INTEREST-EXPENSE>                              41,679
<INCOME-PRETAX>                                 16,482
<INCOME-TAX>                                         0
<INCOME-CONTINUING>                             16,482
<DISCONTINUED>                                       0
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                                    16,482
<EPS-PRIMARY>                                     0.01
<EPS-DILUTED>                                     0.01