<ARTICLE> 5 <PERIOD-TYPE> 3-MOS <FISCAL-YEAR-END> DEC-31-1996 <PERIOD-END> MAR-31-1996 <CASH> $ 1,105,021 <SECURITIES> 14,965,938 <RECEIVABLES> 26,912,356 <ALLOWANCES> (1,600,000) <INVENTORY> 0 <CURRENT-ASSETS> 0 <PP&E> 39,938 <DEPRECIATION> (32,336) <TOTAL-ASSETS> 42,020,115 <CURRENT-LIABILITIES> 363,802 <BONDS> 0 <COMMON> 45,322 <PREFERRED-MANDATORY> 0 <PREFERRED> 0 <OTHER-SE> 41,610,991 <TOTAL-LIABILITY-AND-EQUITY> 42,020,115 <SALES> 0 <TOTAL-REVENUES> 995,962 <CGS> 0 <TOTAL-COSTS> 0 <OTHER-EXPENSES> 124,666 <LOSS-PROVISION> 0 <INTEREST-EXPENSE> 0 <INCOME-PRETAX> 871,296 <INCOME-TAX> 0 <INCOME-CONTINUING> 871,296 <DISCONTINUED> 0 <EXTRAORDINARY> 0 <CHANGES> 0 <NET-INCOME> 871,296 <EPS-PRIMARY> 0.19 <EPS-DILUTED> 0.00