<ARTICLE> 5 <MULTIPLIER> 1 <CURRENCY> U.S DOLLARS <PERIOD-TYPE> 3-MOS <FISCAL-YEAR-END> JUN-30-1998 <PERIOD-START> JUL-01-1997 <PERIOD-END> DEC-31-1997 <EXCHANGE-RATE> 1 <CASH> 4,808,000 <SECURITIES> 0 <RECEIVABLES> 5,806,000 <ALLOWANCES> 0 <INVENTORY> 0 <CURRENT-ASSETS> 9,313,000 <PP&E> 132,000 <DEPRECIATION> 103,000 <TOTAL-ASSETS> 22,059,000 <CURRENT-LIABILITIES> 1,401,000 <BONDS> 23,100,000 <PREFERRED-MANDATORY> 0 <PREFERRED> 0 <COMMON> 400,000 <OTHER-SE> 0 <TOTAL-LIABILITY-AND-EQUITY> 22,059,000 <SALES> 0 <TOTAL-REVENUES> 2,215,000 <CGS> 0 <TOTAL-COSTS> 3,275,000 <OTHER-EXPENSES> 0 <LOSS-PROVISION> 0 <INTEREST-EXPENSE> 694,000 <INCOME-PRETAX> (1,548,000) <INCOME-TAX> 45,000 <INCOME-CONTINUING> (1,593,000) <DISCONTINUED> 0 <EXTRAORDINARY> 0 <CHANGES> 0 <NET-INCOME> (1,593,000) <EPS-PRIMARY> (.85) <EPS-DILUTED> (.85)