<ARTICLE> 5 <PERIOD-TYPE> 3-MOS <FISCAL-YEAR-END> DEC-31-1996 <PERIOD-START> JAN-01-1996 <PERIOD-END> MAR-31-1996 <CASH> 4,533,358 <SECURITIES> 0 <RECEIVABLES> 50,059,672 <ALLOWANCES> 10,231,336 <INVENTORY> 0 <CURRENT-ASSETS> 44,821,694 <PP&E> 7,049,375 <DEPRECIATION> 210,554 <TOTAL-ASSETS> 51,660,515 <CURRENT-LIABILITIES> 663,170 <BONDS> 0 <PREFERRED-MANDATORY> 0 <PREFERRED> 0 <COMMON> 0 <OTHER-SE> 50,997,345 <TOTAL-LIABILITY-AND-EQUITY> 51,660,515 <SALES> 0 <TOTAL-REVENUES> 946,824 <CGS> 0 <TOTAL-COSTS> 0 <OTHER-EXPENSES> 563,514 <LOSS-PROVISION> 0 <INTEREST-EXPENSE> 0 <INCOME-PRETAX> 383,310 <INCOME-TAX> 0 <INCOME-CONTINUING> 383,310 <DISCONTINUED> 0 <EXTRAORDINARY> 0 <CHANGES> 0 <NET-INCOME> 383,310 <EPS-PRIMARY> 0 <EPS-DILUTED> 0