<ARTICLE> 5 <CIK> 0000724332 <NAME> PHOENIX ASSOCIATES <PERIOD-TYPE> YEAR 6-MOS <FISCAL-YEAR-END> DEC-31-1997 DEC-31-1998 <PERIOD-START> JAN-01-1997 JAN-01-1998 <PERIOD-END> DEC-31-1997 JUN-30-1998 <CASH> 247 0 <SECURITIES> 0 0 <RECEIVABLES> 1,067 0 <ALLOWANCES> 0 0 <INVENTORY> 0 0 <CURRENT-ASSETS> 1,314 0 <PP&E> 0 0 <DEPRECIATION> 0 0 <TOTAL-ASSETS> 7,954,462 8,129,425 <CURRENT-LIABILITIES> 721,573 753,918 <BONDS> 105,204,608 104,844,308 <PREFERRED-MANDATORY> 0 0 <PREFERRED> 0 0 <COMMON> 0 0 <OTHER-SE> (170,411,703) (176,969,811) <TOTAL-LIABILITY-AND-EQUITY> 7,954,462 8,129,425 <SALES> 0 0 <TOTAL-REVENUES> 0 0 <CGS> 0 0 <TOTAL-COSTS> 0 0 <OTHER-EXPENSES> (3,226,458) 52,445 <LOSS-PROVISION> 0 0 <INTEREST-EXPENSE> 12,093,970 6,505,663 <INCOME-PRETAX> (8,867,512) (6,558,108) <INCOME-TAX> 0 0 <INCOME-CONTINUING> (8,867,512) (6,558,108) <DISCONTINUED> 0 0 <EXTRAORDINARY> 0 0 <CHANGES> 0 0 <NET-INCOME> (8,867,512) (6,558,108) <EPS-PRIMARY> 0 0 <EPS-DILUTED> 0 0