<ARTICLE> 5 <PERIOD-TYPE> 9-MOS <FISCAL-YEAR-END> DEC-31-1997 <PERIOD-START> JAN-01-1998 <PERIOD-END> SEP-30-1998 <CASH> 16,382,600 <SECURITIES> 0 <RECEIVABLES> 1,777,500 <ALLOWANCES> 0 <INVENTORY> 0 <CURRENT-ASSETS> 19,884,500 <PP&E> 772,000 <DEPRECIATION> 96,500 <TOTAL-ASSETS> 37,360,200 <CURRENT-LIABILITIES> 6,117,000 <BONDS> 3,795,000 <PREFERRED-MANDATORY> 0 <PREFERRED> 2,100 <COMMON> 8,600 <OTHER-SE> 27,437,500 <TOTAL-LIABILITY-AND-EQUITY> 37,360,200 <SALES> 0 <TOTAL-REVENUES> 15,787,800 <CGS> 0 <TOTAL-COSTS> 10,773,700 <OTHER-EXPENSES> 0 <LOSS-PROVISION> 0 <INTEREST-EXPENSE> (47,700) <INCOME-PRETAX> 1,155,700 <INCOME-TAX> 0 <INCOME-CONTINUING> 1,155,700 <DISCONTINUED> 1,276,000 <EXTRAORDINARY> 0 <CHANGES> 0 <NET-INCOME> 2,431,700 <EPS-PRIMARY> .32 <EPS-DILUTED> .30