<ARTICLE> 5 <PERIOD-TYPE> 9-MOS <FISCAL-YEAR-END> DEC-31-1996 <PERIOD-START> JUL-01-1996 <PERIOD-END> SEP-30-1996 <CASH> 4,478,000 <SECURITIES> 0 <RECEIVABLES> 0 <ALLOWANCES> 0 <INVENTORY> 0 <CURRENT-ASSETS> 4,505,000 <PP&E> 0 <DEPRECIATION> 133,000 <TOTAL-ASSETS> 4,505,000 <CURRENT-LIABILITIES> 1,504,000 <BONDS> 0 <PREFERRED-MANDATORY> 0 <PREFERRED> 0 <COMMON> 12,737,000 <OTHER-SE> (9,736,000) <TOTAL-LIABILITY-AND-EQUITY> 4,505,000 <SALES> 0 <TOTAL-REVENUES> 1,203,000 <CGS> 0 <TOTAL-COSTS> 279,000 <OTHER-EXPENSES> 200,000 <LOSS-PROVISION> 0 <INTEREST-EXPENSE> 1,998,000 <INCOME-PRETAX> (1,274,000) <INCOME-TAX> 0 <INCOME-CONTINUING> (1,274,000) <DISCONTINUED> 0 <EXTRAORDINARY> (12,000) <CHANGES> 0 <NET-INCOME> (1,286,000) <EPS-PRIMARY> (0.46) <EPS-DILUTED> (0.46)