<ARTICLE> 5
<MULTIPLIER> 1
<CURRENCY> U.S. DOLLARS

                             
<PERIOD-TYPE>                   3-MOS
<FISCAL-YEAR-END>                          JUN-30-2000
<PERIOD-START>                             JAN-01-2000
<PERIOD-END>                               MAR-31-2000
<EXCHANGE-RATE>                                      1
<CASH>                                       2,931,000
<SECURITIES>                                         0
<RECEIVABLES>                                2,504,000
<ALLOWANCES>                                         0
<INVENTORY>                                          0
<CURRENT-ASSETS>                            13,736,000
<PP&E>                                         131,000
<DEPRECIATION>                                 124,000
<TOTAL-ASSETS>                              15,294,000
<CURRENT-LIABILITIES>                        6,335,000
<BONDS>                                     23,100,000
<PREFERRED-MANDATORY>                                0
<PREFERRED>                                          0
<COMMON>                                       400,000
<OTHER-SE>                                           0
<TOTAL-LIABILITY-AND-EQUITY>                15,294,000
<SALES>                                              0
<TOTAL-REVENUES>                             1,447,000
<CGS>                                                0
<TOTAL-COSTS>                                4,578,000
<OTHER-EXPENSES>                                     0
<LOSS-PROVISION>                                     0
<INTEREST-EXPENSE>                             681,000
<INCOME-PRETAX>                            (3,604,000)
<INCOME-TAX>                               (1,205,000)
<INCOME-CONTINUING>                                  0
<DISCONTINUED>                                       0
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                               (2,399,000)
<EPS-BASIC>                                     (1.20)
<EPS-DILUTED>                                   (1.20)