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

                             
<PERIOD-TYPE>                   3-MOS
<FISCAL-YEAR-END>                          JUN-30-2000
<PERIOD-START>                             JUL-01-1999
<PERIOD-END>                               SEP-30-1999
<EXCHANGE-RATE>                                      1
<CASH>                                       4,771,000
<SECURITIES>                                         0
<RECEIVABLES>                                2,496,000
<ALLOWANCES>                                         0
<INVENTORY>                                          0
<CURRENT-ASSETS>                            13,022,000
<PP&E>                                         131,000
<DEPRECIATION>                                 120,000
<TOTAL-ASSETS>                              18,176,000
<CURRENT-LIABILITIES>                        6,610,000
<BONDS>                                     23,100,000
<PREFERRED-MANDATORY>                                0
<PREFERRED>                                          0
<COMMON>                                       400,000
<OTHER-SE>                                           0
<TOTAL-LIABILITY-AND-EQUITY>                18,176,000
<SALES>                                              0
<TOTAL-REVENUES>                             1,976,000
<CGS>                                                0
<TOTAL-COSTS>                                1,040,000
<OTHER-EXPENSES>                                     0
<LOSS-PROVISION>                                     0
<INTEREST-EXPENSE>                             684,000
<INCOME-PRETAX>                                370,000
<INCOME-TAX>                                    81,000
<INCOME-CONTINUING>                                  0
<DISCONTINUED>                                       0
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                                   289,000
<EPS-BASIC>                                       0.14
<EPS-DILUTED>                                     0.14