<ARTICLE> 5 <MULTIPLIER> 1 <PERIOD-TYPE> 12-MOS <FISCAL-YEAR-END> DEC-31-1996 <PERIOD-START> JAN-01-1996 <PERIOD-END> DEC-31-1996 <CASH> 10,687,475 <SECURITIES> 4,892,199 <RECEIVABLES> 61,638,934 <ALLOWANCES> (15,725,390) <INVENTORY> 0 <CURRENT-ASSETS> 69,818,720 <PP&E> 2,077,919 <DEPRECIATION> (352,145) <TOTAL-ASSETS> 74,451,081 <CURRENT-LIABILITIES> 1,718,901 <BONDS> 60,404,791 <PREFERRED-MANDATORY> 0 <PREFERRED> 0 <COMMON> 79,458 <OTHER-SE> 12,247,841 <TOTAL-LIABILITY-AND-EQUITY> 74,451,081 <SALES> 13,185,123 <TOTAL-REVENUES> 13,185,123 <CGS> 0 <TOTAL-COSTS> 8,102,384 <OTHER-EXPENSES> 11,193,328 <LOSS-PROVISION> 13,351,000 <INTEREST-EXPENSE> 3,989,912 <INCOME-PRETAX> (23,451,501) <INCOME-TAX> (4,352,000) <INCOME-CONTINUING> (19,099,501) <DISCONTINUED> 0 <EXTRAORDINARY> 0 <CHANGES> 0 <NET-INCOME> (19,099,501) <EPS-PRIMARY> (2,410) <EPS-DILUTED> (2,410)