<ARTICLE> 5 <PERIOD-TYPE> 9-MOS <FISCAL-YEAR-END> DEC-31-1998 <PERIOD-START> JAN-01-1998 <PERIOD-END> SEP-30-1998 <CASH> 485,066 <SECURITIES> 3,760,997 <RECEIVABLES> 1,017,756 <ALLOWANCES> 0 <INVENTORY> 0 <CURRENT-ASSETS> 5,834,812 <PP&E> 509,284 <DEPRECIATION> (238,672) <TOTAL-ASSETS> 6,105,424 <CURRENT-LIABILITIES> 754,858 <BONDS> 14,314,210 <PREFERRED-MANDATORY> 79,968 <PREFERRED> 0 <COMMON> 0 <OTHER-SE> (9,043,612) <TOTAL-LIABILITY-AND-EQUITY> 6,105,424 <SALES> 6,973,222 <TOTAL-REVENUES> 6,973,222 <CGS> 0 <TOTAL-COSTS> 4,950,177 <OTHER-EXPENSES> 5,687,645 <LOSS-PROVISION> 3,938,300 <INTEREST-EXPENSE> 4,387,778 <INCOME-PRETAX> (11,990,678) <INCOME-TAX> 0 <INCOME-CONTINUING> (11,990,678) <DISCONTINUED> 0 <EXTRAORDINARY> 1,703,017 <CHANGES> 0 <NET-INCOME> (10,287,661) <EPS-PRIMARY> (1.290) <EPS-DILUTED> (1.290)