<ARTICLE> 5 <MULTIPLIER> 1,000 <PERIOD-TYPE> 3-MOS <FISCAL-YEAR-END> JUN-30-2000 <PERIOD-START> JUL-01-1999 <PERIOD-END> SEP-30-1999 <CASH> 68,422 <SECURITIES> 48,044 <RECEIVABLES> 0 <ALLOWANCES> 0 <INVENTORY> 3,072 <CURRENT-ASSETS> 121,301 <PP&E> 26,095 <DEPRECIATION> 15,430 <TOTAL-ASSETS> 140,548 <CURRENT-LIABILITIES> 4,714 <BONDS> 284,363 <PREFERRED-MANDATORY> 0 <PREFERRED> 21 <COMMON> 18 <OTHER-SE> (150,828) <TOTAL-LIABILITY-AND-EQUITY> 140,548 <SALES> 68 <TOTAL-REVENUES> 68 <CGS> 0 <TOTAL-COSTS> 15,976 <OTHER-EXPENSES> 0 <LOSS-PROVISION> 0 <INTEREST-EXPENSE> 9,186 <INCOME-PRETAX> (23,509) <INCOME-TAX> 0 <INCOME-CONTINUING> (23,509) <DISCONTINUED> 0 <EXTRAORDINARY> 0 <CHANGES> 0 <NET-INCOME> (23,509) <EPS-BASIC> 1.36 <EPS-DILUTED> 1.36