EXHIBIT 12.1
    
 
   
           COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES
                         AND PREFERRED STOCK DIVIDENDS
                                 (IN THOUSANDS)
    
 
   
<TABLE>
<S>                                                                                            <C>
Net Loss for the six months ended June 30, 1997.............................................   $   (835)
Accretion of 5% Convertible Preferred Stock added to Liquidation Preference for the six
  months ended June 30, 1997................................................................     (1,406)
Deemed Dividend on 5% Convertible Preferred Stock for the six months ended June 30, 1997....    (43,313)
                                                                                               --------
     Coverage Deficiency....................................................................   $(45,554)
                                                                                               --------
                                                                                               --------
</TABLE>