EXHIBIT 12.1
 
               COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED
                     CHARGES AND PREFERRED STOCK DIVIDENDS
                      FOR THE YEAR ENDED DECEMBER 31, 1997
                                 (IN THOUSANDS)
 
<TABLE>
<CAPTION>
<S>                                                                                  <C>
Net Loss..........................................................................   $ (4,737)
Deemed dividend on 5% delayed convertible preferred stock.........................    (51,975)
Dividend on 10.5% convertible preferred stock.....................................     (2,338)
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Coverage deficiency...............................................................   $(59,050)
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</TABLE>