GOLDEN BEAR RESTATES LOSSES; NICKLAUS DOWN $16.5M ON PAPER

          FL-based Golden Bear Golf, the golf company controlled
     by Jack Nicklaus, said it would "restate" its '97 results
     because of an "understatement of expenses" by former execs
     at its Paragon Construction subsidiary, according to Ann
     Carrns of the WALL STREET JOURNAL.  Golden Bear said that it
     will report a loss of $24.7M, or $4.49 a share, for the year
     ended December 31 instead of its previously reported loss of
     $2.9M, or $.53 a share.  Golden Bear fell 62.5 cents, or
     14%, to $4 on the NASDAQ yesterday.  The company said it
     expects to report losses "of as much as" $17M for the six
     months of this year, "most" of which is attributable to
     Paragon, which builds golf courses (WALL STREET JOURNAL,
     7/28).  In N.Y., Paul Tharp reports that Nicklaus, who owns
     "about half" the company's outstanding shares, has seen his
     company's shares "plummet" by 75% since it went public two
     years ago, losing him about $16.5M on paper(N.Y. POST,7/28).