Greg Norman is "looking for bargains amid Asia's
distressed assets" and "hopes to cash in on a crisis
gripping the region's greens," according to S. Karene
Witcher of the WALL STREET JOURNAL. Macquarie Bank Dir Bill
Moss said that Norman, along with Australia-based Macquarie
and AZ-based Troon Golf, is seeking to form "'a series of
vulture funds' to pick over top-class golf courses around
the region." Moss said that Indonesia is "likely" to be
Norman's first target "once real-estate prices hit bottom
there." Troon, which is 45% owned by U.S. hotel operator
Starwood Lodging Corp., "mostly wants to win management
contracts in Asia," but it "expects some of those Asian
contracts to lead to equity positions." In Japan, Moss said
that Norman's popularity will attract potential clients, as
he is a "demigod" in Japan (WALL STREET JOURNAL, 7/31).
CALLAWAY'S COMPETITION? In S.F., Pat Sullivan wrote on
Callaway's recent earnings dip and said that golf club
manufacturers Orlimar and Adams Golf "probably have cut into
Callaway's business." Hambricht & Quist industry analyst
Shawn Milne said the companies "took share right out of
Callaway's back pocket." Milne: "Callaway had about a 15-
percent exposure in Asia, and it got hurt by the weather in
the U.S. It got killed in the wood business in a year when
it had no new product" (S.F. CHRONICLE, 7/30).
