FL-based Visual Edge Systems, a marketer of
"personalized golf lessons on videotape," has filed suit
against Greg Norman for "allegedly failing to promote the
company as his contract requires," according to James McNair
of the MIAMI HERALD. Visual Edge CEO Earl Takefman said
that the contract "called for Norman to make two personal
appearances per year" for the product, called "One on One
with Greg Norman," but added, "He's never done a personal
appearance for us. He's worked 1 1/2 days for us in the
last three years and received $1.3 million in cash, plus
stock." The suit also refers to the fact that Norman
created a Web site, shark.com, which is "similar to Visual
Edge's" theshark.com. Norman, whose relationship with the
company "goes back to" '95, said in a statement that the
lawsuit has "no merit." Norman: "It's too bad that it came
to this, but since we renegotiated the contract with them in
February, they haven't complied with the contract and we had
to give them a notice of default." Norman noted a lawsuit
in DE in which Visual Edge's "majority investors are
challenging the management team headed" by Takefman, and he
described the lawsuit "as a last-gasp annoyance by Takefman
before he is ousted from office" (MIAMI HERALD, 8/12).
BLOOMBERG's Rick Westhead writes that Norman said that he
"will continue to work" with Visual Edge "if the company
overhauls its management structure." But Visual Edge
President Richard Parker said Norman is "misinformed" about
impending management changes (BLOOMBERG NEWS, 8/12). NASDAQ
"delisted" Visual Edge last month. The company had a net
loss of $1M on sales of $320,000 for the first quarter of
'99, compared to a $1.3M loss on sales of $234,000 for the
same quarter in '98 (Paul Owers, PALM BEACH POST, 8/12).
