From: http://chronicle.augusta.com/stories/2000/04/05/bus_286112.shtml

Status-One Investments Inc. is suing professional golfer Greg Norman and his company, Great White Shark Enterprises Inc., for $14 million.

The lawsuit, filed Monday in Palm Beach County Circuit in Florida, alleges that Mr. Norman did not make good on his commitments to shareholders of Visual Edge Systems Inc., a public company that sells instructional videos featuring the golfer.

John Story, a spokesman for Mr. Norman and Jupiter, Fla.-based Great White Shark Enterprises, said he does not understand what Status-One is alleging and called the suit "bogus."

The suit might stem from disagreements between Earl Takefman, the founder and former chief executive officer of Visual Edge, and the company's new management. Mr. Takefman now controls Status-One.

Mr. Takefman filed a similar lawsuit on behalf of Visual Edge against Mr. Norman in 1999 when he was still CEO. That suit was withdrawn by the board of directors a month after Mr. Takefman was dismissed in September.

Visual Edge, however, still has a good relationship with Mr. Norman and markets his 45-minute, one-on-one instructional video, spokesman Juan Ferreia said. The company is based in Boca Raton, Fla.

"This is a nuisance lawsuit and has no merit," he added.

Mr. Takefman said he believes shareholders suffered financial losses as a result of Mr. Norman's failure to keep his promises. His claims are detailed in the suit, he said.

"We lost money -- significant potential profits," he explained.

Allegations listed in the complaint include breach of contract, unjust enrichment, promissory estoppel, breach of implied duty of good faith and fair dealing, partnership dissolution and accounting, and breach of fiduciary duty and damages.

Visual Edge has a pending lawsuit in Delaware against Mr. Takefman and the company's former chief operating officer, Richard Parker. It alleges that the executives misused company money.

Mr. Takefman was replaced by Ronald Seale, the current chairman and interim chief executive officer of Visual Edge. Mr. Seale said Mr. Takefman tried to ruin the company.