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August 06, 1993 - Image 37

Resource type:
The Detroit Jewish News, 1993-08-06

Disclaimer: Computer generated plain text may have errors. Read more about this.

Attorney Eyes Golf
As Business Career


Specially compiled by The Jerusalem Post

— $1 EQUALS 2.8710 MS (shekels) - Close Price 7/3010T-



Eric Krause
caddies for


ast summer, Eric
Krause went from tak-
ing the bar exam to
spending three days in
a parking lot looking for a
Mr. Krause, of West
Bloomfield, took his passion
for golf and his uncertainty
about what he wanted to do
after law school to the park-
ing lot of the Buick Open in
Grand Blanc. He was look-
ing for work.
Now, he is a caddy for 34-
year-old professional golfer
Michael Allen and has
hopes of organizing corpo-
rate outings during tourna-
ments and negotiating con-
tracts for players.
"Being on the inside and
knowing what goes on with
the game, I can see business
opportunities, and that's an
opportunity for me to make
a good living," said Mr.
Krause, who is working the
Buick Open this weekend.
Mr. Krause says there
are two different types of
tour caddies, the "lifers" and
the "wanderers." The lifers
want to stay with their job
forever. The wanderers are
not quite sure what they
want to do.
Mr. Krause describes
himself as a wanderer.
"I came out of law school

with no focus and I was not
ready to go into the tradi-
tional practice of law. I also
wanted to see the country
and I realized there were
opportunities out there," he
"I'm seeing opportunities
to organize corporate out-
ings during the weeks of

"I was not
ready to go into
the traditional
practice of law."

some PGA tournaments
next year."
Corporate outings are a
promotional tool used by
large companies.
"They buy spots to play
with professional golfers
and then usually give the
spots to their clients or top
sales people, the idea being
that the money raised goes
to a local charity," Mr.
Krause said.
Mr. Krause eventually
plans to get into player rep-
resentation, where he would
negotiate player endorse-
ment contracts with golf
clubs and clothing manufac-
turers and other golf-related

.'~111101111111111.0114INIIIMIIMMIWitlath. -

"Big sports management
firms don't hire outsiders,"
he said. "Being on the inside
gives me a chance to meet
the people I would be work-
ing with."
While Mr. Allen and his
27-year-old caddy have
become good friends off the
course, when they are on
the green it's strictly busi-
During a tournament, Mr.
Krause must be aware of all
the conditions on the course,
including helping with club
selection, reading putts,
gauging the wind and know-
ing the exact yardage.
"I am a confidante and a
sports psychologist," he
said. "I try to keep him
relaxed and focused as a
professional and I try to
take away all the things he
has to think about. He does
all the shot-making, but I'm
his right-hand man. He
treats me like we're a team."
Since they have teamed
up, Mr. Allen is having his
best year on the tour.
"We've had a few good
chances; it's just a matter of
time," he said.
Mr. Allen is ranked 59th
on the money list with
$194,000, which virtually
assures him a spot in the
PGA Championship next
A caddy's salary ranges
from $400 to $700 a week,
Mr. Krause said. "I also
earn a percentage of his
winnings. The percentage is
where you make your
"It's an escalating per-
centage based on his finish,
up to 10 percent for a victo-
ry in a tournament, and it's
been lucrative."
Mr. Krause said his job
includes such perks as golf-
ing with Mr. Allen on some
of the nation's greatest
courses, golf clothing, clubs
and other equipment. He
also receives discounts on
airline trips and car rentals
when he is traveling with
the tour.
"My friends are happy
when I come home because
they get to restock their golf
bags," he said.
Between January and
November, Mr. Allen plays
in 30 PGA tournaments.
"We usually play three or
four tournaments in a row
and then take off one or two
weeks. The traveling gets to
be a grind. It's nice to get
home and see my family and
friends," he said. El

Two class-action suits have
been filed against Scitex
and its officials by
investors in the United
The suits allege the com-
pany violated certain pro-
visions < of the U.S.
Securities Act of 1934 and
other laws with its report
10 days ago of lower-than-
expected results for the
second quarter.
According to Scitex, com-

plaints have been filed in
both the U.S. District
Court for the Eastern
District of New York and
the U.S. District Court for
the District of Massa
chusetts in Boston.
In a statement, Scitex
said the company and the
other defendants insist the
claims are without merit
and intend to defend the
suits vigorously.


The Clal GroUP, through
the Burger
ow r .. the fr an g
'the Burger
l ain'' in Israel,
ce close

Burger Ranch branches
into Burger Kings, the
source said.
The source added this
would give Burger King a
competitive advantage
over McDonald's, which is
scheduled to open its first
branch by the end of the

Trade Deficit Jumps 11 Percent

The Israel trade deficit
grew 11 percent to $3.6 bil-
lion during the first half of
the year compared to the
same period in 1992, the
Central Bureau of
Statistics reported.
Exports, however,
increased 11,4 percent to
$4.9 billion. About half the
deficit derived from trade
with the European
Community, reflecting a 16
percent increase from the
same period last year
Trade with the United

States, excluding defense
and diamonds resulted in
a deficit of 470 billion
during the first six months
of the year, a 28 percent
jump compared to the
same period in 1992.
Exports to the former
Eastern bloc nearly dou-
bled, while those to Asia
grew by a third. The
increase in exports to these
countries accounted for
half the overall export

Israel Finance Minister
Avraham Shohat and
Bank of Israel Governor
Jacob Frenkel announced
they are raising the mid-
point of the "crawling peg"
exchange rate by 2 percent
and lo g ra

moves are intended to
improve the economy and
rid it of existing distor-
The cancellation of the
foreign exchange insur
ance to exporters and the 2
ercent l evy mean


Me morex"
under its own name,
Gambit's Gam View man-
agement programs to
North America, Asia, and
Europe. The products will
go under the MTX System
6000 Networking Solution

The rqlationship be-


eeri a mbitiai

rex is being termed
strategic alliance relation4
ship by the two sides. '1 1(P
be able to supply Memo-
rex's needs, Gambit has
been obligated to begin
producing the products in
the United States within

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