Well, like I said, I haven't been to a haircut place in over a decade, so I have no basis of expirience to speculate upon. Do they post signs?
I would naturally assume they would throw the cut hair out as trash. Of course I personally would object to anyone taking my hair with or without my knowledge. This has more to do with personal beliefs than practical concerns.
Anyway, I think Armstrong is doing nothing wrong and is well within his rights to sue. Most celebrities sell part of :"Themselves" as a choice and under contract. I've seen it first hand- paying out cash to sports, tv, music, and movie personalities for personal mementos and autographs. It's a perk for being famous.
To take that perk, or any other, with out permission is equivalent to stealing. I think it is correct that Ohio has a law designed to punish profiteering off of unwitting celebrities.
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