Martin S. Ackerman
Encyclopedia
Martin S. Ackerman was a lawyer and businessman known for mergers and acquisitions.
. He then move on to law at Rutgers Law School. With his law degree he in 1957 became a partner in the Cooper, Ostrin, De Varco & Ackerman firm based in New YOrk City. They were mergers and acquisitions specialists.
was form in 1962 by Ackerman from parts of his first four acquisitions: United Whelan Corporation
, Hudson National, Perfect Photos and Equality Plastics Inc. Hudson was a a mail-order firm and Equality Plastics Inc. was a consumer products distributor. Perfect Film sold off Whelan drugstores and the Pathe Films Lab.
Ackerman's Perfect Film
loaned $5 million into Curtis Publishing Company
in 1968 at the request of Curtis' primary loan holder, First National Bank of Boston to exend its loans. He was appointed president of Curtis. Ackerman has Curtis sell for $7.3 million its Philadelphia headquarters to a real estate developer, John W. Merriam, and lease half the buildings back to pay off most of the First National loan. In 1968, Curtis Publishing sold the Ladies' Home Journal, along with The American Home, to Downe Communications
for $5.4 million in stock. Ackerman has Curtis sell the Downe stock for operating cash. 6 million Post subscribers are sold to Life for cash, a 2.5 million dollar loan and become a customer of Curtis' subsidaries for circulation and printing services. With all these attempts to revive the Post and lack of a purchaser, Curtis Publishing shut down the Evening Post in 1969. A Curtis founder's decendant, stockholders and trustees sued Ackerman over his actions at Curtis. With the union suing over an alleged diversion of $6 million in pension fund diversion to invest in Lin Broadcasting. For five weeks, he was president of Lin. In 1969, Ackerman left Curtis and Perfect Film.
By the mid-1970s, Ackerman moved to London. There he practiced tax law, was publishing Arts Review magazine and established Eaton House Publishers. In a dispute over support, his ex-wife went to England then back final winning in a 1982 Federal court ruling.
Ackerman also dabble in banking by helping form Republic National Bank on Fifth Avenue and owned for a time a Californian bank.
At the time of his death, Martin served on the boards of Zales, Non-Invasive Monitoring Systems, Adience and Calton Home Builders. On June 14, 1993, Ackerman was named chairman, president and chief executive officer of Standard Brands Paint Co. as part of the plan that brought the company out of Chapter 11 federal bankruptcy protection.
, Manhattan after an operation from acute sepsis.
Legal career
Raised in Rochester, NY, Ackerman then attended and graduated from Syracuse UniversitySyracuse University
Syracuse University is a private research university located in Syracuse, New York, United States. Its roots can be traced back to Genesee Wesleyan Seminary, founded by the Methodist Episcopal Church in 1832, which also later founded Genesee College...
. He then move on to law at Rutgers Law School. With his law degree he in 1957 became a partner in the Cooper, Ostrin, De Varco & Ackerman firm based in New YOrk City. They were mergers and acquisitions specialists.
Business career
Perfect Film and Chemical CorporationCadence Industries
Cadence Industries Corporation, formerly Perfect Film & Chemical Corporation, was an American conglomerate owned by Martin "Marty" S. Ackerman. From 1968 through 1986, Perfect/Cadence was the parent company of the publisher of Marvel Comics....
was form in 1962 by Ackerman from parts of his first four acquisitions: United Whelan Corporation
United Cigar Stores
United Cigar Stores was the largest chain of cigar stores in the United States. Though initially specializing in cigars, it eventually sold many other items, such as Mickey Mouse watches and shoe trees. The chain was founded in 1901. The chain represented the interests of the Consolidated Tobacco...
, Hudson National, Perfect Photos and Equality Plastics Inc. Hudson was a a mail-order firm and Equality Plastics Inc. was a consumer products distributor. Perfect Film sold off Whelan drugstores and the Pathe Films Lab.
Ackerman's Perfect Film
Cadence Industries
Cadence Industries Corporation, formerly Perfect Film & Chemical Corporation, was an American conglomerate owned by Martin "Marty" S. Ackerman. From 1968 through 1986, Perfect/Cadence was the parent company of the publisher of Marvel Comics....
loaned $5 million into Curtis Publishing Company
Curtis Publishing Company
The Curtis Publishing Company, founded in 1891 in Philadelphia, Pennsylvania, became one of the largest and most influential publishers in the United States during the early 20th century. The company's publications included the Ladies' Home Journal and The Saturday Evening Post, The American Home,...
in 1968 at the request of Curtis' primary loan holder, First National Bank of Boston to exend its loans. He was appointed president of Curtis. Ackerman has Curtis sell for $7.3 million its Philadelphia headquarters to a real estate developer, John W. Merriam, and lease half the buildings back to pay off most of the First National loan. In 1968, Curtis Publishing sold the Ladies' Home Journal, along with The American Home, to Downe Communications
Downe Communications
Downe Communications was a publishing company founded by Edward Downe, Jr. that produced several popular magazines and provided subscription fulfillment services from 1967 to 1978....
for $5.4 million in stock. Ackerman has Curtis sell the Downe stock for operating cash. 6 million Post subscribers are sold to Life for cash, a 2.5 million dollar loan and become a customer of Curtis' subsidaries for circulation and printing services. With all these attempts to revive the Post and lack of a purchaser, Curtis Publishing shut down the Evening Post in 1969. A Curtis founder's decendant, stockholders and trustees sued Ackerman over his actions at Curtis. With the union suing over an alleged diversion of $6 million in pension fund diversion to invest in Lin Broadcasting. For five weeks, he was president of Lin. In 1969, Ackerman left Curtis and Perfect Film.
By the mid-1970s, Ackerman moved to London. There he practiced tax law, was publishing Arts Review magazine and established Eaton House Publishers. In a dispute over support, his ex-wife went to England then back final winning in a 1982 Federal court ruling.
Ackerman also dabble in banking by helping form Republic National Bank on Fifth Avenue and owned for a time a Californian bank.
At the time of his death, Martin served on the boards of Zales, Non-Invasive Monitoring Systems, Adience and Calton Home Builders. On June 14, 1993, Ackerman was named chairman, president and chief executive officer of Standard Brands Paint Co. as part of the plan that brought the company out of Chapter 11 federal bankruptcy protection.
Death
Martin S. Ackerman died at age 61 on August 1, 1993 at Mount Sinai HospitalMount Sinai Hospital
Mount Sinai Hospital may refer to:*Mount Sinai Hospital, New York*Mount Sinai Hospital, Toronto*Mount Sinai Medical Center & Miami Heart Institute, Miami, Florida*Mount Sinai Hospital, Cleveland*Mount Sinai Hospital, Milwaukee...
, Manhattan after an operation from acute sepsis.
Books
Ackerman wrote many books including:- "The Curtis Affair" (Nash, 1970)
- with Diane Leighton "Money, Power, Ego: A Manual for Would-be Wheeler-Dealers" (Playboy, 1976).