Martin S. Ackerman
| Martin S. Ackerman | |
|---|---|
| Born | 1932 |
| Died | August 1, 1993 Mount Sinai Hospital, Manhattan |
| Cause of death | Acute sepsis |
| Residence | Manhattan Sharon, Connecticut Paris |
| Education | Law degree |
| Alma mater |
Syracuse University Rutgers Law School |
| Occupation | Lawyer and businessman |
| Home town | Rochester, New York |
| Spouse(s) | Frances Shapiro Diane Leighton |
| Children | Kelly L. Ackerman Debra Ackerman Victoria Richardson Richard Ackerman |
| Parent(s) | Rebecca |
| Relatives | Sister: Ruby Levy Brother: Leonard Ackerman |
Martin S. Ackerman (1932 – August 1, 1993) was a lawyer and businessman known for mergers and acquisitions.
In 1932, Martin S. Ackerman was born to Rebecca Ackerman.
Raised in Rochester, New York, Ackerman then attended and graduated from Syracuse University. He then studied law at Rutgers Law School. In 1957 became a partner in the Cooper, Ostrin, De Varco & Ackerman law firm based in New York City. They were mergers and acquisitions specialists.
Perfect Film and Chemical Corporation was formed 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 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 extend its loans. He was appointed president of Curtis. Ackerman had 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 had Curtis sell the Downe stock for operating cash. 6 million Post subscribers were sold to Life for cash, a 2.5 million dollar loan and became a customer of Curtis' subsidiaries 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 descendant, stockholders and trustees sued Ackerman over his actions at Curtis. The union sued 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, finally winning in a 1982 federal court ruling.
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