308:. Heyman spent much of the 1990s in a day-to-day management role, as Chairman of each of GAF Building Materials and ISP. Under Heyman's direction, on January 1, 1994, GAF Broadcasting changed the music format of its radio station from classical music to pure rock (and its call letters from WNCN-FM to WAXQ-FM), pursuing a younger audience with greater disposable income. After Congress passed the Telecommunications Act of 1996, which significantly reduced in-market ownership limitations, especially in large metropolitan areas, GAF Broadcasting was sold to Entertainment Communications, Inc. (who in turn swapped the radio station to Viacom, Inc. for three other radio stations) for $ 90 million. At the time, this was the highest price paid for a single radio station in the US, and reflected a value of more than 45.0 times cash flow.
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expectation that then-Chairman, 65-year-old Dr. Jesse Werner, would retire. Between 1978 and 1981, in an effort to streamline the business and improve profitability, Werner sold GAF's consumer camera, projector, and photo processing operations (including the ubiquitous GAF View-Master stereo 3D picture viewer) and its dyes and pigments businesses, leaving GAF with three businesses: GAF Chemicals (which would become
International Specialty Products Inc.), GAF Broadcasting (at the time, the New York City-based classical radio station, WNCN-FM), and GAF Building Products (today's
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260:. In late December 1983, the shareholders voted to oust the existing Board (including Werner) and to install Heyman as CEO and chairman. At the time, given Heyman's minority ownership of less than 5% of the company, Barron's hailed the development as "one of the most striking achievements in the annals of corporate finance."
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scale of GAF's chemical operations. Despite the inability of Heyman to complete these takeovers, his efforts resulted in large profits for GAF through the ultimate sale of the shares GAF had acquired in each of the target companies. Many of Heyman's takeover attempts were to be funded with commercial borrowings from
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September 1987, Heyman offered to take GAF private for $ 2.3 billion, but the October 1987 stock market crash and the resulting changes in the economy resulted in a decline in GAF Corporation's performance through 1988. Nonetheless, Heyman pursued the privatization of GAF, and in March 1989,
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During the late 1980s, Heyman continued to invest his personal wealth using risk arbitrage, and subsequently encouraged GAF Corporation's treasury department to increase returns on the company's cash by also pursuing risk arbitrage as an investment strategy. This investment style led GAF Corporation
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in April 1987 (Borg Warner's stock was substantially undervalued due to the poor performance of its automotive business, which masked the exceptional performance of its chemicals business); these investments were operationally justified by Heyman in the public markets as an effort to increase the
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investor, acquired approximately 4.1% of the outstanding shares in GAF Corporation (GAF an abbreviation for
General Aniline & Film), a troubled, 1960's-style conglomerate that was formerly owned by the US Government during each of World War I and World War II. Heyman invested in GAF with the
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Heyman continued to invest his own money and the cash accounts of each of GAF Building
Materials and ISP in risk arbitrage, and in September 1996 Heyman took sizable long and short positions in Office Depot and Staples, Inc., respectively, when these two office products companies announced their
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In 1967, GAF's prior chairman, Dr. Werner, acquired a roofing company, Ruberoid
Corporation. However, one of Ruberoid's roofing product lines included asbestos as a fire retardant, and the business acquired included an asbestos mine in Vermont. Despite the mine being closed in 1975, asbestos
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Within a year of Heyman's takeover, GAF's performance quickly improved due to a major cost-cutting initiative (which included relocating GAF's headquarters from the pricey Time-Life
Building in Manhattan to suburban Wayne, New Jersey) and increased research and development outlays.
256:). When Dr. Werner reneged on his pledge to retire (he signed a five-year, multi million dollar employment agreement), Heyman prepared his own slate of directors, including Heyman as chairman, and ran against the incumbent Board and management team in an unprecedented
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litigation grew substantially, with GAF eventually paying out more than $ 1.5 billion in asbestos-related bodily injury claims. Heyman unsuccessfully lobbied
Congress to change the law governing asbestos litigation and eliminate
335:, his hedge fund, Heyman Investment Associates declined to accept Airline Partners Australia's offer for his shares in the airline. Much of the bidding team blamed Heyman for the takeover's ultimate failure.
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merger. Unfortunately for Heyman, the US Justice
Department refused to let the deal proceed, and Heyman lost nearly $ 200 million in trying to unwind his personal positions, and those at GAF and ISP.
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Two years later, in 1991, Heyman spun off GAF's chemical business as a separate entity and sold 19.6% to the public, listing the company, renamed
International Specialty Products Inc. ("ISP"), on the
293:, who lived across the street from Heyman in Green Farms, Connecticut, and the two often played tennis together. Later in Siegel's career, he would serve as Heyman's personal financial advisor.
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Two years later, he nearly wrested the mantle of chemical behemoth Union
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Heyman married Ronnie Feuerstein in 1970. Together, they had four children and nine grandchildren. His daughter Eleanor married real estate investor
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for Connecticut. In 1968, after the death of his father, he took over his family's Connecticut-based real estate firm, Heyman Properties.
134:(March 1, 1939 – November 7, 2009) was an American businessman and hedge fund manager best known for his longtime chairmanship of the
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Heyman had a diverse array of philanthropic interests. Most notably, he founded and served as chairman of the Washington-based
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Heyman returned to pursuing corporate takeovers in 2000, when he was involved in the unsuccessful takeover attempts of
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in late 1985 (Union Carbide's stock had cratered as a result of the December 1984 Bhopal incident) and
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he and a select group of GAF management acquired the company for $ 1.4 billion in a
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New York Times: "Samuel Heyman, a Corporate Raider, Dies at 70" By GERALDINE FABRIKANT"
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Gotham Magazine: "Upper West Side Celebrity Real Estate News" by sally goldstein
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to assist graduates with careers in federal government. He also established
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Martha Stewert Weddings: "A Modern and Formal White Wedding in Connecticut"
154:, to Lazarus and Annette Heyman. His father was a real estate developer.
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219: in this section. Unsourced material may be challenged and removed.
169:, graduating in 1963. After graduation, he became an attorney for the
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Heyman died on November 7, 2009, at age 70 due to complications from
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161:, Heyman was a regionally ranked varsity tennis player and member of
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789:"Golden Plate Awardees of the American Academy of Achievement"
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Harvard Law Today: "Samuel J. Heyman ’63 [1939—2009]"
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The Samuel and Ronnie Heyman Center on Corporate Governance
391:. In 1985, Heyman received the Golden Plate Award of the
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506:"Westport Businessman Samuel J. Heyman Dies at 70"
165:. After graduating from Yale in 1960, he attended
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359:presents Heyman with Presidential Citizens Medal
479:"Samuel Heyman, a Corporate Raider, Dies at 70"
680:"Heyman sails close to the edge, then over it"
708:"Giant bluff goes badly wrong, no hedging it"
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16:American businessman and hedge fund manager
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623:"COMPANY NEWS; Heyman Gets Rebuff at GAF"
477:Fabrikant, Geraldine (November 9, 2009).
289:. A close personal friend of Heyman was
235:Learn how and when to remove this message
532:"The Art of Selling Government Service"
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913:Presidential Citizens Medal recipients
853:International Speciality Products Inc.
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898:American manufacturing businesspeople
734:Miller, Stephen (November 10, 2009).
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765:. Harvard Law School. Archived from
217:adding citations to reliable sources
736:"Takeover Ace Took Home the Spoils"
650:Donovan, Doug (November 27, 2000).
177:, rising to become Chief Assistant
795:. American Academy of Achievement.
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908:People from Westport, Connecticut
389:Benjamin N. Cardozo School of Law
706:Hewett, Jennifer (May 7, 2007).
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678:Hawthorne, Mark (May 8, 2007).
393:American Academy of Achievement
204:needs additional citations for
858:The Heyman Fellowships Program
399:in 2008 for his charity work.
365:Partnership for Public Service
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827:. Retrieved December 23, 2013
455:Haar, Dan (August 20, 2000).
883:American hedge fund managers
815:retrieved December 23, 2013
763:"Heyman Fellowship Program"
397:Presidential Citizens Medal
317:Dexter Chemical Corporation
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811:December 24, 2013, at the
652:"Do as I Say, Not as I Do"
329:Airline Partners Australia
903:Harvard Law School alumni
427:. He was a member of the
331:'s attempted takeover of
285:and high yield debt from
254:GAF Materials Corporation
136:GAF Materials Corporation
123:Jennifer Heyman Millstone
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381:Seton Hall School of Law
268:to pursue the attempted
171:US Department of Justice
142:Early life and education
119:Lazarus ("Larry") Heyman
741:The Wall Street Journal
575:"Samuel J. Heyman '63 "
306:New York Stock Exchange
157:As an undergraduate at
125:Elizabeth Heyman Winter
429:Fifth Avenue Synagogue
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287:Drexel Burnham Lambert
179:United States Attorney
175:Kennedy Administration
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146:Heyman was born to a
325:Hercules Corporation
283:Chase Manhattan Bank
213:improve this article
152:Danbury, Connecticut
121:Eleanor Heyman Propp
918:Yale College alumni
888:American financiers
377:Columbia Law School
893:American investors
631:. October 16, 1987
628:The New York Times
603:. Funding Universe
581:. November 9, 2009
579:Harvard Law School
536:Harvard Law School
512:. November 8, 2009
484:The New York Times
436:open heart surgery
413:Alberto Giacometti
369:Harvard Law School
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327:. In 2007, during
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601:"GAF Corporation"
395:. Heyman won the
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206:verification
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159:Yale College
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67:(2009-11-07)
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878:2009 deaths
873:1939 births
425:Mark Rothko
278:Borg-Warner
258:proxy fight
173:during the
103:Businessman
78:Nationality
867:Categories
442:References
421:Jeff Koons
150:family in
100:Occupation
46:1939-03-01
809:Archived
225:May 2023
116:Children
81:American
685:The Age
387:at the
54:Danbury
773:May 4,
657:Forbes
379:, and
333:Qantas
323:, and
319:, the
148:Jewish
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