Discussion in 'Safety Razors' started by GlennConti, Aug 16, 2019.
great thread, Glenn. Thanks for sharing!
I turned the AutoStrop article into a text page instead of a PDF. Maybe it is easier to read now. Not an easy read so anything that helps right?
So, guys whatever happened to Gaisman's fortune? Follow the money baby! Well when he died it passed to Catherine V Gaisman his wife. They never had any children. When Catherine died the assets passed to The Catherine and Henry J Gaisman Foundation from her estate. This foundation is managed by Eric Waldman as Chairman and Kimberly Waldman Director. Eric is Catherine's nephew. Eric spends 20 hours per week figuring out where to spend the foundation's money and Kimberly spends 10 hours per week figuring out how to spend the foundations money. Kimberly and Eric take no salary for their duties as foundation managers. The foundation in 2016 had about $140 million. They gave out about $7 million that year as grants. However the foundation does have some expenses for Eric's services it seems. He has to travel a lot. Travel expenses were $51,775 and rent on his offices were $48,000 and office expenses were $25,311. Now a good chunk of the portfolio owned by the foundation is Procter & Gamble stock also a bunch of Exxon Mobil stock. So, you wouldn't think that owning shares of stock requires much management - would you? Well the foundation paid High Mountain Capital Partners (I believe) $2,228,579 to manage the portfolio in 2016! Weird right? Well guess who is the managing partner at High Mountain? You guessed it Eric Waldman!!! I don't begrudge anyone anything. More power to him. I just wonder if Catherine would approve?
Disclaimer: I am not an accountant. If I misinterpreted the foundation's tax returns, sorry.
Again, the portfolio returned $4,794,481 in 2016 (most of that was dividends and interest!) and management fees were $2,228,579. Or a 46.5% commission in 2016. I guess Eric hasn't heard of the S&P 500 Index ETF shares yet at 0.03% commission (or $42,000 per year).
Park Avenue office suite in New York City at $4000 per month rent to conduct the foundation’s business.
Kitty Gaisman passed in 2010 and she rests with her husband in New Rochelle NY.
A Renoir painting Henry bought in 1970 for $280,000. His wife donated it to a museum on her death I believe.
I have put both the original patent and the reissue online, clearly showing the differences:
More money going in than out. I'd say Catherine would probably approve.
Wish I could make a living doing that.
Separate names with a comma.