the pricey Time-Life Building in Manhattan to suburban Wayne, New Jersey) and increased research and development outlays. 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 to pursue the attempted hostile takeovers of Union Carbide in late 1985 (Union Carbide's stock had cratered as a result of the December 1984 Bhopal incident) and Borg-Warner 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 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 Chase Manhattan Bank and high yield debt from Drexel Burnham Lambert. A close personal friend of Heyman was Martin A. Siegel, 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. In 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, he and a select group of GAF management acquired the company for $1.4 billion in a leveraged buyout. 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 New York Stock Exchange. 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