JACOBOWITZ. NORMAN B. (M). Chief Engineer. Abbey
Record Corp., 70 Fleet St., Jersey City 6. N. J..
DIgby 9-1392; 278 Van Nostrand Ave., Englewood. N.J.,
I barely remember Sound Plastics, but have a clear recollection of the tax dispute and Norm's anger over what F&G were pulling. The case angered him in a way I had never seen, although it was still Norm's mild mannered reaction. He said it cost him $50k to prove he didn't owe the taxes.
He had a lawyer, but I can't remember his name - you might. It was the tax dispute that soured Norm on continuing to own Oak Street, and property in general. He sold the Tenafly home as a result of his monetary losses, moved to Tiburon, and didn't buy again until they moved to Pacifica. It's quite revealing to see Norm was completely right in his assessment and encouraging to know he was vindicated.
Early in 1954 the partners agreed to enter the business of manufacturing 12-inch long playing records, known as LPs. A related venture commenced by Jacobowitz, Foxman, and Grenell (Horace Grenell), individually, was represented by Sound Plastics, Inc., a corporation in which each owned one-third of the stock; it was engaged in the business of manufacturing "biscuits" or vinyl forms used in the making of records.
Abbey Record Manufacturing Co., Inc.
1 Central Avenue
East Newark, NJ