In his 1944 memoir, Waldman wrote: Back from Detroit, I was immediately confronted with a problem which involved millions of dollars of property controlled by subsidiaries of the Socialist Party. In New York alone there were such institutions as the "Jewish Daily Forward", the leading Jewish newspaper in the world with a circulation running into hundreds of thousands and with reserve funds amounting to millions. There was "The New Leader", a weekly newspaper published in English; there was the Rand School of Social Science, which, together with Camp Tamiment, had enormous property value, not to speak of their importance as propaganda and educational instruments. Control of the "Forward" alone also meant probable control of fraternal and labor organizations such as the Workmen's Circle, with its millions of dollars in property and tens of thousands of members throughout the United States... After Detroit it was obvious that the militant Socialists controlled the Socialist Party. I saw that all they had to do in order to gain control of the valuable property in New York was to revoke the New York State charter and expel all state organizations controlled by the Social Democrats or the Old Guard. Since there was always a minority of militant Socialists in each of these corporate institutions, these properties involving millions of dollars in property value and cash reserves would quickly fall into the hands of the militants... All during 1935 and the early part of 1936 my office was converted into a meeting place for the various committees and members of the organizations threatened by the militants. Constitutions and bylaws were modified in such a way as to prevent control falling into the hands of Norman Thomas' super-revolutionists. -- Louis Waldman, "Labor Lawyer." New York: E.P. Dutton & Co., 1944; pp. 272-273.</ref> A year and a half of bitter factional warfare ensued. Finally, in January 1936, the governing National Executive Committee of the Socialist Party revoked the charter of its dissident New York state organization. The New York Old Guard and their cothinkers exited the Socialist Party and reorganized as the Social Democratic Federation of America (SDF).