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SCHEDULE 14A INFORMATION
Proxy Statement Pursuant to Section 14(a) of the Securities
Exchange Act of 1934 (Amendment No. )
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Commission Only (as permitted by
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[_] Definitive Proxy Statement
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[X] Soliciting Material Pursuant to Section 240.14a-11(c) or Section 240.14a-12
BALDWIN PIANO & ORGAN COMPANY
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(Name of Registrant as Specified In Its Charter)
Kenneth W. Pavis, Sr./Bolero Investment Group, L.P.
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(Name of Person(s) Filing Proxy Statement, if other than the Registrant)
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BOLERO INVESTMENT GROUP, L.P.
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INGRAHAM BUILDING 1101 E. BALBOA BLVD
25 S.E. 2ND AVE., STE. 720 NEWPORT BEACH, CA 92661-1313
MIAMI, FL 33131 (714) 675-3850
(305) 371-5200 (714) 673-0434 (FAX)
(305) 371-5226 (FAX)
BOLERO INVESTMENT GROUP ANNOUNCES
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INCREASE IN INVESTMENT
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Investors hold 8.2% of Baldwin Shares
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Miami, Fl. February 11, 1997 --- Bolero Investment Group, L.P. and its
General Partner, Kenneth W. Pavia, Sr., have announced that they have increased
their stake in Baldwin Piano and Organ Co. to 8.2 percent. Mr. Pavia reports
that the additional shares were acquired as an investment which he views as
having significant potential for increased value. Mr. Pavia stated that "the
company's shareholders should enjoy an above average reciprocity of advantage as
Baldwin continues to conform itself to the business requirements of the 1990s."
On October 15, 1996, the Bolero Partnership and Mr. Pavia called on Baldwin
to hire an investment banker to explore the possible sale, merger, or business
combination as a method of enhancing the company's value. In light of Baldwin's
failure to hire an investment banker, Mr. Pavia had previously announced his
intent to advance this proposal at the 1997 annual meeting of shareholders. On
November 21, 1996, the Bolero Partnership announced its intention to propose
five nominees to stand for election as members of the Board of Directors of
Baldwin at the company's 1997 annual meeting of shareholders. This proposal was
in addition to, and did not replace, the previous proposal.
