<PAGE>
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
__________________________________
SCHEDULE 13D
(AMENDMENT NO. 6)
Under the Securities Exchange Act of 1934
Baldwin Piano & Organ Company
__________________
(Name of issuer)
Common Stock
___________________________
(Title of class of securities)
058246109
--------------
(CUSIP number)
Kenneth W. Pavia, Sr. Charles Powers
Bolero Investment Group, L.P. Florence Partners Inc.
1101 E. Balboa Boulevard 2419 Sumter St. Ext.
Newport Beach, CA 92661-1313 Florence, SC 29502
(714) 675-3850 (803) 669-1941
______________________________________________
(Name, address and telephone number of person
authorized to receive notices and communications)
COPY TO:
Scott R. Haber
Latham & Watkins
505 Montgomery Street, Suite 1900
San Francisco, California 94111-2562
(415) 391-0600
February 10, 1997
______________________________________________________________
(Date of event which requires filing of this statement)
If the filing person has previously filed a statement on Schedule 13G to
report the acquisition which is the subject of this Schedule 13D, and is
filing this statement because of Rule 13d-1(b)(3) or (4), check the
following box: [ ]
Check the following box if a fee is being paid with the statement: [ ]
Page 1 of 14 Pages
Exhibit Index is on Page 11
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- ----------------------- ---------------------
CUSIP NO. 058246109 SCHEDULE 13D PAGE 3 OF 14 PAGES
- ----------------------- ---------------------
- ------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
BOLERO INVESTMENT GROUP, L.P.
- ------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [X]
(b) [_]
- ------------------------------------------------------------------------------
SEC USE ONLY
3
- ------------------------------------------------------------------------------
4 SOURCE OF FUNDS
AF, WC
- ------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(D) OR 2(E) [_]
- ------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
CALIFORNIA
- ------------------------------------------------------------------------------
7 SOLE VOTING POWER
NUMBER OF 217,460 SHARES OF COMMON STOCK
SHARES -----------------------------------------------------------
8 SHARED VOTING POWER
BENEFICIALLY
-0- SHARES OF COMMON STOCK
OWNED BY
-----------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING 217,460 SHARES OF COMMON STOCK
PERSON -----------------------------------------------------------
10 SHARED DISPOSITIVE POWER
WITH
-0- SHARES OF COMMON STOCK
- ------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
217,460 SHARES OF COMMON STOCK
- ------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* [_]
- ------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 11
6.3%
- ------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
PN
- ------------------------------------------------------------------------------
2
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CUSIP NO. 058246109 SCHEDULE 13D PAGE 3 OF 14 PAGES
- ----------------------- ---------------------
- ------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
KENNETH W. PAVIS SR.
- ------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [X]
(b) [_]
- ------------------------------------------------------------------------------
SEC USE ONLY
3
- ------------------------------------------------------------------------------
4 SOURCE OF FUNDS
AF, PF
- ------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(D) OR 2(E) [_]
- ------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
UNITED STATES OF AMERICA
- ------------------------------------------------------------------------------
7 SOLE VOTING POWER
NUMBER OF 279,460 SHARES OF COMMON STOCK
SHARES -----------------------------------------------------------
8 SHARED VOTING POWER
BENEFICIALLY
-0- SHARES OF COMMON STOCK
OWNED BY
-----------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING 279,460 SHARES OF COMMON STOCK
PERSON -----------------------------------------------------------
10 SHARED DISPOSITIVE POWER
WITH
-0- SHARES OF COMMON STOCK
- ------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
279,460 SHARES OF COMMON STOCK
- ------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* [_]
- ------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 11
8.2%
- ------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
- ------------------------------------------------------------------------------
3
<PAGE>
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CUSIP NO. 058246109 SCHEDULE 13D PAGE 4 OF 14 PAGES
- ----------------------- ---------------------
- ------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
FHI, INC.
- ------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [X]
(b) [_]
- ------------------------------------------------------------------------------
SEC USE ONLY
3
- ------------------------------------------------------------------------------
4 SOURCE OF FUNDS
WC
- ------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(D) OR 2(E) [_]
- ------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
CALIFORNIA
- ------------------------------------------------------------------------------
7 SOLE VOTING POWER
NUMBER OF 52,000 SHARES OF COMMON STOCK
SHARES -----------------------------------------------------------
8 SHARED VOTING POWER
BENEFICIALLY
-0- SHARES OF COMMON STOCK
OWNED BY
-----------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING 52,000 SHARES OF COMMON STOCK
PERSON -----------------------------------------------------------
10 SHARED DISPOSITIVE POWER
WITH
-0- SHARES OF COMMON STOCK
- ------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
52,000 SHARES OF COMMON STOCK
- ------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* [_]
- ------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 11
1.5%
- ------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
CO
- ------------------------------------------------------------------------------
4
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- ----------------------- ---------------------
CUSIP NO. 058246109 SCHEDULE 13D PAGE 5 OF 14 PAGES
- ----------------------- ---------------------
- ------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
FLORENCE PARTNERS INC.
- ------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [X]
(b) [_]
- ------------------------------------------------------------------------------
SEC USE ONLY
3
- ------------------------------------------------------------------------------
4 SOURCE OF FUNDS
WC
- ------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(D) OR 2(E) [_]
- ------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
SOUTH CAROLINA
- ------------------------------------------------------------------------------
7 SOLE VOTING POWER
NUMBER OF 10,000 SHARES OF COMMON STOCK
SHARES -----------------------------------------------------------
8 SHARED VOTING POWER
BENEFICIALLY
-0- SHARES OF COMMON STOCK
OWNED BY
-----------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING 10,000 SHARES OF COMMON STOCK
PERSON -----------------------------------------------------------
10 SHARED DISPOSITIVE POWER
WITH
-0- SHARES OF COMMON STOCK
- ------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
10,000 SHARES OF COMMON STOCK
- ------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* [_]
- ------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 11
.3%
- ------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
CO
- ------------------------------------------------------------------------------
5
<PAGE>
- ----------------------- ---------------------
CUSIP NO. 058246109 SCHEDULE 13D PAGE 6 OF 14 PAGES
- ----------------------- ---------------------
- ------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
CHARLES POWERS
- ------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [X]
(b) [_]
- ------------------------------------------------------------------------------
SEC USE ONLY
3
- ------------------------------------------------------------------------------
4 SOURCE OF FUNDS
AF, PF
- ------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(D) OR 2(E) [_]
- ------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
UNITED STATES OF AMERICA
- ------------------------------------------------------------------------------
7 SOLE VOTING POWER
NUMBER OF 10,000 SHARES OF COMMON STOCK
SHARES -----------------------------------------------------------
8 SHARED VOTING POWER
BENEFICIALLY
-0- SHARES OF COMMON STOCK
OWNED BY
-----------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING 10,000 SHARES OF COMMON STOCK
PERSON -----------------------------------------------------------
10 SHARED DISPOSITIVE POWER
WITH
-0- SHARES OF COMMON STOCK
- ------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
10,000 SHARES OF COMMON STOCK
- ------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* [_]
- ------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 11
.3%
- ------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
- ------------------------------------------------------------------------------
6
<PAGE>
This Amendment No. 6 to Schedule 13D is being filed on behalf of the
undersigned Reporting Persons to amend the Schedule 13D filed with the
Securities and Exchange Commission (the "Commission") on July 18, 1996, as
amended (as amended, the "Schedule 13D"), relating to shares of common stock,
par value $.01 per share (the "Shares"), of Baldwin Piano & Organ Company, a
Delaware corporation (the "Company"). Unless otherwise indicated, all
capitalized terms used herein but not defined herein shall have the same
meanings as set forth in the Schedule 13D.
Item 2. Identity and Background.
------------------------
Item 2 is hereby amended, in pertinent part, as follows:
(a)-(c), (f). This statement is being filed by (i) Bolero Investment
Group, L.P., a California limited partnership ("Bolero"), (ii) Kenneth W. Pavia,
Sr. ("Mr. Pavia"), (iii) FHI Inc., a California corporation ("FHI"), (iv)
Florence Partners Inc., a South Carolina corporation ("Florence Partners") and
(v) Charles Powers ("Mr. Powers"). Bolero, Mr. Pavia, FHI, Florence Partners
and Mr. Powers are sometimes collectively referred to herein as the "Reporting
Persons."
Florence Partners' principal business is investing in marketable
securities. Mr. Powers' principal business is to make and hold investments.
Mr. Powers is the sole director, sole executive officer and sole shareholder
of Florence Partners and is a limited partner of Bolero. Mr. Pavia is the
managing director of Florence Partners. The business address of Florence
Partners and Mr. Powers is 2419 Sumter St. Ext., Florence, SC 29502. Mr. Powers
is a citizen of the United States of America.
(d) and (e). During the last five years, neither Florence Partners nor
Mr. Powers has (i) been convicted in a criminal proceeding (excluding traffic
violations or similar misdemeanors) or (ii) been a party to a civil proceeding
of a judicial or administrative body of competent jurisdiction and as a result
of such proceeding was or is subject to a judgment, decree or final order
enjoining future violations of, or prohibiting or mandating activities subject
to, federal or state securities laws or finding any violation with respect to
such laws.
Item 3. Source and Amount of Funds or Other Consideration.
--------------------------------------------------
Item 3 to the Schedule 13D is hereby amended, in pertinent part, as
follows:
Since the date of Amendment No. 5 to the Schedule 13D, Bolero has
acquired 24,400 Shares which were purchased by Bolero. Bolero purchased the
Shares that it purchased for an aggregate purchase price (excluding commissions)
of $284,482, which amount was provided from its working capital.
As of the close of business on February 10, 1997, Florence Partners
held an aggregate of 10,000 Shares which it had purchased for an aggregate
purchase price (excluding commissions) of $117,500, which amount was provided
from Florence Partner's working capital.
7
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Item 4. Purpose of Transaction.
-----------------------
Item 4 to the Schedule 13D is hereby amended, in pertinent part, as
follows:
On February 11, 1997, Bolero issued a press release, which press
release is filed as Exhibit 2 and is incorporated by reference herein.
Item 5. Interest in Securities of the Issuer.
-------------------------------------
Item 5 to the Schedule 13D is hereby amended, in pertinent part, as
follows:
(a)-(b) As of the close of business on February 10, 1997, Bolero
directly owned in the aggregate 217,460 Shares, which represent approximately
6.3% of the 3,425,396 Shares outstanding as of November 1, 1996, as reported in
the Company's Quarterly Report on Form 10-Q for the quarter ended September 30,
1996 (the "Outstanding Shares"). Bolero, acting through its sole general
partner, Mr. Pavia, has the sole power to vote or direct the vote, and to
dispose or to direct the disposition of, the Shares which it owns directly.
As of the close of business on February 10, 1997, Florence Partners
directly owned in the aggregate 10,000 Shares, which represent approximately .3%
of the Outstanding Shares. Florence Partners has the sole power to vote or
direct the vote, and to dispose or to direct the disposition of, the Shares
which it owns directly.
As of the close of business on February 10, 1997, Mr. Powers did not
hold any Shares directly. As the sole director, executive officer and
shareholder of Florence Partners, Mr. Powers may be deemed to beneficially own
the Shares held by Florence Partners. As a limited partner of Bolero, Mr.
Powers has no right to vote or dispose of any Shares held by Bolero, and
therefore does not beneficially own any Shares held by Bolero.
As of the close of business on December 19, 1996, Mr. Pavia did not
hold any Shares directly. As the sole general partner of Bolero, Mr. Pavia may
be deemed to beneficially own the Shares held by Bolero. As the sole executive
officer and shareholder of FHI, Mr. Pavia may be deemed to beneficially own the
Shares held by FHI. As the managing director of Florence Partners, Mr. Pavia
may be deemed to beneficially own the Shares held by Florence Partners.
By reason of the provisions of Rule 13d-3 under the Securities
Exchange Act of 1934, as amended (the "Act"), Bolero, Mr. Pavia, FHI, Florence
Partners and Mr. Powers may be deemed to be a "group." By reason of the
provisions of Rule 13d-5 under the Act, the group consisting of these entities
may be deemed to own all Shares beneficially owned by Bolero, Mr. Pavia, FHI,
Florence Partners and Mr. Powers. Mr. Powers and Florence Partners do not
affirm the existence of such a group and disclaim beneficial ownership of Shares
beneficially owned by Bolero, Mr. Pavia and FHI. Bolero, Mr. Pavia and FHI also
do not affirm the existence of such a group and disclaim beneficial ownership of
Shares beneficially owned by Florence Partners and Mr. Powers.
8
<PAGE>
Except as set forth in this Item 5(a)-(b), each of the persons named
in this Item 5(a)-(b) disclaims beneficial ownership of any Shares owned
beneficially or of record by any other person named in this Item 5(a)-(b).
(c) Since the date of Amendment No. 5 to the Schedule 13D, Bolero has
purchased 24,400 Shares through open market purchases in the following
transactions, all of which were effected in the over-the-counter market:
<TABLE>
<CAPTION>
Date Number of Shares Price per Share*
---- ---------------- ----------------
<S> <C> <C>
12/23/96 2,000 $11.25
12/26/96 5,000 $11.13
01/02/97 2,000 $11.50
01/07/97 12,500 $11.75
02/04/97 500 $12.81
02/06/97 2,000 $12.50
02/10/97 400 $12.63
</TABLE>
* Excluding commissions
On January 7, 1997, Florence Partners purchased the 10,000 Shares it
presently owns through open market purchases effected in the over-the-counter
market at $11.75 per share (excluding commissions).
Except as set forth herein, none of the Reporting Persons, Mrs. Pavia
or Balboa has effected any transaction in the Shares during the past 60 days.
Item 6. Contracts, Arrangements, Understandings or Relationships with Respect
to Securities of the Issuer.
----------------------------------------------------------------------
Florence Partners was formed under the laws of the State of South
Carolina on November 8, 1996. Florence Partners was formed to engage in the
purchasing, holding and disposing of marketable securities. Pursuant to an
agreement between Florence Partners and Mr. Pavia, Mr. Pavia has the authority
to perform all acts necessary to carry out the purposes and business of Florence
Partners. Mr. Pavia also has a 12.5% interest in the profits from Florence
Partners' investment in the Shares.
Item 7. Material to be Filed as Exhibits.
---------------------------------
Exhibit 1 Joint Filing Agreement.
Exhibit 2 Form of Press Release.
9
<PAGE>
SIGNATURE
---------
After reasonable inquiry and to the best of each of the undersigned's
knowledge and belief, each of the undersigned certifies that the information set
forth in this statement is true, complete and correct.
Dated: February 11, 1997
Bolero Investment Group, L.P.
By: /s/ Kenneth W. Pavia, Sr.
--------------------------------------
Name: Kenneth W. Pavia, Sr.
Its: General Partner
/s/ Kenneth W. Pavia, Sr.
-----------------------------------------
Kenneth W. Pavia, Sr.
FHI, Inc.
By: /s/ Kenneth W. Pavia, Sr.
-------------------------------------
Name: Kenneth W. Pavia, Sr.
Its: President
Florence Partners Inc.
By: /s/ Charles Powers
------------------------------------
Name: Charles Powers
Its: President
/s/ Charles Powers
---------------------------------------
Charles Powers
10
<PAGE>
EXHIBIT INDEX
-------------
Exhibit 1 Joint Filing Agreement.
Exhibit 2 Form of Press Release.
11
<PAGE>
Exhibit 1
JOINT FILING AGREEMENT
In accordance with Rule 13d-1(f) of the Securities Exchange Act of
1934, as amended, the undersigned agree to the joint filing on behalf of each of
them of a Statement on Schedule 13D (including any and all amendments thereto)
with respect to the Common Stock, par value $.01 per share, of Baldwin Piano &
Organ Company, a Delaware corporation, and further agree that this Agreement
shall be included as an Exhibit to such joint filings.
The undersigned further agree that each party hereto is responsible
for timely filing of such Statement on Schedule 13D and any amendments thereto,
and for the completeness and accuracy of the information concerning such party
contained therein; provided that no party is responsible for the completeness or
--------
accuracy of the information concerning the other party, unless such party knows
or has reason to believe that such information is inaccurate.
This Agreement may be executed in one or more counterparts, each of
which shall be deemed to be an original instrument, but all of such counterparts
together shall constitute but one agreement.
In evidence thereof the undersigned, being duly authorized, hereby
execute this Agreement this 11th day of February 1997.
Bolero Investment Group, L.P.
By: /s/ Kenneth W. Pavia, Sr.
-------------------------------------
Name: Kenneth W. Pavia, Sr.
Its: General Partner
/s/ Kenneth W. Pavia, Sr.
----------------------------------------
Kenneth W. Pavia, Sr.
FHI, Inc.
By: /s/ Kenneth W. Pavia, Sr.
-----------------------------------
Name: Kenneth W. Pavia, Sr.
Its: President
12
<PAGE>
Florence Partners Inc.
By: /s/ Charles Powers
------------------------------------
Name: Charles Powers
Its: President
/s/ Charles Powers
----------------------------------------
Charles Powers
13
<PAGE>
Exhibit 2
BOLERO INVESTMENT GROUP, L.P.
-----------------------------
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
---------------------------------
INCREASE IN INVESTMENT
----------------------
Investors hold 8.2% of Baldwin Shares
-------------------------------------
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.
14
