<PAGE> 1
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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SCHEDULE 13D
(AMENDMENT NO. 12)
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) 660-1941
----------------------------------------------
(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
August 19, 1998
---------------------------------------------------------
(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: [ ]
Page 1 of 11 Pages
Exhibit Index is on Page 11
<PAGE> 2
<TABLE>
<CAPTION>
SCHEDULE 13D
- ---------------------------------------- -------------------------------------
CUSIP No. 058246109 Page 2 of 11 Pages
- ---------------------------------------- -------------------------------------
<S> <C>
- ------- ------------------------------------------------------------------------------------------------------------
1. Name of Reporting Person
BOLERO INVESTMENT GROUP, L.P.
- ------- ------------------------------------------------------------------------------------------ -----------------
2. Check the Appropriate Box if a Member of a Group (a) [x]
(b) [ ]
- ------- ------------------------------------------------------------------------------------------------------------
3. SEC Use Only
- ------- ------------------------------------------------------------------------------------------------------------
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
248,160 SHARES OF COMMON STOCK
------ -------------------------------------------------------------------------------------------
Number of 8. Shared Voting Power
Shares
Beneficially -0- SHARES OF COMMON STOCK
Owned By
------ -------------------------------------------------------------------------------------------
Each 9. Sole Dispositive Power
Reporting
Person 248,160 SHARES OF COMMON STOCK
With
------ -------------------------------------------------------------------------------------------
10. Shared Dispositive Power
-0- SHARES OF COMMON STOCK
- ----------------- ------ -------------------------------------------------------------------------------------------
11. Aggregate Amount Beneficially Owned by Each Reporting Person
248,160 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)
7.2%
- --------- ----------------------------------------------------------------------------------------------------------
14. Type of Reporting Person
PN
- --------- ----------------------------------------------------------------------------------------------------------
</TABLE>
2
<PAGE> 3
<TABLE>
<CAPTION>
SCHEDULE 13D
- ---------------------------------------- -------------------------------------
CUSIP No. 058246109 Page 3 of 11 Pages
- ---------------------------------------- -------------------------------------
<S> <C>
- ------- ------------------------------------------------------------------------------------------------------------
1. Name of Reporting Person
KENNETH W. PAVIA, SR.
- ------- ------------------------------------------------------------------------------------------ -----------------
2. Check the Appropriate Box if a Member of a Group (a) [x]
(b) [ ]
- ------- ------------------------------------------------------------------------------------------------------------
3. SEC Use Only
- ------- ------------------------------------------------------------------------------------------------------------
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
332,160 SHARES OF COMMON STOCK
------ -------------------------------------------------------------------------------------------
Number of 8. Shared Voting Power
Shares
Beneficially -0- SHARES OF COMMON STOCK
Owned By
------ -------------------------------------------------------------------------------------------
Each 9. Sole Dispositive Power
Reporting
Person 332,160 SHARES OF COMMON STOCK
With
------ -------------------------------------------------------------------------------------------
10. Shared Dispositive Power
-0- SHARES OF COMMON STOCK
- ----------------- ------ -------------------------------------------------------------------------------------------
11. Aggregate Amount Beneficially Owned by Each Reporting Person
332,160 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)
9.6%
- --------- ----------------------------------------------------------------------------------------------------------
14. Type of Reporting Person
IN
- --------- ----------------------------------------------------------------------------------------------------------
</TABLE>
3
<PAGE> 4
<TABLE>
<CAPTION>
SCHEDULE 13D
- ---------------------------------------- -------------------------------------
CUSIP No. 058246109 Page 4 of 11 Pages
- ---------------------------------------- -------------------------------------
<S> <C>
- ------- ------------------------------------------------------------------------------------------------------------
1. Name of Reporting Person
FHI, INC.
- ------- ------------------------------------------------------------------------------------------ -----------------
2. Check the Appropriate Box if a Member of a Group (a) [x]
(b) [ ]
- ------- ------------------------------------------------------------------------------------------------------------
3. SEC Use Only
- ------- ------------------------------------------------------------------------------------------------------------
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
51,000 SHARES OF COMMON STOCK
------ -------------------------------------------------------------------------------------------
Number of 8. Shared Voting Power
Shares
Beneficially -0- SHARES OF COMMON STOCK
Owned By
------ -------------------------------------------------------------------------------------------
Each 9. Sole Dispositive Power
Reporting
Person 51,000 SHARES OF COMMON STOCK
With
------ -------------------------------------------------------------------------------------------
10. Shared Dispositive Power
-0- SHARES OF COMMON STOCK
- ----------------- ------ -------------------------------------------------------------------------------------------
11. Aggregate Amount Beneficially Owned by Each Reporting Person
51,000 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
- --------- ----------------------------------------------------------------------------------------------------------
</TABLE>
4
<PAGE> 5
<TABLE>
<CAPTION>
SCHEDULE 13D
- ---------------------------------------- -------------------------------------
CUSIP No. 058246109 Page 5 of 11 Pages
- ---------------------------------------- -------------------------------------
<S> <C>
- ------- ------------------------------------------------------------------------------------------------------------
1. Name of Reporting Person
FLORENCE PARTNERS INC.
- ------- ------------------------------------------------------------------------------------------ -----------------
2. Check the Appropriate Box if a Member of a Group (a) [x]
(b) [ ]
- ------- ------------------------------------------------------------------------------------------------------------
3. SEC Use Only
- ------- ------------------------------------------------------------------------------------------------------------
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
33,000 SHARES OF COMMON STOCK
------ -------------------------------------------------------------------------------------------
Number of 8. Shared Voting Power
Shares
Beneficially -0- SHARES OF COMMON STOCK
Owned By
------ -------------------------------------------------------------------------------------------
Each 9. Sole Dispositive Power
Reporting
Person 33,000 SHARES OF COMMON STOCK
With
------ -------------------------------------------------------------------------------------------
10. Shared Dispositive Power
-0- SHARES OF COMMON STOCK
- ----------------- ------ -------------------------------------------------------------------------------------------
11. Aggregate Amount Beneficially Owned by Each Reporting Person
33,000 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)
1.0%
- --------- ----------------------------------------------------------------------------------------------------------
14. Type of Reporting Person
CO
- --------- ----------------------------------------------------------------------------------------------------------
</TABLE>
5
<PAGE> 6
<TABLE>
<CAPTION>
SCHEDULE 13D
- ---------------------------------------- -------------------------------------
CUSIP No. 058246109 Page 6 of 11 Pages
- ---------------------------------------- -------------------------------------
<S> <C>
- ------- ------------------------------------------------------------------------------------------------------------
1. Name of Reporting Person
CHARLES POWERS
- ------- ------------------------------------------------------------------------------------------ -----------------
2. Check the Appropriate Box if a Member of a Group (a) [x]
(b) [ ]
- ------- ------------------------------------------------------------------------------------------------------------
3. SEC Use Only
- ------- ------------------------------------------------------------------------------------------------------------
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
33,000 SHARES OF COMMON STOCK
------ -------------------------------------------------------------------------------------------
Number of 8. Shared Voting Power
Shares
Beneficially -0- SHARES OF COMMON STOCK
Owned By
------ -------------------------------------------------------------------------------------------
Each 9. Sole Dispositive Power
Reporting
Person 33,000 SHARES OF COMMON STOCK
With
------ -------------------------------------------------------------------------------------------
10. Shared Dispositive Power
-0- SHARES OF COMMON STOCK
- ----------------- ------ -------------------------------------------------------------------------------------------
11. Aggregate Amount Beneficially Owned by Each Reporting Person
33,000 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)
1.0%
- --------- ----------------------------------------------------------------------------------------------------------
14. Type of Reporting Person
IN
- --------- ----------------------------------------------------------------------------------------------------------
</TABLE>
6
<PAGE> 7
This Amendment No. 12 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 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. 11 to the Schedule 13D, Bolero has
acquired 5,000 Shares which were purchased by Bolero for an aggregate purchase
price (excluding commissions) of $63,500, which amount was provided from its
working capital.
Since the date of Amendment No. 11 to the Schedule 13D, Florence
Partners has acquired 13,000 Shares which were purchased by Florence Partners
for an aggregate purchase price (excluding commissions) of $184,383, which
amount was provided from its working capital.
Item 4. Purpose of Transaction.
Item 4 to the Schedule 13D is hereby amended and restated as
follows:
The Reporting Persons believe that the Company has made significant
progress in addressing the challenges confronting the Company. The Reporting
Persons believe that the Company's management has aggressively implemented a
long-term plan that has strengthened the Company's infrastructure and created
the potential for additional significant growth. The Reporting Persons also
believe that management's actions will continue to be positively reflected in
the Company's financial statements. However, due to various factors such as the
illiquidity of the Company's shares and the lack of investor interest, these
positive measures undertaken by management are not reflected in the Company's
share price. The Reporting Persons continue to hold the belief that the
Company's shares are undervalued.
Based on the foregoing, the Reporting Persons intend to explore
possible solutions to the laggard share price. These solutions may include
discussions with management regarding a stock split, a cash dividend or a
spin-off of a subsidiary, or a "going private" transaction with management, or
the outright acquisition of the Company by the Reporting Persons or a third
party. The Reporting Persons believe that the foregoing may be the most
practical alternatives in achieving increased shareholder value.
The Reporting Persons may, subject to the continuing evaluation of
the matters and solutions discussed herein, acquire from time to time additional
Shares in the open market or in privately negotiated transactions or otherwise,
including through additional capital contributions of new or existing partners.
Depending on such matters and solutions, the Reporting Persons may, from time to
time, retain or sell all or a portion of their holdings of the Shares in the
open market or in privately negotiated transactions. Any actions the Reporting
Persons might undertake also will be dependent upon the Reporting Persons'
review of numerous factors, including, general market and economic conditions;
ongoing evaluation of the Company's business, investment opportunities, and the
actions of the management and the Board of Directors of the Company; and other
future developments.
Except as set forth above, the Reporting Persons have no present
plans or intentions which would result in or relate to any of the transactions
described in subparagraphs (a) through (j) of Item 4 of Schedule 13D.
7
<PAGE> 8
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 August 19, 1998, Bolero
directly owned in the aggregate 248,160 Shares, which represent approximately
7.2% of the 3,452,710 Shares outstanding as of August 1, 1998, as reported in
the Company's Quarterly Report on Form 10-Q for the quarter ended June 30, 1998
(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 August 19, 1998, Florence Partners
directly owned in the aggregate 33,000 Shares, which represent approximately
1.0% 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 August 19, 1998, FHI directly owned
in the aggregate 51,000 Shares, which represent approximately 1.5% of the
Outstanding Shares. FHI 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 August 19, 1998, 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 August 19, 1998, 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 of
Common Stock 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.
(c) Within the past 60 days, Bolero has purchased 5,000 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> <C>
07/29/98 2,000 $13.00
08/06/98 3,000 $12.50
</TABLE>
*Excluding commissions
8
<PAGE> 9
Within the past 60 days, Florence Partners has purchased 12,000
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> <C>
06/22/98 3,000 $15.333
07/23/98 2,000 $14.8125
07/27/98 2,500 $13.80
07/29/98 2,300 $13.33
08/05/98 1,200 $13.00
08/18/98 1,000 $12.50
</TABLE>
*Excluding commissions
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).
Except as set forth herein, none of the Reporting Persons or Mrs.
Pavia has effected any transaction in the Shares during the past 60 days.
Item 7. Material to be Filed as Exhibits.
Exhibit 1 Joint Filing Agreement (incorporated by reference to Amendment No. 6
to the Schedule 13D).
9
<PAGE> 10
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: August 19, 1998
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.
Bolero Investment Group, L.P.
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
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EXHIBIT INDEX
Exhibit 1 Joint Filing Agreement (incorporated by references to Amendment No.
6 to the Schedule 13D).
11
