UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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SCHEDULE 13D
(AMENDMENT NO. 13)
Under the Securities Exchange Act of 1934
BALDWIN PIANO & ORGAN COMPANY
-----------------------------
(NAME OF ISSUER)
COMMON STOCK
------------------------------
(TITLE OF CLASS OF SECURITIES)
058246109
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(CUSIP NUMBER)
Kenneth W. Pavia, Sr. Charles Powers
Bolero Investment Group, L.P. Florence Partners, Inc.
Ingraham Building 2419 Sumter St. Ext.
25 S.E. 2nd Avenue, Suite 720 Florence, SC 29502
Miami, Florida 33131 (803) 660-1941
(305) 371-5200
(NAME, ADDRESS AND TELEPHONE NUMBER OF PERSON
AUTHORIZED TO RECEIVE NOTICES AND COMMUNICATIONS)
AUGUST 26, 1999
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(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 schedule because of Rule 13d-1(b)(3) or (4), check the following
box [ ].
<PAGE>
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1 NAME OF REPORTING PERSONS
KENNETH W. PAVIA, SR.
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) [X]
(b) [ ]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS
AF, PF
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS
REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) ( )
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
UNITED STATES OF AMERICA
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NUMBER OF SHARES 7 SOLE VOTING POWER
BENEFICIALLY OWNED BY
EACH REPORTING PERSON 386,669 SHARES OF COMMON STOCK
WITH
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8 SHARED VOTING POWER
-0- SHARES OF COMMON STOCK
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9 SOLE DISPOSITIVE POWER
386,669 SHARES OF COMMON STOCK
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10 SHARED DISPOSITIVE POWER
-0- SHARES OF COMMON STOCK
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH
REPORTING PERSON
386,669 SHARES OF COMMON STOCK
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES ( )
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
11.2%
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14 TYPE OF REPORTING PERSON
IN
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<PAGE>
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1 NAME OF REPORTING PERSONS
BOLERO INVESTMENT GROUP, L.P.
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) [X]
(b) [ ]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS
AF, WC
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) or 2(e) ( )
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
CALIFORNIA
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NUMBER OF SHARES 7 SOLE VOTING POWER
BENEFICIALLY OWNED BY
EACH REPORTING PERSON 294,760 SHARES OF COMMON STOCK
WITH
--------------------------------------------------------
8 SHARED VOTING POWER
-0- SHARES OF COMMON STOCK
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9 SOLE DISPOSITIVE POWER
294,760 SHARES OF COMMON STOCK
--------------------------------------------------------
10 SHARED DISPOSITIVE POWER
-0- SHARES OF COMMON STOCK
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH
REPORTING PERSON
294,760 SHARES OF COMMON STOCK
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES ( )
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
8.5%
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14 TYPE OF REPORTING PERSON
PN
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<PAGE>
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1 NAME OF REPORTING PERSONS
FHI, INC.
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) [X]
(b) [ ]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS
WC
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) or 2(e) ( )
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
NEVADA
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NUMBER OF SHARES 7 SOLE VOTING POWER
BENEFICIALLY OWNED BY
EACH REPORTING PERSON 51,000 SHARES OF COMMON STOCK
WITH
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8 SHARED VOTING POWER
-0- SHARES OF COMMON STOCK
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9 SOLE DISPOSITIVE POWER
51,000 SHARES OF COMMON STOCK
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10 SHARED DISPOSITIVE POWER
-0- SHARES OF COMMON STOCK
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH
REPORTING PERSON
51,000 SHARES OF COMMON STOCK
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES ( )
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
1.5%
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14 TYPE OF REPORTING PERSON
CO
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<PAGE>
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1 NAME OF REPORTING PERSONS
FLORENCE PARTNERS INC.
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) [X]
(b) [ ]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS
WC
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) or 2(e) ( )
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
SOUTH CAROLINA
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NUMBER OF SHARES 7 SOLE VOTING POWER
BENEFICIALLY OWNED BY
EACH REPORTING PERSON 40,909 SHARES OF COMMON STOCK
WITH
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8 SHARED VOTING POWER
-0- SHARES OF COMMON STOCK
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9 SOLE DISPOSITIVE POWER
40,909 SHARES OF COMMON STOCK
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10 SHARED DISPOSITIVE POWER
-0- SHARES OF COMMON STOCK
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH
REPORTING PERSON
40,909 SHARES OF COMMON STOCK
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES ( )
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
1.2%
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14 TYPE OF REPORTING PERSON
CO
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<PAGE>
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1 NAME OF REPORTING PERSONS
CHARLES POWERS
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) [X]
(b) [ ]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS
AF, PF
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) or 2(e) ( )
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
UNITED STATES OF AMERICA
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NUMBER OF SHARES 7 SOLE VOTING POWER
BENEFICIALLY OWNED BY
EACH REPORTING PERSON 40,909 SHARES OF COMMON STOCK
WITH
--------------------------------------------------------
8 SHARED VOTING POWER
-0- SHARES OF COMMON STOCK
--------------------------------------------------------
9 SOLE DISPOSITIVE POWER
40,909 SHARES OF COMMON STOCK
--------------------------------------------------------
10 SHARED DISPOSITIVE POWER
-0- SHARES OF COMMON STOCK
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH
REPORTING PERSON
40,909 SHARES OF COMMON STOCK
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES ( )
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
1.2%
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14 TYPE OF REPORTING PERSON
IN
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<PAGE>
This Amendment No. 13 to the Schedule 13D is being filed on behalf of the
undersigned Reporting Person to amend the Schedule 13D filed with the Securities
and Exchange Commission (the "Commission") on July 8, 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.
Since the date of Amendment No. 12 to the Schedule 13D, Bolero has acquired
46,600 Shares which were purchased for an aggregate purchase price (excluding
commissions) of $424,060 which amount was provided from its working capital.
Since the date of Amendment No. 12 to the Schedule 13D, Florence Partners has
acquired 7,909 Shares which were purchased for an aggregate purchase price
(excluding commissions) of $71,971.90, which amount was provided from its
working capital.
ITEM 5. INTEREST IN SECURITIES OF ISSUER
(a)-(b) As of the close of the business day on August 31, 1999, Bolero directly
owned in the aggregate 294,760 Shares, which represent approximately 8.5% of the
3,453,000 outstanding as of August 5, 1999, as reported in the Company's
Quarterly Report on Form 10-Q for the quarter ended June 30, 1999 (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 the business day on August 31, 1999, Florence Partners
directly owned in the aggregate 40,909 Shares, which represent approximately 1.2
% of the Outstanding Shares. Florence Partners has the sole power to vote or
direct to vote, and to dispose or to direct the disposition of, the Shares which
it owns directly.
As of the close of business on August 31, 1999, FHI directly owned in the
aggregate 51,000 Shares, which represent approximately 1.5 % of the Outstanding
Shares. FHI 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 31, 1999, 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 in Bolero, Mr. Powers has no right to
vote or to dispose of any shares held by Bolero, and therefore does not
beneficially own the Shares held by Bolero.
<PAGE>
As of the close of business on August 31, 1999, 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 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
the 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 sixty days, Bolero has purchased 28,300 Shares through the
open market purchases in the following transactions, all of which were in the
over-the-counter market:
DATE NUMBER OF SHARES PRICE PER SHARE
---- ---------------- ---------------
7/14/99 1,000 $7.56
7/14/99 1,000 $7.56
7/14/99 1,000 $7.56
7/14/99 500 $7.56
7/21/99 1,000 $7.56
7/21/99 1,000 $7.56
7/22/99 500 $8.04
7/22/99 500 $8.29
7/22/99 500 $8.47
7/22/99 1,000 $7.56
7/22/99 1,000 $7.56
7/23/99 600 $8.04
7/23/99 300 $8.04
7/23/99 200 $8.04
7/23/99 100 $8.04
8/04/99 500 $8.72
8/05/99 500 $8.54
8/06/99 500 $9.04
8/06/99 500 $9.10
8/09/99 200 $9.16
8/10/99 200 $8.79
8/10/99 200 $8.79
8/11/99 500 $8.54
8/11/99 200 $8.97
<PAGE>
8/11/99 100 $8.79
8/12/99 200 $8.54
8/13/99 200 $7.41
8/13/99 200 $7.41
8/13/99 200 $7.79
8/13/99 200 $8.04
8/13/99 200 $7.41
8/13/99 200 $7.41
8/13/99 200 $7.66
8/13/99 200 $8.04
8/13/99 200 $8.04
8/13/99 200 $8.04
8/13/99 200 $8.04
8/13/99 200 $8.54
8/13/99 1,000 $7.81
8/16/99 1,000 $8.06
8/17/99 500 $7.87
8/17/99 500 $8.12
8/17/99 200 $8.12
8/18/99 200 $8.25
8/18/99 200 $8.25
8/18/99 2,000 $7.50
8/18/99 2,000 $7.75
8/19/99 200 $7.55
8/19/99 200 $7.55
8/19/99 200 $7.68
8/19/99 200 $7.68
8/19/99 200 $7.68
8/19/99 200 $7.80
8/19/99 200 $8.55
8/19/99 200 $8.55
8/19/99 200 $8.93
8/19/99 100 $8.86
8/19/99 100 $9.18
8/20/99 200 $8.83
8/20/99 100 $9.08
8/24/99 100 $8.75
8/26/99 100 $8.75
8/26/99 1,000 $7.18
8/26/99 1,000 $7.31
**Excluding Commissions
Within the past 60 days, Florence Partners has purchased 5,600 Shares through
open market purchases in the following transactions, all of which were effected
in the over-the-counter
<PAGE>
market:
DATE NUMBER OF SHARES PRICE PER SHARE
---- ---------------- ---------------
7/08/99 200 $7.75
7/08/99 200 $7.75
7/08/99 100 $7.625
7/08/99 100 $7.625
7/08/99 100 $7.50
7/08/99 100 $8.00
7/08/99 100 $8.00
7/14/99 1,000 $7.25
7/14/99 1,000 $7.50
7/15/99 100 $7.50
7/16/99 200 $7.50
7/16/99 100 $7.875
7/21/99 300 $7.50
7/21/99 200 $7.50
7/22/99 500 $7.50
7/23/99 100 $8.00
7/28/99 200 $8.50
8/05/99 500 $8.50
8/06/99 200 $9.00
8/10/99 100 $8.43
8/12/99 100 $8.75
8/19/99 100 $8.00
** 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 has effected any
transaction in the Shares during the last 60 days.
ITEM 7. MATERIALS TO BE FILED AS EXHIBITS
Exhibit 1 Joint Filing Agreement (incorporated by reference to Amendment No. 6
to the Schedule 13D)
<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.
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
FHI, Inc.
By: /S/ KENNETH W. PAVIA SR.
------------------------
Name: Kenneth W. Pavia
Its: President
Florence Partners Inc.
By: /S/ CHARLES POWERS
------------------
Name: Charles Powers
Its: President
/S/ CHARLES POWERS
------------------
Charles Powers
