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#2111326 - 07/02/13 02:15 AM Re: Steinway Bought Out and Going Private [Re: Steve Cohen]
Del Offline
5000 Post Club Member

Registered: 09/04/03
Posts: 5328
Loc: Olympia, Washington
I have no idea whether this will be good for Steinway pianos or not. But it's now about more than just a piano. It is brand marketing on an international scale. Witness the China-specific BMW/Steinway Series 7 "Composition."

Quote:
From http://www.bmwcoop.com/2010/11/17/video-...-steinway-sons/
Composition together with Steinway & Sons BMW give birth to a special edition of 7 Series, an edition which brings a stylish feel for the Bavarian model. The Germans at BMW decided to join the forces with the Steinway & Sons, a renowned music instruments manufacturer. The special edition developed by BMW and Steinway & Sons is called Composition and is dedicated to the 7 Series range.


I understand the production run quickly sold out. I’ve seen two of them in the financial district of Tianjin.

There are several other “Steinway” branded products around as well.

ddf
_________________________
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#2111421 - 07/02/13 08:32 AM Re: Steinway Bought Out and Going Private [Re: Steve Cohen]
CC2 and Chopin lover Offline
1000 Post Club Member

Registered: 01/12/06
Posts: 1981
Quote:
I've heard someone say this: "The company that bought Steinway follows the same business practices of Mitt Romney. They'll pillage the company for everything they can and then dump it."


You've heard someone say this? Tell them they don't know what the heck they are talking about. If you took the time to research exactly what took place at Bain during the time Mitt Romney was in charge, you would see MANY more examples of faltering companies that were made viable again by Bain's intervention. Since inception it has invested in or acquired hundreds of companies including AMC Entertainment, Aspen Education Group, Brookstone, Burger King, Burlington Coat Factory, Clear Channel Communications, Domino's Pizza, DoubleClick, Dunkin' Donuts, D&M Holdings, Hospital Corporation of America (HCA), Sealy, The Sports Authority, Staples, Toys "R" Us, Warner Music Group and The Weather Channel. Your "friends" premise is simply ignorant liberal propaganda
_________________________
Piano Technician/Tuner

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#2111442 - 07/02/13 09:25 AM Re: Steinway Bought Out and Going Private [Re: Steve Cohen]
Steve Cohen Offline
Yikes! 10000 Post Club Member

Registered: 05/26/01
Posts: 10528
Loc: Maryland/DC/No. VA
Here's a new document filed by Steinway today:

http://phx.corporate-ir.net/phoenix.zhtml?c=76306&p=irol-sec

It specifically sets up the possibility for Samick's Chairman Kim to be a suitor.
_________________________
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Consultant & Contributing Editor - Acoustic & Digital Piano Buyer

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Since 1937.

www.jasonsmusic.com
My postings, unless stated otherwise, are my personal opinions, not those of my clients.

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#2111456 - 07/02/13 09:49 AM Re: Steinway Bought Out and Going Private! [Re: Jeff Clef]
Minnesota Marty Offline

Platinum Supporter until October 5 2014


Registered: 05/15/12
Posts: 7439
Loc: Rochester MN
Originally Posted By: Jeff Clef
"...There is something odd about saying Tennessee Steinway, y'all. (WOW - New marketing angle: "Steinway - The Thoroughbred of Pianos")..."

I believe you are thinking of Kentucky, Marty--- if you're thinking of fine horseflesh.

I was thinking of a Tennessee Trotter which I guess is not a thoroughbred.

Cheers - Steinway-The Jack Daniels of Pianos! (I'll sip to that)
_________________________
Marty in Minnesota

It's much easier to bash a Steinway than it is to play one.

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#2111465 - 07/02/13 10:04 AM Re: Steinway Bought Out and Going Private [Re: Allan W.]
Jonathan Baker Offline
Full Member

Registered: 06/09/09
Posts: 476
Loc: New York City!
The question is: why would Kohlberg really want to buy Steinway? It is not a start-up dot-com with the potential to make its owners tens of billion$. As I see it without insider knowledge, only two possibilities present themselves:

1) the new owners can afford to be self-indulgent by purchasing a high prestige cultural item, either to burnish their portfolio, and/or there is a cultural affectionato at Kohlberg who wants Steinway for itself.

Or, and more likely in my view:

2) the new owners want to exploit the prestige of the Steinway name by expanding the trade name to include far more than it currently does, making more and cheaper instruments with the Steinway name pulling in new customers, as well as expanding the product line (Steinway headphones, Steinway plasma TVs, Steinway bicycles, you name it).
_________________________
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http://www.BakerPianoLessons.com/index.htm

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#2111495 - 07/02/13 10:55 AM Re: Steinway Bought Out and Going Private! [Re: Steve Cohen]
Plowboy Offline
2000 Post Club Member

Registered: 06/26/08
Posts: 2398
Loc: SoCal
The sharks, smelling blood in the water, are starting to circle the deal.

http://www.marketwatch.com/investing/stock/LVB/news

Quote:


SHAREHOLDER ALERT: Levi & Korsinsky Announces Investigation into Possible Breaches of Fiduciary Duty by the Board of Steinway Musical Instruments, Inc. in Connection with the Sale of the Company to Kohlberg & Company

7:13 a.m. Today

- BusinessWire

Harwood Feffer LLP Announces Investigation of Steinway Musical Instruments Inc.

9:25 p.m. July 1, 2013

- PR Newswire

Faruqi & Faruqi, LLP, Partner Juan E. Monteverde Launches an Investigation of Steinway Musical Instruments Inc. Over the Proposed Sale of the Company to Kohlberg & Company

7:00 p.m. July 1, 2013

- BusinessWire

Morgan & Morgan Announces the Investigation of Steinway Musical Instruments, Inc. Buyout LVB

5:28 p.m. July 1, 2013

- PR Newswire

Finkelstein Thompson LLP Announces Investigation of Steinway Musical Instruments, Inc.

5:01 p.m. July 1, 2013

- BusinessWire

Acquisition of Steinway Musical Instruments, Inc. by Kohlberg & Company May Not Be in the Best Interests of Steinway Shareholders

4:30 p.m. July 1, 2013

- PR Newswire

Steinway Musical Instruments, Inc. Shareholder Alert: Briscoe Law Firm and Powers Taylor, LLP Investigate Sale of Steinway Musical Instruments to Kohlberg & Company

4:15 p.m. July 1, 2013

- BusinessWire

SHAREHOLDER ALERT: Levi & Korsinsky Announces Investigation into Possible Breaches of Fiduciary Duty by the Board of Steinway Musical Instruments, Inc. in Connection with the Sale of the Company to Kohlberg & Company

3:12 p.m. July 1, 2013

- BusinessWire

Rigrodsky & Long, P.A. Announces Investigation Of Steinway Musical Instruments, Inc. Buyout

11:34 a.m. July 1, 2013

- BusinessWire
_________________________
Gary

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#2111505 - 07/02/13 11:03 AM Re: Steinway Bought Out and Going Private [Re: Steve Cohen]
Nash. Piano Rescue Offline
Full Member

Registered: 12/08/09
Posts: 389
Loc: East Nashville,TN Scottsville...
Gotta love all the speculation about Samick building another plant in Gallatin . Especially since people that work there are always telling me they are looking to move out of the area. Dolly Parton was going to build another huge theme park out by the Opry and her plans were dashed when she got the land use tax bill. I loved it when she told state officials to go pound sand on national TV... so much for the estimated 500 jobs, plus thousands of support jobs.

Just because you own land in the state of TN does not mean you can develop it and they will make you pay dearly in taxes. I'm still trying to figure out why I pay 50 bucks extra a year for the brand new Nashville speedway which is already out of business, 25 mil to build.
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#2111507 - 07/02/13 11:10 AM Re: Steinway Bought Out and Going Private! [Re: Plowboy]
ClsscLib Offline

Platinum Supporter until Jan 02 2013


Registered: 03/14/08
Posts: 1836
Loc: Northern VA, U.S.
Originally Posted By: Plowboy
The sharks, smelling blood in the water, are starting to circle the deal.

http://www.marketwatch.com/investing/stock/LVB/news

Quote:


SHAREHOLDER ALERT: Levi & Korsinsky Announces Investigation into Possible Breaches of Fiduciary Duty by the Board of Steinway Musical Instruments, Inc. in Connection with the Sale of the Company to Kohlberg & Company

7:13 a.m. Today

- BusinessWire

Harwood Feffer LLP Announces Investigation of Steinway Musical Instruments Inc.

9:25 p.m. July 1, 2013

- PR Newswire

Faruqi & Faruqi, LLP, Partner Juan E. Monteverde Launches an Investigation of Steinway Musical Instruments Inc. Over the Proposed Sale of the Company to Kohlberg & Company

7:00 p.m. July 1, 2013

- BusinessWire

Morgan & Morgan Announces the Investigation of Steinway Musical Instruments, Inc. Buyout LVB

5:28 p.m. July 1, 2013

- PR Newswire

Finkelstein Thompson LLP Announces Investigation of Steinway Musical Instruments, Inc.

5:01 p.m. July 1, 2013

- BusinessWire

Acquisition of Steinway Musical Instruments, Inc. by Kohlberg & Company May Not Be in the Best Interests of Steinway Shareholders

4:30 p.m. July 1, 2013

- PR Newswire

Steinway Musical Instruments, Inc. Shareholder Alert: Briscoe Law Firm and Powers Taylor, LLP Investigate Sale of Steinway Musical Instruments to Kohlberg & Company

4:15 p.m. July 1, 2013

- BusinessWire

SHAREHOLDER ALERT: Levi & Korsinsky Announces Investigation into Possible Breaches of Fiduciary Duty by the Board of Steinway Musical Instruments, Inc. in Connection with the Sale of the Company to Kohlberg & Company

3:12 p.m. July 1, 2013

- BusinessWire

Rigrodsky & Long, P.A. Announces Investigation Of Steinway Musical Instruments, Inc. Buyout

11:34 a.m. July 1, 2013

- BusinessWire


This happens with every major corporate finance announcement.

There's a genus of bottom-feeding class action plaintiff lawyers who file suit at the drop of a hat on every corporate development, regardless of whether there's any evidence of wrongdoing, in the hope of extorting a "nuisance" settlement that the real risk-takers might view as worth the cost to clear the path for the merger, acquisition, or what have you.

In these settlements, the lawyers usually get cash for 35-40% of the putative "value" of the settlement, and the individuals who opt into the plaintiff "class" usually get coupons for 5% off of their next purchase from the evil corporate wrongdoers who allegedly screwed them in the first place.

It's quite a system.
_________________________


"People may say I can't sing, but no one can ever say I didn't sing."

-- Florence Foster Jenkins

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#2111526 - 07/02/13 11:38 AM Re: Steinway Bought Out and Going Private! [Re: Steve Cohen]
Plowboy Offline
2000 Post Club Member

Registered: 06/26/08
Posts: 2398
Loc: SoCal
I don't like the deal and would prefer to keep my shares. I purchased after doing some research and think Steinway looks pretty good for the future. Their sales in the Americas have recovered, and overseas sales are increasing thanks to China. My 0.0000000001% share in the company is probably not enough to squash the buyout, however. :-) My equity consists of a pile of spruce shavings on the shop floor, maybe they'll let me keep those.
_________________________
Gary

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#2111533 - 07/02/13 11:54 AM Re: Steinway Bought Out and Going Private! [Re: Steve Cohen]
Steinway Piano DC Offline
Junior Member

Registered: 11/07/09
Posts: 5
Loc: McLean, VA
I can assure everyone that this is a very good day for Steinway & Sons and their customers. Steinway's constituency will be very happy with the results.

David Slan, President
Steinway Piano Gallery - Washington, DC/St. Louis


Edited by Steinway Piano DC (07/02/13 11:57 AM)

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#2111546 - 07/02/13 12:08 PM Re: Steinway Bought Out and Going Private [Re: Steve Cohen]
Plowboy Offline
2000 Post Club Member

Registered: 06/26/08
Posts: 2398
Loc: SoCal
David, I hope you are correct. However my past experience with private equity investment groups leaves me feeling rather pessimistic.

From the Pianist Corner:
Quote:
They'll pull out of New York to harvest the capital in the real estate and move production to Mississippi, or more likely China, and Baldwinize the company. They'll extract everything of value possible. The Steinway name will become a luxury brand, think watches, luxury automobile editions, etc. They'll sell as much as possible in China, until the Chinese consumers figure out they're getting fraudulent goods.

They'll pay themselves million dollar salaries and bonuses, eventually declaring bankruptcy after they finish raping and pillaging the company.

Or maybe we'll get lucky and Samick will up the offer and buy them. Essex and Boston will move to Indonesia and the New York and Hamburg factories will remain operating, much like Seiler.

_________________________
Gary

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#2111550 - 07/02/13 12:11 PM Re: Steinway Bought Out and Going Private [Re: Steve Cohen]
Minnesota Marty Offline

Platinum Supporter until October 5 2014


Registered: 05/15/12
Posts: 7439
Loc: Rochester MN
The quote from pianist corner is nothing but conjecture. It is similar to many postings in this thread. Conjecture is not fact. My opinion on the matter is that it is just too soon to forecast the outcome of the sale.
_________________________
Marty in Minnesota

It's much easier to bash a Steinway than it is to play one.

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#2111552 - 07/02/13 12:24 PM Re: Steinway Bought Out and Going Private [Re: Steve Cohen]
Plowboy Offline
2000 Post Club Member

Registered: 06/26/08
Posts: 2398
Loc: SoCal
I hope you are correct, Marty.
_________________________
Gary

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#2111591 - 07/02/13 01:21 PM Re: Steinway Bought Out and Going Private [Re: Steve Cohen]
Minnesota Marty Offline

Platinum Supporter until October 5 2014


Registered: 05/15/12
Posts: 7439
Loc: Rochester MN
It would be interesting to hear from someone at Steinway Corporate rather than from a franchised dealer.
_________________________________________________

Something strange is going on. - My above comment was a response to BoseEric and that posting has disappeared.


Edited by Minnesota Marty (07/02/13 01:26 PM)
Edit Reason: missing posting
_________________________
Marty in Minnesota

It's much easier to bash a Steinway than it is to play one.

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#2111593 - 07/02/13 01:25 PM Re: Steinway Bought Out and Going Private [Re: Steve Cohen]
TomazP Offline
Full Member

Registered: 11/17/09
Posts: 108
Loc: Ucluelet, BC Canada
This....Just....SUCKS!

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#2111610 - 07/02/13 01:54 PM Re: Steinway Bought Out and Going Private [Re: Steve Cohen]
Steinway Piano DC Offline
Junior Member

Registered: 11/07/09
Posts: 5
Loc: McLean, VA
The Pianist Corner quote is just silly. Steinway already sold their Manhattan building, and the factory property is located in an industrial area of Queens. So it's not about real estate. Unlike other piano companies, Steinway has maintained their reputation by branding their less expensive products with different names (Boston and Essex). This has worked exceptionally well for Steinway. So the idea of changing that marketing plan makes no sense whatsoever. The value of the Steinway company is not as a break-up. There isn't anything there to break up. Steinway is doing very well financially, and both factories are building the best quality pianos they have ever produced. The value of the Steinway company has always been, and will always be, as a long term investment for its intrinsic brand equity and financial performance.

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#2111677 - 07/02/13 03:49 PM Re: Steinway Bought Out and Going Private [Re: Steinway Piano DC]
Steve Chandler Offline
2000 Post Club Member

Registered: 02/18/05
Posts: 2790
Loc: Urbandale, Iowa
Originally Posted By: Steinway Piano DC
The value of the Steinway company is not as a break-up. There isn't anything there to break up. Steinway is doing very well financially, and both factories are building the best quality pianos they have ever produced. The value of the Steinway company has always been, and will always be, as a long term investment for its intrinsic brand equity and financial performance.

What you talk about is only the piano side of the business. Steinway Musical Instruments is the parent company to two divisions, piano maker Steinway & Sons and Conn-Selmer. The piano side also runs the Arkiv Music classical music recording label, a foundry and Lyngdorf home theater sound systems. Conn-Selmer is a collection of more than a dozen brands of instruments, including Bach Stradivarius trumpets, Selmer Paris saxophones, C.G. Conn French horns, and Leblanc clarinets. It would seem there's plenty to break up. How such a break up would impact the piano manufacturing side of the company remains to be seen.

The worrisome aspect is that the typical private equity firm is interested only in maximizing shareholder value and that usually means stripping out any cash, raiding any pension fund, loading all the divisions up on debt and selling them off. Is Kohlberg a typical private equity firm? We don't know and only time will tell. It's possible their intent is to improve operational efficiency or find some other way to enhance value for their shareholders. That is the bottom line their intent is to enhance value for shareholders and you can bet they have a plan to do that. Nobody spends $438 Million without a plan to realize better than market growth of their investment. The status quo is not an option.

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#2111686 - 07/02/13 04:04 PM Re: Steinway Bought Out and Going Private [Re: Steve Cohen]
Steve Cohen Offline
Yikes! 10000 Post Club Member

Registered: 05/26/01
Posts: 10528
Loc: Maryland/DC/No. VA
I was interviewed by NY classical radio station WQXR. You can read its blog article at:

http://www.wqxr.org/#!/blogs/wqxr-blog/2013/jul/02/explainer-what-steinway-sale-means-music-fans/
_________________________
Piano Industry Consultant- http://www.linkedin.com/pub/steve-cohen/6/b92/b80

Consultant & Contributing Editor - Acoustic & Digital Piano Buyer

Jasons Music
Maryland/DC/No. VA
Since 1937.

www.jasonsmusic.com
My postings, unless stated otherwise, are my personal opinions, not those of my clients.

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#2111707 - 07/02/13 04:36 PM Re: Steinway Bought Out and Going Private [Re: Steve Cohen]
Minnesota Marty Offline

Platinum Supporter until October 5 2014


Registered: 05/15/12
Posts: 7439
Loc: Rochester MN
Thanks, Steve. That was an interesting and balanced report. As I said earlier, time will tell.

From the link you provided, I was able to find this. All of the modern manufacturing clips are available, but this one goes back to an earlier era. It's fun to watch.

1929 S&S Manufacturing

Enjoy,
_________________________
Marty in Minnesota

It's much easier to bash a Steinway than it is to play one.

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#2111715 - 07/02/13 04:46 PM Re: Steinway Bought Out and Going Private [Re: Minnesota Marty]
Steve Cohen Offline
Yikes! 10000 Post Club Member

Registered: 05/26/01
Posts: 10528
Loc: Maryland/DC/No. VA
Originally Posted By: Minnesota Marty
Thanks, Steve. That was an interesting and balanced report. As I said earlier, time will tell.

From the link you provided, I was able to find this. All of the modern manufacturing clips are available, but this one goes back to an earlier era. It's fun to watch.

1929 S&S Manufacturing

Enjoy,


You didn't know?????

I shot that video!!! laugh
_________________________
Piano Industry Consultant- http://www.linkedin.com/pub/steve-cohen/6/b92/b80

Consultant & Contributing Editor - Acoustic & Digital Piano Buyer

Jasons Music
Maryland/DC/No. VA
Since 1937.

www.jasonsmusic.com
My postings, unless stated otherwise, are my personal opinions, not those of my clients.

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#2111727 - 07/02/13 05:07 PM Re: Steinway Bought Out and Going Private [Re: Steve Cohen]
Minnesota Marty Offline

Platinum Supporter until October 5 2014


Registered: 05/15/12
Posts: 7439
Loc: Rochester MN
Wow Steve. Now I know why you are about to enter the "Yikes" group!
_________________________
Marty in Minnesota

It's much easier to bash a Steinway than it is to play one.

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#2111737 - 07/02/13 05:26 PM Re: Steinway Bought Out and Going Private [Re: Minnesota Marty]
ando Offline
3000 Post Club Member

Registered: 11/23/10
Posts: 3708
Loc: Melbourne, Australia
Thanks for posting that video, Marty. It was fun to watch. Amazing how efficient and well tooled an operation it was in 1929.

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#2111783 - 07/02/13 07:15 PM Re: Steinway Bought Out and Going Private [Re: Steve Cohen]
Norbert Offline
Yikes! 10000 Post Club Member

Registered: 07/03/01
Posts: 14269
Loc: Surrey, B.C.
Quote:
It specifically sets up the possibility for Samick's Chairman Kim to be a suitor.


So why has Dr. Kim of Samick not taken advantage of it?

Rumors from Europe indicate he won't [at least anytime soon..]

The full story obviously needs playing itself out yet.

Norbert


Edited by Norbert (07/02/13 07:59 PM)
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#2111904 - 07/03/13 12:03 AM Re: Steinway Bought Out and Going Private [Re: Steve Cohen]
phacke Offline

Gold Supporter until November 11 2014


Registered: 10/18/12
Posts: 594
Loc: CO, USA
In the news it says "Macquarie Group Ltd and General Electric Capital Corp. are providing financing to support Kohlberg & Co.’s $438 million acquisition of Steinway Musical Instruments Inc. "

Just after LVB paid off most of their debt with the sale of Steinway Hall, it looks like the new owning entity is taking on debt for the purchase. It is not clear to me how much debt, but this is extra expense (principal + interest) for the new Steinway entity with no clarified benefit. So far, the purpose of the debt is just so the new owners can have it.

I thought this case study of a kohlberg takeover was interesting.

http://www.kohlberg.com/investmentapproach/casestudydetail.aspx?id=1

Compelling Situation:
-Kohlberg acquired Bauer in 2008 from its parent Nike

Results:
-Bauer has undergone a dynamic resurgence since 2007

(ergo, buy companies on the upswing?)

-Listed on the Toronto Stock Exchange through a Canadian IPO in March of 2011

(ergo, you may get the opportunity to buy us back in the future)



Edited by phacke (07/03/13 12:18 AM)
_________________________
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Steinway YM (1933)
...Working on:
J. S. Bach, Sonata No. 1 in B minor (BWV 1014) duet with violin
F. Chopin, Prelude 28 (15)

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#2111911 - 07/03/13 12:40 AM Re: Steinway Bought Out and Going Private [Re: Steve Cohen]
Piano World Offline



Registered: 05/24/01
Posts: 5653
Loc: Parsonsfield, ME (orig. Nahant...
It will be interesting to see whether the new owners are interested in growing the company, or stripping out all the profit they can make before tossing it aside.

I've watched this happen before. I hope it's the former rather than the latter.
I would truly hate to see a venerable old piano company reduced to a shell of its former self just to make some investors richer.
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#2111912 - 07/03/13 12:42 AM Re: Steinway Bought Out and Going Private [Re: Steve Cohen]
GGO Offline
Junior Member

Registered: 06/16/13
Posts: 16
Is this a bad timing to buy a new factory ordered Steinway?

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#2111916 - 07/03/13 12:49 AM Re: Steinway Bought Out and Going Private [Re: GGO]
Minnesota Marty Offline

Platinum Supporter until October 5 2014


Registered: 05/15/12
Posts: 7439
Loc: Rochester MN
Originally Posted By: GGO
Is this a bad timing to buy a new factory ordered Steinway?

Not at all!
_________________________
Marty in Minnesota

It's much easier to bash a Steinway than it is to play one.

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#2111917 - 07/03/13 12:58 AM Re: Steinway Bought Out and Going Private [Re: Steve Cohen]
Minnesota Marty Offline

Platinum Supporter until October 5 2014


Registered: 05/15/12
Posts: 7439
Loc: Rochester MN
"Market Place" on NPR had an interesting viewpoint on the sale. They seemed to indicate that the investment group is looking for "Luxury" manufacturers and want to polish the image and not destroy the company. They are going after high tag portfolio investors who get in their private jet to go pick out a Steinway. They also indicated the growing market in China is a target and that there is the cash available for individuals to buy an 'imported' piano. It really didn't seem like S&S would start building in China. Essex already caters to a specific market very well.
_________________________
Marty in Minnesota

It's much easier to bash a Steinway than it is to play one.

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#2111928 - 07/03/13 01:23 AM Re: Steinway Bought Out and Going Private [Re: Minnesota Marty]
GGO Offline
Junior Member

Registered: 06/16/13
Posts: 16
Originally Posted By: Minnesota Marty
Originally Posted By: GGO
Is this a bad timing to buy a new factory ordered Steinway?

Not at all!

Thanks Marty. Any insight into this?
My concern is that Steinway staff members would be worried / distracted and some re-structuring may be taking place...

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#2111931 - 07/03/13 01:28 AM Re: Steinway Bought Out and Going Private [Re: Minnesota Marty]
master88er Offline
500 Post Club Member

Registered: 04/15/07
Posts: 886
Loc: San Francisco Bay Area
Originally Posted By: Minnesota Marty
Originally Posted By: GGO
Is this a bad timing to buy a new factory ordered Steinway?

Not at all!


On what do you base that assertion?
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Bottom of hammer hitting top of damper on upright
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