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#2111933 - 07/03/13 01:42 AM Re: Steinway Bought Out and Going Private [Re: Minnesota Marty]
laguna_greg Offline
1000 Post Club Member

Registered: 04/02/13
Posts: 1382
Loc: guess where in CA and WA
Hi Marty,

Originally Posted By: Minnesota Marty
"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.


You are fooling yourself. That copy was written by a PR team.

Funny how that stated goal never works out. It reminds me of what happened when the Luis Vuitton holding company (I forget their name) bought Moet et Chandon, and a couple of Italian vineyards, and then set up a satellite in Napa under the "Moet et Chandon Estate" label. The quality was noticeably worse off within two vintages, and continues to drop. But they sure still want to get top prices for their wines, even if they aren't nearly as good anymore!

I really hope the new corporate management is reading this thread.

Because as a pianist, the proof of the pudding is in the eating. The American Steinway output has been uneven at best since they took the company back. If the pianos drop in quality in the subsequent production years after the sale goes through, I'm never going to buy a new one again. I'll tell everyone I know or work with not to buy a new Steinway. If they decide to change ANYTHING, IN ANY WAY with the plant in Hamburg or its output, I'll tell everyone I know or work with to buy a vintage Hamburg Steinway, but never a new one. Most likely, I'll be telling anybody who asks that the new Steinway they want to own is actually a Chinese piano. Most likely, it will be the truth, and the new piano will be a pale shadow of what Steinway once was.

As far as I'm concerned, this marks the end of Steinway as a maker of great pianos. I guess I'll go out into the yard, rub ash in my hair, and hire mourners to wail.

This is conceivably worse than when CBS took over. I'm quite shocked the rest of you don't see it regardless of what you read in the papers.

Marty, I hope your stock does well for you. That's about all that will happen to it.
_________________________
Laguna Greg

1919 Mason & Hamlin AA
1931 Bechstein C - now sold
http://www.triangleassociates-us.com/about_us (my day job)
http://en.wikipedia.org/wiki/Dorothy_Taubman (a recent article I wrote about one of my teachers)

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#2111977 - 07/03/13 04:07 AM Re: Steinway Bought Out and Going Private [Re: laguna_greg]
music32 Offline
1000 Post Club Member

Registered: 01/07/07
Posts: 1290
Loc: Berkeley, California
I have to agree with Laguna-Greg.. .I think things are going downhill. In any case, no pun intended, I'm a vintage Steinway person, and not predisposed to installing NEW soundboards in them.. I played a bunch of those on Piano Row, and they did NOT sound like Steinways, period. The best piano of the lot in a particular store was an 1895 or so Bechstein with its orig. soundboard.. stood out among all.
_________________________
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#2111979 - 07/03/13 04:08 AM Re: Steinway Bought Out and Going Private [Re: music32]
music32 Offline
1000 Post Club Member

Registered: 01/07/07
Posts: 1290
Loc: Berkeley, California
I have video of my playing the Bechstein, and it proved my point.
_________________________
Piano blog: Performances, Instruction, Interviews
http://www.arioso7.wordpress.com

You Tube Channel
http://www.youtube.com/arioso7



NYC HS of Performing Arts
Oberlin Conservatory
NYU, M.A., Steinway M grand and Baldwin, Yamaha Arius141
MTAC Alameda

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#2112014 - 07/03/13 06:24 AM Re: Steinway Bought Out and Going Private [Re: Steve Cohen]
Bob Offline
3000 Post Club Member

Registered: 06/01/01
Posts: 3896
I would not worry about buying a new Steinway - after all, the factory has been though 4 day weeks, and occasional week long furloughs in response to the recession, and production has continued.

I would not assume this is a negative event for Steinway. I would let time tell. I think there is room for more quality improvements, and more production efficiency at the NY factory. I think some assembly methods that are done because "it's always been done that way" might be done a bit better, a bit faster, and with greater precision.

A Steinway piano arrives at the store only 95% complete. It would be better for cash strapped stores and the end consumer if stores didn't have to complete prep that was missed at the factory.

I love working on Steinways, because each piano has it's own characteristics, just as each of your children have different personalities. I hope that part of the Steinway piano never changes.
_________________________
www.PianoTunerOrlando.com






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#2112021 - 07/03/13 06:41 AM Re: Steinway Bought Out and Going Private [Re: Bob]
Rich Galassini Offline
9000 Post Club Member

Registered: 05/28/01
Posts: 9404
Loc: Philadelphia/South Jersey
Originally Posted By: Bob
I would not worry about buying a new Steinway - after all, the factory has been though 4 day weeks, and occasional week long furloughs in response to the recession, and production has continued.


This is true, Bob. When someone is trying to feed their family and they are working two weeks on and two weeks off, it is difficult. But between that and the layoffs they have had over the past few years, I don't know that there is much more water to be had at that well. At least not without drastically changing the process.

Originally Posted By: Bob

A Steinway piano arrives at the store only 95% complete. It would be better for cash strapped stores and the end consumer if stores didn't have to complete prep that was missed at the factory.


True enough. But this represents a cost for the factory that they would rather not have. It kind of goes the opposite direction from your first statement.

Originally Posted By: Bob
I love working on Steinways, because each piano has it's own characteristics, just as each of your children have different personalities. I hope that part of the Steinway piano never changes.


Although I am happy that you enjoy this aspect of the NY production, that inconsistency from piano to piano can be very frustrating to musicians. It is something that isn't a part of the Hamburg product - or very many other great pianos.

More consistency from the NY production would greatly help the product. I understand they are doing better on that front right now than at any other time in recent history. I applaud those efforts!
_________________________
Rich Galassini
Cunningham Piano Co.
Phila, Pa.
Dir. Line (215) 991-0834
rich@cunninghampiano.com
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#2112028 - 07/03/13 07:14 AM Re: Steinway Bought Out and Going Private [Re: Steve Cohen]
ClsscLib Offline

Platinum Supporter until Jan 02 2013


Registered: 03/14/08
Posts: 1836
Loc: Northern VA, U.S.
I hadn't realized that hyperventilation could be quite so contagious.
_________________________


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

-- Florence Foster Jenkins

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#2112029 - 07/03/13 07:17 AM Re: Steinway Bought Out and Going Private! [Re: Plowboy]
R_B Offline
500 Post Club Member

Registered: 09/03/09
Posts: 544
Originally Posted By: Plowboy
Wow. $35.00 per share would be a good return on my 200 shares, which were purchased for $22 per share. Maybe this will start a bidding war with Samick? The standstill agreement will not be in effect.

Since I'll never be able to own a Steinway, it was nice to be able to sat I owned Steinway.

So, who's Kohlberg?


I used to do that;
"The year I sold the Steinway" sort of statements, without clarifying that it was a few hundred shares of LVB.

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#2112057 - 07/03/13 08:52 AM Re: Steinway Bought Out and Going Private [Re: Bob]
R_B Offline
500 Post Club Member

Registered: 09/03/09
Posts: 544
Originally Posted By: Bob
I would not worry about buying a new Steinway - after all, the factory has been though 4 day weeks, and occasional week long furloughs in response to the recession, and production has continued.

I would not assume this is a negative event for Steinway. I would let time tell. I think there is room for more quality improvements, and more production efficiency at the NY factory. I think some assembly methods that are done because "it's always been done that way" might be done a bit better, a bit faster, and with greater precision.

A Steinway piano arrives at the store only 95% complete. It would be better for cash strapped stores and the end consumer if stores didn't have to complete prep that was missed at the factory.

I love working on Steinways, because each piano has it's own characteristics, just as each of your children have different personalities. I hope that part of the Steinway piano never changes.


If the doom and gloomers are right there will be pre and post buy out NY Steinways, with some perceived value difference.

At some point Steinway may become just another emblem stuck on the same old same old - much as "Cadillac" is essentially a Chevrolet with slightly different trim.
Essex, Boston, Steinway,,, with optional colors, veneers, etc.

Mere OPINION, but PRODUCT consistency is usually an indicator of PROCESS maturity aka quality.
5% incomplete out the door doesn't hack it in any other manufacturing business - like it or not this IS a manufacturing business.

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#2112058 - 07/03/13 09:05 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
All this doom and gloom conjecture is WAY premature. As has been pointed out many times, the piano industry is rather unique. This case is no exception.

Also, there are many factors in play that most posters here are completely unaware of.

[My 10,0000th post!]
_________________________
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Maryland/DC/No. VA
Since 1937.

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

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#2112063 - 07/03/13 09:17 AM Re: Steinway Bought Out and Going Private! [Re: Steve Cohen]
Numerian Offline
1000 Post Club Member

Registered: 11/04/05
Posts: 1075
This is not Indrik Laul or Udo Steingraeber buying a venerable piano manufacturer because they love making quality pianos. This is a leveraged buyout firm with no particular familiarity with pianos or what it takes to build a fine instrument. They are not going to care about Steinway's history, except to the extent it feeds into the brand image. Kohlberg & Co. has an obligation only to its shareholders and investors, who are charged very high rates (2% annually on amounts invested, and usually 20% of all profits earned) because Kohlberg promises them very high returns even after these fees. Unfortunately, in the past six years the private equity and hedge fund businesses have not been able to produce the returns investors are used to, so they are under pressure to step up their own performance.

Kohlberg & Co. are one of the better performers in the business. They don't like to use excessive amounts of debt and they don't always look for quick answers such as moving all manufacturing to Asia. Still, their goal is to "clean up" the company by finding manufacturing efficiencies, and selling off non-strategic assets, however these are defined. And they definitely use debt, or Macquarie wouldn't be in the picture, so there is going to be pressure to clean up the company in five years or less and dispose of it at a profit, either by a resale to private investors or by an IPO on the market.

I would take their word for it that they see the Steinway brand as a link to the luxury market. That market has been one of the few that have performed consistently well since 2008 in most parts of the globe. Exactly how Steinway is going to create growth in the luxury sector for Kohlberg & Co. is the real challenge in this buyout, but obviously China is the place they will start. And that doesn't necessarily mean in pianos alone. The Chinese upper class may develop a taste for other instruments, and for band lessons for their children, as an example. It's easy to see in this buyout that the new Steinway will be marketed heavily in China, and perhaps some manufacturing moved there or elsewhere in Asia.

Whether management in the new Steinway cares whether the pianos compare to top names like Bosendorfer, Steingraeber, or Fazioli remains to be seen. Keeping up the highest quality standards in piano making just for the sake of being a top manufacturer is not likely to be a basic goal of the company. But keeping up some sort of reputation as a quality manufacturer of pianos is going to be important to maintaining the brand, which is all important in a buyout like this. If they can cut corners yet keep up the brand image for the next five years, then that is an acceptable approach. Remember, as nice as the people in Kohlberg are, their goal, and their obligation to their owners, is to get out of these buyout situations quickly. I've worked with enough of these buyout deals to know that the sooner you exit your position as owner, the higher your overall return will be. That is ultimately how they are judged - on the returns they generate their owners and investors.

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#2112074 - 07/03/13 09:51 AM Re: Steinway Bought Out and Going Private [Re: laguna_greg]
Minnesota Marty Offline

Platinum Supporter until October 5 2014


Registered: 05/15/12
Posts: 7439
Loc: Rochester MN
Originally Posted By: laguna_greg
Hi Marty,

Originally Posted By: Minnesota Marty
"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.


You are fooling yourself. That copy was written by a PR team.

Greg - How am I fooling myself? All I did was relay the opinion as expressed by a specific radio broadcast. I didn't say I agreed with it or that I even shared the opinion.

However, I doubt that the writers at "Market Place" are a PR team.
_________________________
Marty in Minnesota

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

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#2112075 - 07/03/13 09:51 AM Re: Steinway Bought Out and Going Private! [Re: Steve Cohen]
Rank Piano Amateur Offline
1000 Post Club Member

Registered: 08/11/07
Posts: 1794
I would add the Burgett brothers to Numerian's list of Indrik Laul and Udo Steingraeber. I do not see a similar aura around the Kohlberg transaction to that which surrounded the three purchasers listed. I agree that we should all wait and see (and hope), but it is perhaps worth noting that we have no choice in the matter.

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#2112084 - 07/03/13 10:15 AM 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:
Kohlberg & Co. has an obligation only to its shareholders and investors, who are charged very high rates (2% annually on amounts invested, and usually 20% of all profits earned) because Kohlberg promises them very high returns even after these fees. Unfortunately, in the past six years the private equity and hedge fund businesses have not been able to produce the returns investors are used to, so they are under pressure to step up their own performance.



Could there be much larger investors lurking around the corner waiting to make their move - when time is right?

Norbert blush
_________________________
www.heritagepianos.com
Greater Vancouver B.C. piano dealers for : C.Sauter, Estonia, Brodmann, Ritmuller
604-951-8642

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#2112117 - 07/03/13 10:54 AM Re: Steinway Bought Out and Going Private [Re: Steve Cohen]
Hakki Offline
2000 Post Club Member

Registered: 05/26/01
Posts: 2778
I am with laguna_greg and Numerian on this.

In the past, I have visited the Estonia factory and personally met with Indrek Laul. Even though it was just a short visit, I could clearly understand why the brand was so successful after even briefly talking with Mr. Laul and seeing how the technicians were working with such a deep love for the instruments they were producing.

Yes, the piano business is different from other businesses. Steinway's success lies in their fine craftsmanship and tradition. If they move ANY, but ANY part of their production to China or elsewhere they are bound to lose.

I hope they keep the experienced craftsmen and the traditional way of producing each piano by hand. Nobody is after mass produced identical Steinways, even if they are far better than today's Steinways. The MAGIC lies in every one Steinway piano being different from each other and unique.

That is the main marketing value of the Steinway piano. Nobody would pay that much money for a machine made (even it is of a minor scale) piano. The buyer's main motive in spending such amount of money is the feeling that he/she is investing in a unique instrument and also an instrument that will hold its value better than mass produced pianos.
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#2112122 - 07/03/13 11:03 AM Re: Steinway Bought Out and Going Private [Re: Steve Cohen]
GGO Offline
Junior Member

Registered: 06/16/13
Posts: 16
My concern is that Steinway staff members would be worried / distracted and some re-structuring may be taking place...Is it a good or bad timing to get a factory order new NY Steinway?

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#2112144 - 07/03/13 11:34 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
GGO,

I understand your concern and there is no way to be absolutely certain of the shop morale. One thing that does seem to be certain, is for the foreseeable future, nothing is going to change. The types of restructuring changes being speculated about take years to accomplish, rather than months.

The Steinway artisans and craftsman are very proud of the job they do. That type of dedication does not disappear overnight. It's not like they can be replaced by temp workers and the Steinway crew is well aware of that fact.

If it were me, I would trust the reputation of the company and have no reservations about placing an order for one of their pianos.

You mentioned that you have placed an order. Is that because the model you preferred was not available at the showroom, or because you chose custom cabinetry or some other specific design change? A standard issue would already have been built. A custom order may, perhaps, be built with even more care.

So, it remains mere conjecture, and there is no absolute answer to your question. Within 43 days, if there is a general strike at the factories in NY and Hamburg, there would certainly be reason for concern. But, I think that is highly unlikely. Unless there is a major collapse, I trust that the builders will continue to do the job that they do so well.
_________________________
Marty in Minnesota

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

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#2112150 - 07/03/13 11:45 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
My memory may deceive me, but I do not recall ever reading a post that talks about someone having played a poorly prepped Hamburg Steinway. I have, however, read many, many posts concerning that complaint regarding the New York instruments. What does it say about a company that thinks it's OK to send out an instrument that someone is expected to pay 50, 60, 70 or $110K for in LESS than 110% "optimum" playing condition? Mind you, they are also not willing to discount a dime off that outrageous price, because, after all......"it's a Steinway"!! From my perspective, the best thing these new owners could do for that company is fire everyone in the New York office/factory and replace them with personnel from Hamburg.
_________________________
Piano Technician/Tuner

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#2112175 - 07/03/13 12:21 PM Re: Steinway Bought Out and Going Private [Re: CC2 and Chopin lover]
laguna_greg Offline
1000 Post Club Member

Registered: 04/02/13
Posts: 1382
Loc: guess where in CA and WA
Hi CC,

Joe88 has posted a few times about about having to perform on badly prepped Hamburgs.
_________________________
Laguna Greg

1919 Mason & Hamlin AA
1931 Bechstein C - now sold
http://www.triangleassociates-us.com/about_us (my day job)
http://en.wikipedia.org/wiki/Dorothy_Taubman (a recent article I wrote about one of my teachers)

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#2112183 - 07/03/13 12:35 PM Re: Steinway Bought Out and Going Private [Re: CC2 and Chopin lover]
Plowboy Offline
2000 Post Club Member

Registered: 06/26/08
Posts: 2398
Loc: SoCal
Originally Posted By: CC2 and Chopin lover
From my perspective, the best thing these new owners could do for that company is fire everyone in the New York office/factory...


Don't worry, that'll probably be one of their first moves. They'll slash wages and rob the pension while giving themselves nice fat bonuses and salary increases.
_________________________
Gary

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#2112185 - 07/03/13 12:37 PM Re: Steinway Bought Out and Going Private [Re: Steve Cohen]
ClsscLib Offline

Platinum Supporter until Jan 02 2013


Registered: 03/14/08
Posts: 1836
Loc: Northern VA, U.S.
We're all pretty sure about what's going to happen, aren't we?
_________________________


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

-- Florence Foster Jenkins

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#2112195 - 07/03/13 12:57 PM Re: Steinway Bought Out and Going Private [Re: ClsscLib]
Steve Cohen Offline
Yikes! 10000 Post Club Member

Registered: 05/26/01
Posts: 10528
Loc: Maryland/DC/No. VA
Originally Posted By: ClsscLib
We're all pretty sure about what's going to happen, aren't we?


The assumptions many make here, without really knowing the facts, are astounding!
_________________________
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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#2112197 - 07/03/13 12:57 PM Re: Steinway Bought Out and Going Private [Re: Norbert]
laguna_greg Offline
1000 Post Club Member

Registered: 04/02/13
Posts: 1382
Loc: guess where in CA and WA
Hi Norbert,

" Unfortunately, in the past six years the private equity and hedge fund businesses have not been able to produce the returns investors are used to, so they are under pressure to step up their own performance."

"Could there be much larger investors lurking around the corner waiting to make their move - when time is right?"

Yes, absolutely. If a company is an object to be bought and sold like any other, then that's exactly what will happen, destroying the core values of the company by frequent changes in management and methods.

This has worked out well for high-end product-oriented businesses, like Louis Vuitton (think luggage and accessories), but not well for highly process-oriented business like wine (think Moet et Chandon and Ornelia). Mondavi PR started promoting "wine culture" and "wine philosophy" (there is no such thing) the minute they expanded into France and Italy and formed partnerships with Rothschild. They even started a wine museum on their campus in Napa, and put a lot of money into a non-profit center, Copia, for the same thing nearby. At the same time their quality of their core California product offering went down.

The Steinway firm has always promoted a "Steinway Mystique" as an added value to owning a Steinway. Such a pity that owning an expensive musical instrument doesn't make you a musician! Just like drinking wine doesn't make you a sage, or an art connoisseur. It will get your drunk though, and a piano won't even do that for you.

Is this the main reason Kohlberg bought Steinway? The "Steinway Mystique"? If so, it will add nothing to their bottom line; as a matter of fact the Steinway holdings will become a loss center (it already is). They'll try to maximize profits by cutting costs, firing staff, changing production methods (sound familiar?), putting more responsibility on the dealers, and pumping more money into marketing. When those things don't produce the remarkable results investors and Boards expect, they'll move the works to China or Bangladesh like everybody else doing Big Business these days. These maneuvers will not make a better expensive piano, because pianos are not expensive purses with a fancy logo stamped all over them.

Now, this has not happened yet, and I could be very wrong about the whole thing (in which case I'll be very pleased and happy to say so). But it would take an enlightened management team with a whole pile of cash and no concerns about the profits to avoid it.

News Flash: None of the key players are enlightened.

As a matter of fact, the bean counters who advise the parent corporation have no imagination whatsoever, and must be spoon-fed every thought, condition and idea. The turn of events simply cannot end well.

I've got my ash bucket almost full. Had to clean out my wood stove anyway, as the chimney sweep is coming for the annual cleaning this week.

Now I just wonder when the mourners are showing up...
_________________________
Laguna Greg

1919 Mason & Hamlin AA
1931 Bechstein C - now sold
http://www.triangleassociates-us.com/about_us (my day job)
http://en.wikipedia.org/wiki/Dorothy_Taubman (a recent article I wrote about one of my teachers)

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#2112199 - 07/03/13 01:05 PM Re: Steinway Bought Out and Going Private [Re: Steve Cohen]
laguna_greg Offline
1000 Post Club Member

Registered: 04/02/13
Posts: 1382
Loc: guess where in CA and WA
Originally Posted By: Steve Cohen
All this doom and gloom conjecture is WAY premature. As has been pointed out many times, the piano industry is rather unique. This case is no exception.

Also, there are many factors in play that most posters here are completely unaware of.


Hi Steve,

This might be the case. Care to share any of them with us?

The wine industry is also unique. Globalization and Robert Parker have changed it completely, and not for the better. If you've got a different comparison to make, I'd be relieved to hear it.
_________________________
Laguna Greg

1919 Mason & Hamlin AA
1931 Bechstein C - now sold
http://www.triangleassociates-us.com/about_us (my day job)
http://en.wikipedia.org/wiki/Dorothy_Taubman (a recent article I wrote about one of my teachers)

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#2112204 - 07/03/13 01:17 PM Re: Steinway Bought Out and Going Private [Re: Steve Cohen]
Withindale Offline
2000 Post Club Member

Registered: 02/09/11
Posts: 2090
Loc: Suffolk, England
You'll get us all going soon, Greg.

What about the world's leading pianists prostituting themselves to asset strippers and brand marketeers with no interest in their artistry?

And Steinways in stacked up in supermarkets like wine and on Amazon like everything else ... but my guess is that Hamburg at least will be OK.


Edited by Withindale (07/03/13 01:25 PM)
_________________________
Ian Russell
Schiedmayer & Soehne, 1925 Model 14, 55" upright
Ibach, 1922 49" upright (project piano)

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#2112208 - 07/03/13 01:19 PM Re: Steinway Bought Out and Going Private [Re: Minnesota Marty]
laguna_greg Offline
1000 Post Club Member

Registered: 04/02/13
Posts: 1382
Loc: guess where in CA and WA
Marty,

"However, I doubt that the writers at "Market Place" are a PR team."

Do you know anything about reporters? Have you ever been interviewed by one? That blurb came right out of a press release written by the holding company PR team.

You can't possibly think that a busy, underpaid reporter at NPR did more than spend 5 minutes reviewing the press kit Kohlberg sent over before putting their piece together and going on the air with it?
_________________________
Laguna Greg

1919 Mason & Hamlin AA
1931 Bechstein C - now sold
http://www.triangleassociates-us.com/about_us (my day job)
http://en.wikipedia.org/wiki/Dorothy_Taubman (a recent article I wrote about one of my teachers)

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#2112217 - 07/03/13 01:37 PM Re: Steinway Bought Out and Going Private [Re: laguna_greg]
Steve Cohen Offline
Yikes! 10000 Post Club Member

Registered: 05/26/01
Posts: 10528
Loc: Maryland/DC/No. VA
Originally Posted By: laguna_greg


Hi Steve,

This might be the case. Care to share any of them with us?



Sure. My rate is $125/hr. with a 4 hour minimum.
_________________________
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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#2112220 - 07/03/13 01:49 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
Originally Posted By: Steve Cohen
Originally Posted By: ClsscLib
We're all pretty sure about what's going to happen, aren't we?


The assumptions many make here, without really knowing the facts, are astounding!


I'm going by what happened to my baker's pension after the "investment group" that purchased Wonder Bread and Hostess was finished pillaging the company. They took a company with small but steady profit and raped it. When they were done, they were filthy rich, the company was bankrupt and they got the press top blame it on the same workers that they had spent the last 10 years screwing over.

Hopefully, Kohlberg is an enlightened outfit that will invest heavily and improve Steinway. Some feel that selling Steinway is not in the best interest of the stockholders, that there is a lot of upside to holding onto it.
_________________________
Gary

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#2112221 - 07/03/13 01:50 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
Originally Posted By: Steve Cohen

Sure. My rate is $125/hr. with a 4 hour minimum.


Oops! I read that as "a 4 drink minimum."
_________________________
Gary

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#2112243 - 07/03/13 03:00 PM Re: Steinway Bought Out and Going Private [Re: Steve Cohen]
ClsscLib Offline

Platinum Supporter until Jan 02 2013


Registered: 03/14/08
Posts: 1836
Loc: Northern VA, U.S.
Originally Posted By: Steve Cohen
Originally Posted By: laguna_greg


Hi Steve,

This might be the case. Care to share any of them with us?



Sure. My rate is $125/hr. with a 4 hour minimum.


And a bargain at that!

Signed,
Satisfied Client
_________________________


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

-- Florence Foster Jenkins

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#2112276 - 07/03/13 04:00 PM Re: Steinway Bought Out and Going Private [Re: Steve Cohen]
laguna_greg Offline
1000 Post Club Member

Registered: 04/02/13
Posts: 1382
Loc: guess where in CA and WA
Hi Steve,

So...you're just teasing?

Or you really don't know anything, like the rest of us?
_________________________
Laguna Greg

1919 Mason & Hamlin AA
1931 Bechstein C - now sold
http://www.triangleassociates-us.com/about_us (my day job)
http://en.wikipedia.org/wiki/Dorothy_Taubman (a recent article I wrote about one of my teachers)

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