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#2132901 - 08/14/13 06:01 PM Re: As Predicted - Steinway's Other Shoe Falls [Re: Steve Cohen]
Rank Piano Amateur Offline
1000 Post Club Member

Registered: 08/11/07
Posts: 1784
What happened to Steve Cohen's promised interview?

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#2132904 - 08/14/13 06:07 PM Re: As Predicted - Steinway's Other Shoe Falls [Re: Steve Cohen]
Steve Cohen Offline
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Registered: 05/26/01
Posts: 10490
Loc: Maryland/DC/No. VA
The interview was for background not on-air broadcast.

The latest volley:

http://phx.corporate-ir.net/phoenix.zhtml?c=76306&p=irol-sec
_________________________
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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#2132911 - 08/14/13 06:19 PM Re: As Predicted - Steinway's Other Shoe Falls [Re: Steve Cohen]
Rank Piano Amateur Offline
1000 Post Club Member

Registered: 08/11/07
Posts: 1784
Steve: can you tell us about the trees we have all been missing? I had thought that you were going to reveal the trees in the interview. . . .I am curious!

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#2132924 - 08/14/13 06:56 PM Re: As Predicted - Steinway's Other Shoe Falls [Re: Steve Cohen]
Steve Cohen Offline
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Registered: 05/26/01
Posts: 10490
Loc: Maryland/DC/No. VA
I'm afraid I cannot post details.


I CAN say that I would much rather have seen Steinway & Sons in the hands of a committed piano professional. I see little upside (except for the $ gains to stockholders) in the pending sale to Paulson.

I'm still not sure the "fat lady has sung", but it is beginning to look that way.

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


Edited by Steve Cohen (08/14/13 07:09 PM)
_________________________
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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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#2132976 - 08/14/13 09:18 PM Re: As Predicted - Steinway's Other Shoe Falls [Re: Steve Cohen]
Plowboy Offline
2000 Post Club Member

Registered: 06/26/08
Posts: 2332
Loc: SoCal
Just sold at $41.29 after reading that.

Within 10 years, Samick will have purchased the Steinway & Sons name from Paulson and be manufacturing them in Indonesia next to the Prambergers and Knabes.

The wolves have won again, America takes another slap in the face from Wall Street. At least Henry Z didn't live to see it.
_________________________
Gary

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#2133008 - 08/14/13 09:53 PM Re: As Predicted - Steinway's Other Shoe Falls [Re: Plowboy]
Mr. Square Offline
Full Member

Registered: 04/25/13
Posts: 62
Loc: Kalifornia

Originally Posted By: Plowboy
Just sold at $41.29 after reading that.

Within 10 years, Samick will have purchased the Steinway & Sons name from Paulson and be manufacturing them in Indonesia next to the Prambergers and Knabes.

The wolves have won again, America takes another slap in the face from Wall Street. At least Henry Z didn't live to see it.


That's my fear too, but I don't think the name is nearly as valuable if the country of manufacture changes, at least I hope not.
_________________________
Working on:

Open Arms
Primavera -Ludovico Einaudi
**********************************

Adult beginner since April Fool's Day 2013. Seems quite apropos at times...

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#2133168 - 08/15/13 06:08 AM Re: As Predicted - Steinway's Other Shoe Falls [Re: Mr. Square]
Withindale Offline
1000 Post Club Member

Registered: 02/09/11
Posts: 1951
Loc: Suffolk, England
Originally Posted By: Mr. Square

Originally Posted By: Plowboy
Within 10 years, Samick will have purchased the Steinway & Sons name from Paulson and be manufacturing them in Indonesia next to the Prambergers and Knabes.

The wolves have won again, America takes another slap in the face from Wall Street. At least Henry Z didn't live to see it.


That's my fear too, but I don't think the name is nearly as valuable if the country of manufacture changes, at least I hope not.


Hope yet?

John A. Paulson, the hedge fund billionaire, already owns three Steinway & Sons pianos; the medium model M grand, the larger model O and the nearly seven-foot-long model B, together worth tens of thousands of dollars....

And while Paulson & Company owns stakes in companies, it has never before bought one outright. But Mr. Paulson said that the calculation was rather simple — he loves the pianos.


http://dealbook.nytimes.com/2013/08/14/paulson-agrees-to-buy-steinway-for-512-million/?src=dlbksb
_________________________
Ian Russell
Schiedmayer & Soehne, 1925 Model 14, 55" upright
Ibach, 1922 49" upright (project piano)

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#2133191 - 08/15/13 07:48 AM Re: As Predicted - Steinway's Other Shoe Falls [Re: Steve Cohen]
Minnesota Marty Offline

Platinum Supporter until October 5 2014


Registered: 05/15/12
Posts: 7439
Loc: Rochester MN
Whoda thunk it?

Now, we need to start a search to find Mr. Paulson a piano teacher.
_________________________
Marty in Minnesota

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

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#2133194 - 08/15/13 07:56 AM Re: As Predicted - Steinway's Other Shoe Falls [Re: Plowboy]
Almaviva Offline
500 Post Club Member

Registered: 03/21/13
Posts: 604
Loc: Richmond, Virginia
Who is Henry Z?

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#2133197 - 08/15/13 08:02 AM Re: As Predicted - Steinway's Other Shoe Falls [Re: Steve Cohen]
Minnesota Marty Offline

Platinum Supporter until October 5 2014


Registered: 05/15/12
Posts: 7439
Loc: Rochester MN
Henry Z. Steinway, the great grandson of the founder. He was the last family member associated with S&S.
_________________________
Marty in Minnesota

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

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#2133204 - 08/15/13 08:29 AM Re: As Predicted - Steinway's Other Shoe Falls [Re: Steve Cohen]
Minnesota Marty Offline

Platinum Supporter until October 5 2014


Registered: 05/15/12
Posts: 7439
Loc: Rochester MN
If this holds together, it will be interesting to see who is the CEO, President, and the make-up of the board of directors.
_________________________
Marty in Minnesota

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

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#2133218 - 08/15/13 08:54 AM Re: As Predicted - Steinway's Other Shoe Falls [Re: Withindale]
Plowboy Offline
2000 Post Club Member

Registered: 06/26/08
Posts: 2332
Loc: SoCal
Originally Posted By: Withindale

Hope yet?

John A. Paulson, the hedge fund billionaire, already owns three Steinway & Sons pianos; the medium model M grand, the larger model O and the nearly seven-foot-long model B, together worth tens of thousands of dollars....

And while Paulson & Company owns stakes in companies, it has never before bought one outright. But Mr. Paulson said that the calculation was rather simple — he loves the pianos.


http://dealbook.nytimes.com/2013/08/14/paulson-agrees-to-buy-steinway-for-512-million/?src=dlbksb


Withindale, I hope your optimism proves correct.
Quote:
Mr. Paulson vowed to keep the business largely as it is. He indicated that he had no plans to close, relocate or change any of Steinway’s manufacturing operations.

Instead, Mr. Paulson said his strategy centers on expanding Steinway’s reach around the world. He is also betting that the improving economy and strengthening housing market will help the sales of Steinway pianos, a luxury item that proved to be out of reach in recent years, even for its usual wealthier clientele.
_________________________
Gary

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#2133225 - 08/15/13 09:05 AM Re: As Predicted - Steinway's Other Shoe Falls [Re: Steve Cohen]
Minnesota Marty Offline

Platinum Supporter until October 5 2014


Registered: 05/15/12
Posts: 7439
Loc: Rochester MN
I'm optimistic, also.
_________________________
Marty in Minnesota

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

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#2133233 - 08/15/13 09:14 AM Re: As Predicted - Steinway's Other Shoe Falls [Re: Minnesota Marty]
Steve Cohen Offline
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Registered: 05/26/01
Posts: 10490
Loc: Maryland/DC/No. VA
Originally Posted By: Minnesota Marty
If this holds together, it will be interesting to see who is the CEO, President, and the make-up of the board of directors.


I would assume that Michael Sweeney the current CEO will remain. He apparently is part of the buyout by Paulson.
_________________________
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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#2133244 - 08/15/13 09:40 AM Re: As Predicted - Steinway's Other Shoe Falls [Re: Steve Cohen]
Plowboy Offline
2000 Post Club Member

Registered: 06/26/08
Posts: 2332
Loc: SoCal
If Paulson just considers it a play toy, rather than a serious money maker, maybe things will work out.
_________________________
Gary

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#2133246 - 08/15/13 09:43 AM Re: As Predicted - Steinway's Other Shoe Falls [Re: Steve Cohen]
Minnesota Marty Offline

Platinum Supporter until October 5 2014


Registered: 05/15/12
Posts: 7439
Loc: Rochester MN
Too bad that Jeff Bezos wasn't interested. Can you imagine the stunning articles in the Washington Post?
_________________________
Marty in Minnesota

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

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#2133259 - 08/15/13 10:06 AM Re: As Predicted - Steinway's Other Shoe Falls [Re: Withindale]
jazzyprof Online   content
2000 Post Club Member

Registered: 11/30/04
Posts: 2634
Loc: Ann Arbor, MI
Originally Posted By: Withindale


John A. Paulson, the hedge fund billionaire, already owns three Steinway & Sons pianos; the medium model M grand, the larger model O and the nearly seven-foot-long model B, together worth tens of thousands of dollars....

And while Paulson & Company owns stakes in companies, it has never before bought one outright. But Mr. Paulson said that the calculation was rather simple — he loves the pianos.


Aha, he bought the company so he could get a discount on a nine-foot-long model D!
_________________________
"Playing the piano is my greatest joy...period."......JP

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#2133308 - 08/15/13 11:31 AM Re: As Predicted - Steinway's Other Shoe Falls [Re: Withindale]
ClsscLib Offline

Platinum Supporter until Jan 02 2013


Registered: 03/14/08
Posts: 1777
Loc: Northern VA, U.S.
Originally Posted By: Withindale
Originally Posted By: Mr. Square

Originally Posted By: Plowboy
Within 10 years, Samick will have purchased the Steinway & Sons name from Paulson and be manufacturing them in Indonesia next to the Prambergers and Knabes.

The wolves have won again, America takes another slap in the face from Wall Street. At least Henry Z didn't live to see it.


That's my fear too, but I don't think the name is nearly as valuable if the country of manufacture changes, at least I hope not.


Hope yet?

John A. Paulson, the hedge fund billionaire, already owns three Steinway & Sons pianos; the medium model M grand, the larger model O and the nearly seven-foot-long model B, together worth tens of thousands of dollars....

And while Paulson & Company owns stakes in companies, it has never before bought one outright. But Mr. Paulson said that the calculation was rather simple — he loves the pianos.


http://dealbook.nytimes.com/2013/08/14/paulson-agrees-to-buy-steinway-for-512-million/?src=dlbksb


Not only that, but in the story he describes the real embedded value of the Steinway piano franchise to be the strength of its reputation as a top-quality piano. Those two things should be some comfort to all but the most conspiracy-smitten among us.
_________________________


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

-- Florence Foster Jenkins

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#2133315 - 08/15/13 11:41 AM Re: As Predicted - Steinway's Other Shoe Falls [Re: ClsscLib]
Withindale Offline
1000 Post Club Member

Registered: 02/09/11
Posts: 1951
Loc: Suffolk, England
What's more the article also says:-

Today, Steinway has expanded beyond pianos to sell horns, clarinets, saxophones and drums. It so happens that that aspect of the business is right up Mr. Paulson’s alley.

Though Mr. Paulson is not a pianist, he played the drums, clarinet and saxophone when he was a teenager and into his 20s, eventually setting them aside when he could not keep up the necessary commitment.


The glove fits!
_________________________
Ian Russell
Schiedmayer & Soehne, 1925 Model 14, 55" upright
Ibach, 1922 49" upright (project piano)

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#2133326 - 08/15/13 11:59 AM Re: As Predicted - Steinway's Other Shoe Falls [Re: Withindale]
Almaviva Offline
500 Post Club Member

Registered: 03/21/13
Posts: 604
Loc: Richmond, Virginia
This might turn out right after all, Ian. I certainly hope so.

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#2133338 - 08/15/13 12:14 PM Re: As Predicted - Steinway's Other Shoe Falls [Re: Steve Cohen]
Supply Offline
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Registered: 09/11/06
Posts: 3919
Loc: Vancouver Island, BC, Canada
It is my understanding that the "other" parts of the Steinway corporation are actually larger than piano division. Many people don't know that.

While I truly hope the best for the future of the brand, I can only smile about the implied significance of the entrepreneur's musical dabbling as a high schooler and the conjectured connection between that and this business deal.
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Piano Forte Supply
www.pianofortesupply.com

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#2133348 - 08/15/13 12:23 PM Re: As Predicted - Steinway's Other Shoe Falls [Re: Steve Cohen]
Minnesota Marty Offline

Platinum Supporter until October 5 2014


Registered: 05/15/12
Posts: 7439
Loc: Rochester MN
The Year to Date revenue for SMI is as follows:

Piano Operations - $102.2 million
Band Operations - $ 67.0 million
_________________________
Marty in Minnesota

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

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#2133374 - 08/15/13 01:21 PM Re: As Predicted - Steinway's Other Shoe Falls [Re: Steve Cohen]
Piano World Offline



Registered: 05/24/01
Posts: 5602
Loc: Parsonsfield, ME (orig. Nahant...
And from the Globe and Mail...

Piano Maker Steinway Goes Private in $512 Million dollar Deal


Piano maker Steinway goes private in $512-million deal Add to ...

Maria Ajit Thomas and Greg Roumeliotis

Reuters

Published Wednesday, Aug. 14 2013, 11:27 AM EDT


Steinway Musical Instruments Inc., best known for its grand pianos, agreed on Wednesday to be taken private by Paulson & Co. after the hedge fund firm raised its offer to $40 per share, valuing the 160-year old company at about $512-million (U.S.)

Steinway shares rose above the Paulson bid, touching a high of $41.60, suggesting some investors expect a higher offer.

The piano maker caters to the tastes of the rich and famous, a market known to be more resilient to economic shifts, said CJS Securities Inc analyst Arnold Ursaner.

“When you are dealing with any global luxury brand, the value is in the eye of the beholder. To me it’s no different than a work of art, it’s what someone is willing to pay for that unique asset. The piano business of Steinway has a great pedigree and is not easy to come by,” Ursaner said.

A leveraged buyout of Steinway represents an unusual private equity-style deal for hedge fund mogul John Paulson, who shot to fame in 2007 with a prescient bet against subprime mortgages and repeated his success in 2009 with a bet on gold.

“We will proudly support the company’s legacy as the premier global piano manufacturer, a reputation earned with an uncompromising commitment to quality appreciated by almost all of the world’s most demanding pianists,” Paulson said in a statement.

He added he does not plan to close, relocate or change any of the company’s manufacturing operations.

Steinway said Paulson & Co. raised its offer to $40 a share from $38 following a $39 bid by South Korea’s Samick Musical Instruments Co. Ltd.

Steinway said on Tuesday that private equity firm Kohlberg & Co, which agreed to a deal with Steinway in July for $35 per share, had waived its right to match or beat Paulson’s offer, which represents a premium of 31.4 per cent to Steinway’s share price prior to the Kohlberg offer.

Steinway said the deal with Paulson did not provide for a “go-shop” period during which the company could actively seek out competing bids. But Steinway is allowed to accept a superior offer until the closing of Paulson’s tender offer, within 25 days.

Steinway would have to pay a termination fee of about $13.4-million to Paulson if it accepted another offer. It will pay Kohlberg $6.7-million to terminate their agreement.

Steinway, whose pianos have been used by legendary artists such as Cole Porter and Sergei Rachmaninoff and by contemporary ones like Chinese concert pianist Lang Lang, is nearly one-third owned by Samick, according to Thomson Reuters data.

Founded in 1958, Samick already manufactures pianos in the United States and has a production capacity of more than a half million guitars per year through factories in South Korea, Indonesia, China and the United States, according to its website.

Steinway’s brands also include Bach Stradivarius trumpets, Selmer Paris saxophones, C.G. Conn French horns, Leblanc clarinets, King trombones and Ludwig drums.

Waltham, Massachusetts-based Steinway’s sales have been stagnating and it has struggled to keep production margins competitive. Sales rose just 2 per cent in 2012.

The company said in December it had decided not to sell itself after a 17-month-long review of strategic options.

Kohlberg made its offer six months later, valuing the company at about $438-million.

Steinway completed the sale of its leasehold interest in the Steinway Hall building on Manhattan’s 57th Street in June to a partnership led by JDS Development Group for $46.3-million.

Paulson is paying between 10 and 10.5 times Steinway’s current earnings before interest, tax, depreciation and amortization, Ursaner said.

Steinway said it expects the deal to close in late September.
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#2133375 - 08/15/13 01:21 PM Re: As Predicted - Steinway's Other Shoe Falls [Re: Steve Cohen]
PianoStudent88 Offline
3000 Post Club Member

Registered: 06/16/11
Posts: 3181
Loc: Maine
Originally Posted By: Steve Cohen
I was just interviewed by WNYC for a business segment to be aired on Wednesday about the Steinway situation.

If I come off sounding good I'll post a link. If I sound like a fool please disregard this post. wink


Originally Posted By: Steve Cohen
The interview was for background not on-air broadcast.


That's different from what your first post suggested. Thanks for clarifying.

Can you provide a link for the on-air part that was aired without you?
_________________________
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#2133469 - 08/15/13 04:58 PM Re: As Predicted - Steinway's Other Shoe Falls [Re: Supply]
Withindale Offline
1000 Post Club Member

Registered: 02/09/11
Posts: 1951
Loc: Suffolk, England
Originally Posted By: Supply
It is my understanding that the "other" parts of the Steinway corporation are actually larger than piano division. Many people don't know that.

Originally Posted By: Minnesota Marty
The Year to Date revenue for SMI is as follows:
Piano Operations - $102.2 million
Band Operations - $ 67.0 million


Well, Marty, to be fair to Jurgen if we are talking about manufactured products we could knock of about $20 million from piano operations for Boston and Essex. About half of piano revenues come from the Americas. That puts Astoria pianos around $40 million, about 60% of band operations.

Lies, damned lies, and statistics.
_________________________
Ian Russell
Schiedmayer & Soehne, 1925 Model 14, 55" upright
Ibach, 1922 49" upright (project piano)

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#2133481 - 08/15/13 05:18 PM Re: As Predicted - Steinway's Other Shoe Falls [Re: PianoStudent88]
Steve Cohen Offline
Yikes! 10000 Post Club Member

Registered: 05/26/01
Posts: 10490
Loc: Maryland/DC/No. VA
Originally Posted By: PianoStudent88
Originally Posted By: Steve Cohen
I was just interviewed by WNYC for a business segment to be aired on Wednesday about the Steinway situation.

If I come off sounding good I'll post a link. If I sound like a fool please disregard this post. wink


Originally Posted By: Steve Cohen
The interview was for background not on-air broadcast.


That's different from what your first post suggested. Thanks for clarifying.

Can you provide a link for the on-air part that was aired without you?


The recent interview on which I provided background is at http://www.npr.org/blogs/therecord/2013/...ge-fund-manager

The earlier article I was interviewed for (and quoted in) is at

http://www.wqxr.org/#!/blogs/wqxr-blog/2013/jul/02/explainer-what-steinway-sale-means-music-fans/.

A good summary of the situation can be found at http://www.musictrades.com/.
_________________________
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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#2133509 - 08/15/13 06:14 PM Re: As Predicted - Steinway's Other Shoe Falls [Re: Steve Cohen]
Minnesota Marty Offline

Platinum Supporter until October 5 2014


Registered: 05/15/12
Posts: 7439
Loc: Rochester MN
Hi Ian,

However, we are discussing the total sale of SMI. Why did you exclude Hamburg? Remember that Boston and Essex are sold in Europe and are a major source of income for "the piano division." Though Steve Cohen would argue, they are still a product of Steinway.

In a PM, Jurgen posed an interesting question about O.S. Kelly Foundry and Kluge Keyboards. It's anyone's guess where they fit in, but I would guess "piano" rather than "band." But, stranger things have happened in the corporate world.

(To offset the rebuttal, isn't an iPod a product of Apple?)
_________________________
Marty in Minnesota

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

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#2133521 - 08/15/13 06:33 PM Re: As Predicted - Steinway's Other Shoe Falls [Re: Minnesota Marty]
Steve Cohen Offline
Yikes! 10000 Post Club Member

Registered: 05/26/01
Posts: 10490
Loc: Maryland/DC/No. VA
Originally Posted By: Minnesota Marty
Hi Ian,

Remember that Boston and Essex are sold in Europe and are a major source of income for "the piano division." Though Steve Cohen would argue, they are still a product of Steinway.


(To offset the rebuttal, isn't an iPod a product of Apple?)


To be clear... while Steinway has designed some elements, and markets Boston and Essex, it is my position that that Boston and Essex are not "made by Steinway" nor should schools that buy Boston and/or Essex pianos claim to be "All Steinway Schools".
_________________________
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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#2133528 - 08/15/13 06:38 PM Re: As Predicted - Steinway's Other Shoe Falls [Re: Steve Cohen]
Orz Offline
Full Member

Registered: 02/21/13
Posts: 61
Originally Posted By: Steve Cohen
Originally Posted By: Minnesota Marty
Hi Ian,

Remember that Boston and Essex are sold in Europe and are a major source of income for "the piano division." Though Steve Cohen would argue, they are still a product of Steinway.


(To offset the rebuttal, isn't an iPod a product of Apple?)


To be clear... while Steinway has designed some elements, and markets Boston and Essex, it is my position that that Boston and Essex are not "made by Steinway" nor should schools that buy Boston and/or Essex pianos claim to be "All Steinway Schools".


iPhone/iPad/iPod are product of Foxconn...
lol j/k

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#2133533 - 08/15/13 06:43 PM Re: As Predicted - Steinway's Other Shoe Falls [Re: Steve Cohen]
Minnesota Marty Offline

Platinum Supporter until October 5 2014


Registered: 05/15/12
Posts: 7439
Loc: Rochester MN
Orz,

That was exactly my point. An iPod is a product of Apple and is manufactured by Foxconn and other foreign manufacturers.
_________________________
Marty in Minnesota

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

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