This is a response I recieved from BIASCO about the AP story on Baldwin's woes..... I am one of the owners of Biasco Piano Company and the Cincinnati Enquirer unfortunately didn't report the situation with regard to Biasco and Baldwin correctly. The articles were based on arguments that Baldwin's attorney was making to the judge on Monday. Unfortunately, the writer did not convey the entire story correctly and made it sound as if Biasco couldn't pay Baldwin, when in reality, just like Deutsche, we won't pay because we have pre-petition offset's with Baldwin that relate to our acquisition of the retail division. This is not unusual in a bankruptcy situation and is actually a completely signed and agreed to arrangement between Biasco Piano and Baldwin. Biasco will be holding an offset of $1,000,000 until the end of May 2002 pending on potential credits that relate to our contracts. Obviously this misrepresentation in the article and in your email message can be very damaging to our company so I wanted to clarify the situation with the facts and I hope you will pass this along as you did the first message. Thanks, John Williams Executive Vice President Biasco Piano Company Dennis Benson RPT Piano tuning and repair PianoDisc install dennisb@willmar.com
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