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List,
The latest news from Baldwin. I don't know if this will help those who still
are owed money for warranty work or not. It looks like they may still have
to wait but if the company remains in business, all claims should eventually
be paid.
Bill Bremmer RPT
Madison, Wisconsin
Baldwin Piano & Organ Company Secures Surety Bond
Bond backs warranties reassuring dealers and consumers
MASON, Ohio, June 28 /PRNewswire/ -- Baldwin Piano & Organ Company today
announced that it has purchased a warranty surety bond through ACSTAR
Insurance Company of New Britain, Connecticut. ACSTAR's financial rating by
A.M. Best is a strong ("A-"). Baldwin's warranty assurance plan backed by
the surety bond will apply to Company's products purchased on or after June
1, 2001.
Baldwin purchased the surety bond as a means to reassure its dealers and
customers of its future and its ability to comply with its warranty
obligations during the Company's reorganization. The Company filed
reorganization under Chapter 11 of the United States Bankruptcy Code on May
30, 2001.
"The security of a surety bond demonstrates to our dealers and customers our
commitment to provide the best manufactured pianos in the world along with
all the assurances associated with our products," said Robert Jones, chief
executive officer and president. "Baldwin Piano & Organ is known for its
quality products. We want to make sure we are able to stand behind our
products as we go through the restructuring, retaining the confidence of all
our constituents."
A Warranty Assurance Certificate is to be delivered by the dealer to each
Baldwin buyer, at the time of purchase, of a Baldwin, Chickering or Wurlitzer
piano on or after June 1, 2001. The warranty assurance program will be
prominently displayed on dealer's floor advertisements, special tags being
attached to each piano and certificates placed on the top of each instrument.
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