<!DOCTYPE HTML PUBLIC "-//W3C//DTD HTML 4.0 Transitional//EN"> <HTML><HEAD> <META content="text/html; charset=iso-8859-1" = http-equiv=Content-Type> <META content="MSHTML 5.00.2919.6307" name=GENERATOR> <STYLE></STYLE> </HEAD> <BODY bgColor=#ffffff> <DIV><FONT size=2>They hired for CEO someone who knew the soap = business, not pianos. She drove away the top people in the company, the stock plunges = to $2.50. The largest Baldwin dealers write a scathing letter for her = removal. Instead they give her a bonus and sevence package of 1 million. Very = sad. See the article in the Trades.</FONT></DIV> <DIV> </DIV> <DIV><FONT size=2>Dave Bunch</FONT></DIV> <BLOCKQUOTE style="BORDER-LEFT: #000000 2px solid; MARGIN-LEFT: 5px; MARGIN-RIGHT: = 0px; PADDING-LEFT: 5px; PADDING-RIGHT: 0px"> <DIV style="FONT: 10pt arial">----- Original Message ----- </DIV> <DIV style="BACKGROUND: #e4e4e4; FONT: 10pt arial; font-color: = black"><B>From:</B> <A href="mailto:Billbrpt@AOL.COM" = title=Billbrpt@AOL.COM>Billbrpt@AOL.COM</A> </DIV> <DIV style="FONT: 10pt arial"><B>To:</B> <A = href="mailto:pianotech@ptg.org" title=pianotech@ptg.org>pianotech@ptg.org</A> </DIV> <DIV style="FONT: 10pt arial"><B>Sent:</B> Tuesday, April 24, 2001 = 8:29 AM</DIV> <DIV style="FONT: 10pt arial"><B>Subject:</B> Baldwin's last = gasps?</DIV> <DIV><BR></DIV><FONT face=arial,helvetica><FONT size=2>List, = <BR><BR>It won't be long, mark my words.  This headline today from the financial <BR>markets: <BR><BR></FONT><FONT color=#000000 face=Arial = lang=0 size=5 FAMILY="SANSSERIF"><B>Baldwin Piano Announces Sales Fall Off and = Liquidity Squeeze</FONT><FONT color=#000000 face=Arial lang=0 size=3 FAMILY="SANSSERIF"></B> <BR><BR>MASON, Ohio--(BUSINESS WIRE)--April = 24, 2001--Baldwin Piano & Organ Company <BR>(NASDAQ:  BPAO ) = today announced disappointing April sales trends and tighter <BR>lending = terms from its primary lender, which, taken together, are <BR>exacerbating = Baldwin's current liquidity situation. Baldwin is currently in <BR>discussions = with its primary lender to address this situation in the near <BR>term.... <BR><BR></FONT><FONT color=#000000 face=Arial lang=0 size=2 FAMILY="SANSSERIF">Bill Bremmer RPT <BR>Madison, Wisconsin</FONT> </FONT></BLOCKQUOTE></BODY></HTML>