<HTML><FONT FACE=arial,helvetica><FONT SIZE=5><B>Baldwin says to reorganize under chapter 11
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<BR>MASON, Ohio (Reuters) - Piano maker Baldwin Piano & Organ Co. Wednesday said
<BR>it intends to file for bankruptcy protection under Chapter 11 of the United
<BR>States Bankruptcy code partly because of a liquidity squeeze.
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<BR>Liquidity and other problems made the operation of Baldwin, as presently
<BR>defined, virtually impossible, Kenneth Pavia, the company's chairman, said in
<BR>a statement.
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<BR>He sited "disproportionate" severance agreements, excessive inventory, excess
<BR>administrative expenses, internal control issues and excessive executive
<BR>compensation as being among the company's problems.
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<BR>Bill Bremmer RPT
<BR>Madison, Wisconsin</FONT></HTML>