Re: Mason and Hamlin
By Larry Fine, forwarded by Terry Smythe
Forwarded Message:
From: pianobook@aol.com To: ALL
Subj: Re: Mason & Hamlin Area: 0-rec.music.maker Date: 04/26/95
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Concerning the request by Mason & Hamlin that its bankruptcy filing be changed from Chapter 7 (liquidation) to Chapter 11 (reorganization):
This happened because a Boston-based piano rebuilding company, Premier Piano, says they have purchased the controlling interest in the company from its former owner Bernard Greer. They are trying to get financing together to reorganize the company. Although there is a possibility this will happen, insiders say that it will take more capital and business know-how to restart the company than Premier is likely to be able to obtain, and that even under the best of circumstances, it might be hard to make the company profitable. Of course, I hope the "insiders" are wrong--it wouldn't be the first time.
The situation is made more complicated by the fact that during the year or so before M&H went out of business, there were a number of odd financial deals made and it is not entirely clear just who owns how much of the company's assets. Probably the receiver appointed by the bankruptcy court will make this determination, if necessary.
Larry Fine
PianoBook@aol.com |
(Message sent Wed 26 Apr 1995, 17:23:42 GMT, from time zone GMT-0500.) |
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