Spring 1966

  • Henry Z. Steinway and the rest of Steinway & Sons management discover that Helmut Friedlaender, the financial advisor to the founder of American Securities Corporation William Rosenwald, has over a period of time secretly bought for Rosenwald 6,999 Steinway & Sons shares (13.3% of the company’s stock), thus making William Rosenwald a single largest stockholder of Steinway & Sons. This becomes known when Freidlaender and Rosenwald request a meeting with Henry Z. Steinway to discuss the future of Steinway & Sons. Steinway & Sons offers Rosenwald to buy out his 13.3% of stock for $839,880 ($120 per share), but Rosenwald refuses to sell. During the meeting with Freidlaender and Rosenwald, Henry Z. Steinway begins to realize that he may have no choice but to sell Steinway & Sons.
  • Steinway News publishes photographs of jazz pianist Ahmad Jamal and singer / songwriter Roberta Flack at Steinway & Sons pianos during a series of free concerts in Newark, New Jersey.