The Steinway piano company has a new owner. This fall, the investment firm Paulson & Co. — led by billionaire John Paulson — spent about $500 million and bought all of Steinway & Sons, the venerated piano maker.
The deal includes a foundry in Springfield, Ohio, where the Steinway pianos are born in fire.
The O.S. Kelly Foundry has been making Steinway's plates since 1938. The plate is the cast-iron heart of a piano: It holds the steel wire strings with 40,000 pounds of tension, the company says. It allows vibrations to arise in a concert hall as music.
A year after Superstorm Sandy stranded many New Yorkers without power for days, a federal judge has ruled that New York City's emergency plans violate the Americans with Disabilities Act. Those shortcomings, the judge found, leave almost 900,000 residents in danger, and many say the ruling could have implications for local governments across the country.
The first democratically elected president of Egypt, Mohammed Morsi, appeared in court on Monday. It was the first time he had been seen in public since the military coup that ousted him in early July. Morsi is being tried on charges of inciting murder and violence. He's become a rallying symbol for his supporters who have been protesting his ouster for more than four months. One person was killed and three others injured in the violence yesterday.