It is an unfortunate situation for the large number of individuals who purchased pianos from Biasco.
We now have a list of the companies and individuals from the bankruptcy filing. Many people are calling various piano stores in our area seeking information about Biasco. A number of buyers paid cash (some in full) for instruments they have not received. One person was told that Biasco was expanding into a larger store in Orland Park shortly before they closed the doors. I don't know if this was to help close the sale, or if the sales staff were told a story.
More information will certainly come out soon. It looks like American Seijung (the stencil names are Hobart Cable, Steck, and Falcone) will take it on the chin. Pearl River was not listed as one of the creditors. I wonder why. We now know that a number of people paid for or put money down on Pearl River and Ritmuller pianos and have not received them. Were these pianos ever ordered? It is most likely that Biasco had a pay as sold agreement with them. Could it be that John Biasco does intend to reopen under another name? Where did the supposed "million dollar" inventory go? At what point did Biasco stop taking deposits and payments when the date was selected to officially file chaper 7? (Chaper 7 bankruptcy is final- i.e. no reorganization).
There are also individuals who either paid for or placed deposits which are not on the creditors list. I will clarify that the sole purpose of taking legal action against Biasco was to ask the court to enjoin him against deceptive advertising in violation of the Illinois Deceptive Trade Practices law. Because of a large number of calls coming into the Illinois State Attorneys General office, the consumer fraud division is looking into various allegations of bankruptcy fraud.
If you have paid for or put a deposit on an instrument at Biasco (a.k.a. Events Marketing Group) the Attorney General's phone number is 312-814-3580. Our attorney is also interested in any information.