Throughout the 1970s, the company undertook a significant bid to diversify into financial services. Under the leadership of Morley P. Thompson, Baldwin bought dozens of firms and by the early 1980s owned over 200 savings and loan institutions, insurance companies and investment firms, including MGIC Investment Corporation. The company changed its name to Baldwin-United in 1977 after a merger with United Corp. In 1980, the company opened a new piano manufacturing facility in Trumann, Arkansas. By 1982, however, the piano business contributed only three percent of Baldwin's $3.6 billion revenues. Meanwhile, the company had taken on significant debt to finance its acquisitions and new facilities, and was finding it increasingly difficult to meet its loan obligations. In 1983, the holding company and several of its subsidiaries were forced into bankruptcy with a total debt of over $9 billion—at that time, the largest bankruptcy ever. However, the piano business was not part of the bankruptcy.