UNITED STATES
                        SECURITIES & EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                  SCHEDULE 13D

                    Under the Securities Exchange Act of 1934
                                (Amendment No. )*

                          Baldwin Technology Co., Inc.
                                (Name of Issuer)

                                  Common Stock
                         (Title of Class of Securities)

                                    058264102
                                 (CUSIP Number)

                              Michael Emanuel, Esq.
                          c/o Loeb Partners Corporation
                  61 Broadway, N.Y., N.Y., 10006 (212) 483-7047
 (Name, address and Telephone Number of Person Authorized to Receive Notices
                              and Communications)

                                   May 5, 2004
             (Date of Event which Requires Filing of this Statement)

If the filing person has previously  filed a statement on Schedule 13G to report
the  acquisition  which is the subject of this  Schedule 13D, and is filing this
schedule  because of Rule 13d-1(b)(3) or (4), check the following box [ ]. Check
the  following  box if a fee is being  paid  with  statement  [ ]. (A fee is not
required only if the following reporting person: (1) has a previous statement on
file  reporting  beneficial  ownership of more than five percent of the class of
securities  described  is Item 1;  and (2) has  filed  no  amendment  subsequent
thereto reporting  beneficial  ownership of five percent or less of such class.)
(See Rule 13d-7.) Note:  Six copies of this  statement,  including all exhibits,
should be filed with the Commission. See Rule 13d-1(a) for other parties to whom
copies are to be sent. *The remainder of this cover page shall be filled out for
a reporting  person's  initial  filing on this form with  respect to the subject
class of securities,  and for any subsequent  amendment  containing  information
which would alter  disclosures  provided in a prior cover page. The  information
required  on the  remained  of this cover page shall not be deemed to be "filed"
for the purpose of Section 18 of the Securities  Exchange Act of 1934 ("Act") or
otherwise  subject to the  liabilities  of that  section of the Act but shall be
subject to all other provisions of the Act (however, see the Notes).




                                  SCHEDULE 13D

CUSIP NO. 058264102

1  NAME OF REPORTING PERSON
    S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON

          Loeb Partners Corporation

2  CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*          (a) [X]

                                                              (b) [ ]
3  SEC USE ONLY
4  SOURCE OF FUNDS*

         WC, O

5  CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED     [    ]
    PURSUANT TO ITEMS 2(d) or 2(e)

6  CITIZENSHIP OR PLACE OF ORGANIZATION
         Delaware

NUMBER OF         7  SOLE VOTING POWER
SHARES               28,916 Shares of Common stock
BENEFICIALLY      8  SHARED VOTING POWER
OWNED BY             20,208 Shares of Common stock
EACH              9  SOLE DISPOSITIVE POWER
REPORTING            28,916 Shares of Common stock
PERSON WITH      10  SHARED DISPOSITIVE POWER
                     20,208 Shares of Common stock

11  AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

          49,124 Shares of Common stock

12  CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN  SHARES*

13  PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
         0.39%

14 TYPE OF REPORTING PERSON*
         PN, BD, IA


                                  SCHEDULE 13D
CUSIP NO. 058264102

1  NAME OF REPORTING PERSON
   S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON

          Loeb Arbitrage Fund

2  CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*          (a) [X]

                                                              (b) [ ]
3  SEC USE ONLY

4  SOURCE OF FUNDS

         WC, O

5   CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED            [  ]
     PURSUANT TO ITEMS 2(d) or 2(e)

6  CITIZENSHIP OR PLACE OF ORGANIZATION

         New York

NUMBER OF         7  SOLE VOTING POWER
SHARES               567,218 of Common stock
BENEFICIALLY      8  SHARED VOTING POWER
OWNED BY                -----
EACH              9  SOLE DISPOSITIVE POWER
REPORTING            567,218 Shares of Common stock
PERSON WITH      10  SHARED DISPOSITIVE POWER
                        -----

11   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
            567,218 Shares of Common stock

12  CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*

13  PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
           4.42%

14 TYPE OF REPORTING PERSON*
           PN, BD


                                  SCHEDULE 13D

CUSIP NO. 058264102

1  NAME OF REPORTING PERSON
    S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON

          Loeb Offshore Fund, Ltd.

2  CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*          (a) [X]

                                                              (b) [ ]
3  SEC USE ONLY

4  SOURCE OF FUNDS*

         WC, O

5  CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED     [    ]
    PURSUANT TO ITEMS 2(d) or 2(e)

6  CITIZENSHIP OR PLACE OF ORGANIZATION
         Cayman Islands

NUMBER OF         7  SOLE VOTING POWER
SHARES               57,258 Shares of Common stock
BENEFICIALLY      8  SHARED VOTING POWER
OWNED BY                 --------
EACH              9  SOLE DISPOSITIVE POWER
REPORTING            57,258 Shares of Common stock
PERSON WITH      10  SHARED DISPOSITIVE POWER
                          -------

11  AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

          57,258 Shares of Common stock

12  CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN  SHARES*

13  PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
         0.45%

14 TYPE OF REPORTING PERSON*
         CO

Item 1.  Security and Issuer.
------   -------------------

This statement  refers to the Common Stock of Baldwin  technology  Co., Inc., 12
Commerce Drive, Shelton, CT., 06484.

Item 2.  Identity and Background.
------   -----------------------

Loeb Arbitrage Fund ("LAF"),  61 Broadway,  New York, New York,  10006, is a New
York limited partnership. It is a registered broker/dealer.  Its general partner
is Loeb Arbitrage Management,  Inc., ("LAM"), a Delaware  corporation,  with the
same  address.  Its President is Gideon J. King.  The other  officers of LAM are
Thomas L. Kempner, Chairman of the Board, President, Peter A. Tcherepnine,  Vice
President,  Edward  J.  Campbell,  Vice  President.  Loeb  Partners  Corporation
("LPC"), 61 Broadway,  New York, New York, 10006, is a Delaware corporation.  It
is a registered  broker/dealer and a registered  investment  adviser.  Thomas L.
Kempner is its President and a director and its Chief Executive Officer.  Norman
N. Mintz is a Vice  President  and also a director.  Gideon J. King is Executive
Vice President.  Loeb Holding Corporation  ("LHC"), a Maryland  corporation,  61
Broadway,  New York,  New York,  10006 is the sole  stockholder  of LAM and LPC.
Thomas L. Kempner is its President and a director as well as its Chief Executive
Officer and majority  stockholder.  Norman N. Mintz and Peter A. Tcherepnine are
also directors.  Loeb Offshore Fund, Ltd.,  ("LOF") is a Cayman Islands exempted
company.  Loeb Offshore Management,  LLC ("LOM") is a Delaware limited liability
company,  a  registered  investment  adviser and is wholly owned by Loeb Holding
Corporation.  It is the investment  adviser of LOF. Gideon J. King and Thomas L.
Kempner are  Directors of LOF and  Managers of LOM. The business  address of all
individuals  other than Mr. Matthews is 61 Broadway,  New York, New York, 10006.
All of the individuals named are United States citizens.  None have been, within
the last five  years,  convicted  in a criminal  proceeding  (excluding  traffic
violations or similar  misdemeanors)  or been a party to a civil proceeding of a
judicial or  administrative  body of competent  jurisdiction  and as a result of
such  proceeding  been or are  subject  to a  judgment,  decree  or final  order
enjoining future violations of, or prohibiting or mandating  activities  subject
to, federal or state  securities  laws or finding any violations with respect to
such laws.

Item 3.   Source and Amount of Funds or Other Compensation.
------    ------------------------------------------------

Shares of Common  Stock were  acquired  by LAF,  LPC and LOF in margin  accounts
maintained with Bear Stearns Securities Corp.

Item 4.   Purpose of Transaction.
------    ----------------------

LAF, LPC and LOF have acquired  shares of Common Stock for investment  purposes.
LAF,  LPC and LOF reserve the right to sell shares of Common Stock or to acquire
additional shares in open market transactions or otherwise.


Item 5.  Interest in Securities of the Issuer.
------   ------------------------------------

(a) The persons  reporting  hereby owned the following shares of Common Stock as
of May 5, 2004.
                                    Shares of Common Stock

Loeb Arbitrage Fund                       567,218
Loeb Partners Corporation*                49,124
Loeb Offshore Fund                        57,258
                                    ----------------
                                         673,600

The total shares of Common Stock constitute 5.25% the 13,833,000 outstanding
shares of Common Stock as reported by the issuer.
-------------------------
*Including 20,208 shares of Common Stock purchased for the account of one
customer of Loeb Partners Corporation as to which it has investment discretion.

(b) See paragraph (a) above.

(c) The following purchases of Common Stock have been made in the last sixty
(60) days by the following:

                                   Purchases of Common Stock

Holder                            Date     Shares      Average Price
Loeb Partners Corp.*          03-01-04        960              $3.06
                              03-02-04        599               3.04
                              03-03-04       1318               3.06
                              03-04-04        295               3.05
                              03-05-04       1550               3.03
                              03-12-04         78               2.71
                              03-15-04         54               2.71
                              04-21-04       2400               3.40
                              04-23-04        177               3.21
                              04-26-04         58               3.36
                              04-28-04        750               3.28
                              04-30-04        971               2.90
                              04-30-04       3792               3.31
                              05-03-04       2458               3.41
                              05-04-04        725               3.31
                              05-05-04       1146               3.46
                              05-05-04       1457               3.45
                              05-05-04         73               3.51


Holder                                     Shares      Average Price
Loeb Arbitrage Fund           03-01-04      10140             $3.064
                              03-02-04       7818              3.042
                              03-03-04      14407              3.060
                              03-04-04       3220              3.055
                              03-05-04      16950              3.030
                              03-12-04        847              2.710
                              03-15-04        593              2.710
                              04-21-04      31774              3.400
                              04-23-04       5221              3.210
                              04-26-04        674              3.360
                              04-28-04      22125              3.282
                              04-30-04      44062              3.307
                              04-30-04      11290              2.898
                              05-03-04      28560              3.409
                              05-04-04       8425              3.310
                              05-05-04      25612              3.445
                              05-05-04       4633              3.510
                              05-05-04        842              3.510

Holder                                     Shares      Average Price
Loeb Offshore Fund            03-01-04        900              $3.06
                              03-02-04       1583               3.04
                              03-03-04       1275               3.06
                              03-04-04        285               3.05
                              03-05-04       1500               3.03
                              03-12-04        750               2.71
                              03-15-04         53               2.71
                              04-21-04       8126               3.40
                              04-23-04        502               3.21
                              04-26-04         68               3.36
                              04-28-04       2125               3.28
                              04-30-04       4446               2.90
                              04-30-04       1139               3.31
                              05-03-04       2882               3.41
                              05-04-04        850               3.31
                              05-05-04       2584               3.46
                              05-05-04        468               3.45
                              05-05-04         85               3.51

--------------------
*Including 20,208 shares of Common Stock purchased for the account of one
customer of Loeb Partners Corporation as to which it has investment discretion.

All reported transactions were effected on Nasdaq.

(d) Not applicable.

(e). Not applicable.

Item 6.Contracts, Arrangements, Understandings or Relationships with Respect to
       the Issuer.

     None.

Item 7.  Materials to be Filed as Exhibits.

     None.

Signature

After reasonable inquiry and to the best of my knowledge and belief, I certify
that the information set forth in this statement is true, complete and correct.

May 7, 2004                              Loeb Partners Corporation


                               By: /s/ Gideon J. King, Executive Vice President


May 7, 2004                               Loeb Arbitrage Fund
                                        By: Loeb Arbitrage Management, Inc.


                                    By: /s/ Gideon J. King, President

May 7, 2004                                 Loeb Offshore Fund




                                       By: /s/ Gideon J. King, Director