Reconditioned Olympus E-M5 w/12-50mm for $1040
In parallel to the E-M5 w/14-42mm, the Olympus Store has a reconditioned special on the E-M5 w/12-50mm kit, offered for $1040 in your choice of silver E-M5 kit or black E-M5 kit. The new-in-box of the E-M5 w/12-50mm remains at its opening price of $1300 at authorized + reputable dealers. The trade-off here is $260 vs new-in-box.
I just re-checked, neither B&H Photo nor Adorama currently have refurbished E-M5 kits.