Sorry that you had such a disappointment with the new drill press. For the price it should come ready to go, all aligned.
I have been looking for a new DP myself and recently found a used Steel City 20520 for $325 in like new condition. I really like the 6" stroke and the 16 speeds it provides. It is a big step up from my 1930s Atlas Bench Top 12.5" DP.
I hope that you receive a refund without too much trouble and are successful in your search for a quality DP.
[SIGPIC][/SIGPIC] Erik
Canada's Atlantic Paradise - Prince Edward Island