Published On: April 20, 2009

Embattled Final Loudspeakers Files For Bankruptcy In Belgium

Published On: April 20, 2009

Embattled Final Loudspeakers Files For Bankruptcy In Belgium

Belgian loudspeaker company, Final Loudspeakers, just filed for bankruptcy in Belgium after years of investigation over the action of the company's CEO's past actions with a European technology company.

Sources close to HomeTheaterReview.com have provided a full listing of assets being liquidated from Belgian-based Final Loudspeakers as the embattled electrostatic speaker company is giving up the ghost.

Final Loudspeakers were among the first to make flat speakers that were visually transparent and mounted on-wall to match today's large format, flat HDTVs. Companies like MartinLogan quickly took the concept and ran with it in ways that Final Loudspeakers could not even with the help of industry veterans such as Nancy Weiner (former Atlantic Technology exec) and Ed Stadlen (before he left to run national sales for Mark Levinson). Ultimately, Final never got anywhere with market share in the United States.

But the scandal around Final Loudspeakers was its higher executive team as its CEO, Gaston Bastiaens, was involved in what media analysts call "the Enron of Europe" via a company called Lernout and Hauspie which made voice recognition software. L&H raised a lot of money in the go-go 1990's but never delivered on its promise, resulting in investigations and trials for Bastiaens and his executive team. Note, this was the same executive team that ran Final into the ground with some in the AV industry asking tough questions about just how the money for Final was raised.

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