We haven’t heard much from Zalman lately, but the Korean company was one of the early trailblazers in the silent PC cooling scene. Now, its days of trailblazing—or doing anything, for that matter—look to be over. As Liliputing reports, the firm filed for bankruptcy earlier this week.

The details of the bankruptcy filing aren’t totally clear, but a story by The Korea Times suggests the problem may lie with Moneual, Zalman’s parent company. Moneual was apparently involved in some shady dealings:

Moneual failed to repay export bonds worth 500 billion won to NongHyup Bank and the Korea Industrial Bank (KDB) which matured on Oct. 20. The company’s filing for court receivership has sent shockwaves through the industry as it had been lauded as a leading venture company in home appliances, reporting 1.27 trillion won in sales and 110 billion won in operating profit last year. The company is facing suspicions of overstating its export performance in order to receive large loans from financial institutions.

The Korea Times adds that Zalman is also under suspicion of breaking accounting rules. Hmm.

Oh well. I still have fond memories of Zalman contraptions like the CNPS9500 and ZM80A, not to mention the Reserator 1, which is still one of the most intriguing liquid coolers ever made. My PC builds from 10 years ago would probably have been a lot louder without Zalman’s curvaceous copper heatsinks.