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"The acceptance of the vehicle in the market has been terrific. What really put the challenge to us was when the financial markets went upside down," said Boyle. "Our basic growth pattern was built around acquiring dealers. When the financial markets totally dried up as soon as the financial crisis hit in October and November, we couldn't continue our dealer development program."

In addition, he said, "Consumer financing dried up completely. These are expensive consumer goods, and without financing it's difficult for the typical consumer to buy one."

Vectrix's high-end scooters, which look like motorcycles and cost about $11,000, were made in a production facility in Wroclaw, Poland. The company had an engineering and test facility in New Bedford. It was also coming out with two lower-end models costing as little as $5,100.

At one point, then-Tonight Show host Jay Leno taped a favorable 7-minute review of Vectrix's Maxi Scooter, which was capable of going 62 mph, and posted it on his vehicle-related Web site. The newer model could reach 70 miles per hour.

The financial crisis "also meant the investor market dried up," said Boyle. "We've been dealing with that over the last six months, trying to bring a financial investor into the company. We also embarked on a program to find a buyer for the company. Although there are prospects, there's no guarantee for it."

Vectrix never turned a profit.

"The company was just moving from its R&D stage to its commercialization stage a year ago," said Boyle. "There are lots of companies out there that are cash-flow positive that are struggling as well. For a relatively young commercializing company that wouldn't see profits for certainly the next 12 to 18 months, it's a challenge to find funding."

The London Stock Exchange suspended trading for the 13-year-old company in April after the firm failed to publish its latest financial report. The company announced at the time that it was looking to merge or sell its business, and it went through a round of layoffs then.

Vectrix's stock never did well, starting out around $48 a share when it was first listed in May 2007. It plummeted over the next nine months or so. It is now listed at $2 per share.

The move to file for bankruptcy "doesn't come as a surprise to any of us," said Boyle. "It's certainly an unhappy ending" when the company produced "a technology achievement that is second to none."

gemery@projo.com / (401)277-7442