This thread reminds me... A few years ago, my parents' 1970's Sony HiFi stopped working. I opened it, and quickly found the +40V supply was dead, which besides being half the power supply for the output stage, was also the supply for the pre-amp, tuner, and front panel lamps, so it did nothing. I mended the PSU (failure was caused by the glue used to hold some heavy components to the PCB slowly corroding the copper tracks).
They reported that it still sounded very distorted, and it did when turned up loud. Took it home, ran it with a signal generator and dummy load on a scope, and it looked fine. Took it back to them - same problem. Then I thought to switch to another set of speakers, and it was fine.
So I disassembled the speakers which didn't work (bass reflex cabinents designed and built by my dad in the 1960's, although he fitted new drivers and retuned them in the 1970's when they switched from a valve amp to this new Sony one). At that point it was obvious what happened - the PSU failing in the amp had blown both speaker cones right out. The amp is DC coupled with no built-in speaker protection circuit, so the speakers very likely got a full 40VDC across them when one half of the PSU failed. Foam surround ripped in half completely, all the way around.
With new drivers fitted, it's now working fine. I haven't retuned the ducted ports as the drivers look pretty identical to the blown ones, but I might do that one day.