I owned a pair of SM122's in the mid eighties- they were three ways with 12" woofers. They sounded wonderful, although the cabinets were pretty cheaply made. Your speakers are deffo worth putting some money into. Not sure how handy you are. If you are someone that is good at fixing things, buy the refoam kit. If you aren't, have them refoamed professionally. You could also look for replacement woofers on ebay. As for fixing the cabinets, that could be pricey to have a cabinet shop work on them. As far as trying to glue veneer to that old vinly covering, it pr'bly wouldn't work. I guess what I'm getting at is that those speakers are worth fixing, but not restoring- they weren't high end speakers back then- mostly due to the cheap cabinets.