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Sent 1: Coleco Industries Inc., a once high-flying toy maker whose stock peaked at $65 a share in the early 1980s, filed a Chapter 11 reorganization plan that provides just 1.125 cents a share for common stockholders.
Sent 2: Under the plan, unsecured creditors, who are owed about $430 million, would receive about $92 million, or 21 cents for each dollar they are owed.
Sent 3: In addition, they will receive stock in the reorganized company, which will be named Ranger Industries Inc. After these payments, about $225,000 will be available for the 20 million common shares outstanding.
Sent 4: The Avon, Conn., company's stock hit a high in 1983 after it unveiled its Adam home computer, but the product was plagued with glitches and the company's fortunes plunged.
Sent 5: But Coleco bounced back with the introduction of the Cabbage Patch dolls, whose sales hit $600 million in 1985.
Sent 6: But as the craze died, Coleco failed to come up with another winner and filed for bankruptcy-law protection in July 1988.
Sent 7: The plan was filed jointly with unsecured creditors in federal bankruptcy court in New York and must be approved by the court.