Worlds of Wonder Bailout: Investor Eli Jacobs...

Worlds of Wonder Bailout: Investor Eli Jacobs of New York will pay $27.6 million to revitalize Worlds of Wonder Inc., according to a plan of reorganization and disclosure statement filed in U.S. Bankruptcy Court. The documents, filed in Oakland, contain details of a five-year reorganization of the troubled Fremont, Calif., toy company, which last month announced an agreement to sell to investors headed by Jacobs, the majority stockholder of a group buying the Baltimore Orioles. Worlds of Wonder which became a success with such toys as Lazer Tag and the talking bear Teddy Ruxpin, filed under Chapter 11 of bankruptcy laws in December, 1987. According to the reorganization plan, Jacobs has agreed to buy the company’s inventory and assets for $10 million and will pay an extra $17.6 million for stock and notes.