|When other companies passed on the license to make toys based on ''E.T. the Extraterrestrial'' in the early 1980s, LJN Toys Ltd., where Friedman was president (1970-1988), bought it for $25,000.
LJN went on to sell $16 million worth of E.T. merchandise and Friedman drove around New York for almost a decade with a license plate that read ''Thanx ET.''
In 1986 Universal bought 80% of LJN Toys of New York. Soon after the purchase of LJN Toys, MCA's top management began to have second thoughts and LJN was eventually sold to Acclaim Entertainment.
Friedman went on to co-found Jakks Pacific in 1995..