Did Coleco ever honor their "ADAM" scholarships?

While rummaging through decades old boxes in my grandparents attic last weekend I discovered a complete Coleco ADAM and a near pristine certificate (complete with name and social security number) entitling my cousin to $500 towards his college scholarship circa 1985!

Needless to say he never collected (but did go to college) :smiley:

But given how the market crashed and Coleco went under, I am intrigued to find out what - if anything - came of all of those scholarships. I suspect most of those received were for young kids in 1985 which would have left them dormat for a decade or more.

Did they (or someone) honor these?

Were they sued?

I have searched but my “google-fu” has failed me.

Any knowledge on this would be interesting to hear! :wink:

From this site:

To expand on that a little, holders of those scholarship certificates were creditors of Coleco. When Coleco went bankrupt, the scholarship certificate holders, like many if not most creditors in a bankruptcy proceeding, were left with nothing.

As holders of unsecured non-priority debt, scholarship certificate holders were in no position to get anything - bondholders, employees, other lenders, and many others were way in front of them.

Once the bankruptcy proceedings were finished, Coleco’s (former) creditors no longer had any recourse.