and Hi-Fi stereo VHS VCRs. Camcorders, telephones, and answering machines were added to its product line in fiscal 1988. In 1990 personal computers and facsimile machines were added for a major roll-out to more than 500 Wal-Mart stores. In 1992 sales reached a peak of $891.4 million, but net income was only $10.4 million. Emerson's addition of personal computers resulted in a $150 million loss for the company. That coupled with the recession that began in 1990 brought the company's total loss to $37.5 million in the last nine months of the year. Shares of stock fell as low as $2, compared to the high of $12.75 in 1987. Several shareholder lawsuits charged some Emerson directors and officials with breach of fiduciary duty and self-dealing. Emerson also fell into technical default on its long-term debt of $55.4 million at the end of the year. In 1988, Emerson Radio was sold to Panasonic. 1991–2000 Fidenas Investment Ltd., a Swiss firm based in the Bahamas, began purchasing shares of Emerson Radio stock in 1989. It held a 20 percent stake (more than that held by Stephen and William Lane) by 1992, when they began a takeover attempt. The Lane brothers were seeking to restructure $180 million in debt, but conceded defeat in June 1992. Emerson's financial situation worsened, and in fiscal 1993 the company incurred a loss of $56 million on sales of $741.4 million. When the company filed for bankruptcy in October 1993, Emerson had been in default on $223 million in debt for the previous two years. In 1994, the company emerged from bankruptcy pursuant to a plan of reorganization and with $75 million in financing arranged by Fidenas, which had assumed a 90 percent stake in Emerson. It then issued 30 million shares, some of which were claimed by creditors. Legal battles ensued and continued until mid-August 2001. In early 1995, in an effort to cut costs, Emerson Radio licensed the manufacture of certain video products under the Emerson and G Clef trademarks for a three-year period to Otake Trading Co. Ltd. The company also licensed the sale of these products in the United States and Canada for the same period to Wal-Mart Stores, Inc. As a result, Emerson's net sales fell from $654.7 million in fiscal 1995 to $245.7 million in fiscal 1996, with the licensing agreement only providing about $4 million a year in royalty income. Also