The Hong Kong family controlling Chansam, the toy company that gave the world Ninja Mutant Turtles and Baby Crawl-Away dolls, is embroiled in a legal battle to wind up the company. Albert Chan, a director of Chansam, formerly Playmates Investments, yesterday petitioned the High Court to wind up the company. The petition was challenged by his younger brother, Thomas Chan. Chansam, a British Virgin Island company, is the holding vehicle for the family's controlling share in the listed Playmates Toys and Playmates Properties. Albert Chan controls 32.5 per cent of it through Waddington and Thomas controls the same amount through Phanchi Holdings. Playmates Properties Holdings reported a 93 per cent drop in net profit for the year to December 1995, to $8.22 million. During the annual general meeting earlier this year, shareholders criticised directors for incurring heavy debts and awarding themselves share-option incentives despite the poor performance. Playmates Toys Holdings suffered an equally lacklustre 1995, plunging $97.59 million into the red.