Exhibit 15

                        REPORT OF INDEPENDENT ACCOUNTANTS

To the Board of Directors of
   Ranger Industries, Inc.
   (formerly Coleco Industries, Inc.):

We have reviewed the condensed consolidated financial statements of Ranger
Industries, Inc. and Subsidiaries as of March 31, 1997, and for the three-month
period then ended. All information included in these financial statements is the
representation of the Company. These financial statements are the responsibility
of the Company's management.

We conducted our review in accordance with standards established by the American
Institute of Certified Public Accountants.

A review of interim financial information consists principally of applying
analytical procedures to financial data and making inquires of persons
responsible for financial and accounting matters. It is substantially less in
scope than an audit conducted in accordance with generally accepted auditing
standards, the objective of which is the expression of an opinion regarding the
financial statements taken as a whole. Accordingly, we do not express such an
opinion.

Based on our review, we are not aware of any material modifications that should
be made to the accompanying condensed consolidated financial statements referred
to above for them to be in conformity with generally accepted accounting
principles.

The consolidated financial statements, including the consolidated balance sheet,
for the year ended December 31, 1996 were audited by us, and we expressed an
unqualified opinion on them, which included an explanatory paragraph with
respect to the substantial doubt about the Company's ability to continue as a
going concern due to the uncertainty about the Company's ability to attract
sufficient outside investment to allow it to continue to operate once its
working capital is depleted, in our report dated April 14, 1997, but we have not
performed any auditing procedures since that date.

The condensed consolidated financial statements for the quarter ended March 31,
1996 were not audited by us and, accordingly, we do not express an opinion or
any other form of assurance on them.

COOPERS & LYBRAND L.L.P.

Hartford, Connecticut
May 14, 1997