A very nice little pick-up from my local Toy Fair last weekend, the seller thought I was bonkers :-)
He may be right.
70's LJN 12" GI Joe Knockoff MOC:
That white in the *ahem* groinal region is the "Made in Hong Kong" tag.
Yes, that's right, the packer managed to not only put his shorts on back-to-front, they are inside-out too. Must have been distracted by having to-pack in all the other clothes and accessories :-)
The slanted "i" in the logo is a nod to the old Pailtoy logo I think?