Even I can't figure it out without looking up Wikipedia.
LJN was founded in 1970 by Jack Friedman (who later founded the toy companies T*HQ and Jakks Pacific). The name LJN was inspired by the initials of Lewis J Norman which is the reverse of Norman J. Lewis Associates, a toy company where Friedman was employed in the 1960s before leaving to form LJN.
Seems to make sense.