It looks like I Married A Monster From Outer Space. Did Palmer or someone else make a figure of it? They made a Gorgo.
That's a Diener (sounds like Dee-ner) I have a bunch including 2 of those (green ones in the center bottom row) but I don't know the individual names. http://www.toydirectory.com/DienerIndustries/ http://minifigures.blogspot.com/2008/02 ... tures.html This last link has a bunch of pics.
Didn't some of those end up in early Happy Meals at McDonald's? I seem to remember seeing them in a McDonald's collector book. 1970's era? Instead of the eraser material - soft rubber they were a more hard but still pliable material? getting old - memory fading........ EDIT - D'uh, that's what the second link says...... I will go away now......
As the first response said, this toy is based on the aliens from the 1958 Gene Fowler production of I MARRIED A MONSTER FROM OUTER SPACE. Here's a still: http://gibilandia.files.wordpress.com/2 ... 070228.jpg
^^^ Interesting, I'll have to put that on my to-see list. Still, Tree Trunk Monster is an even worse name for an alien than a swamp creature, but in a charming vintage toy sort of way of course.
Some of the critters are from Outer Limits, there is also an Ymir from Harryhausen 20 mil miles to earth, a Saucer Man from Invasion of The Saucer Men and a few other genre related subjects. I've got a few of them in sealed bags somewhere