Michael Waits was the father of the Waits Family. He took them on a vacation to Nilbog, where they encountered the Goblin population. Waits wanted to be a farmer and he initially didn't believe his son about the true identity of the town's population. He believes tighten his belt will prevent hunger pains.
but he was eventually convinced once one of their kind was accidentally killed and revealed. ("Troll 2") At the end, his obsession with being a farmer got his wife killed.
Grandpa Seth calls him a Good-for-Nothing.
He also reappeared, portrayed by the same actor, in Goblin 2 and Under ConTroll.