Marvel made an initial public offer of 40% of the stock in 1991. Marvel Entertainment Group then began expanding with acquisitions and forming new divisions. They purchased the trading card company Fleer and acquired 46% of ToyBiz, for the rights to make Marvel toys. In 1993 and 1994, Marvel’s holding companies — Marvel Holdings, Inc. and Marvel Parent Holdings, Inc. — were formed between Andrews Group and MEG and issued over half a billion dollars in bonds under the direction of Perelman, secured by Marvel’s rising stock, which was passed up in dividends to Perlman’s group of companies. Marvel continued making acquisitions with Panini, an Italian sticker-maker, and SkyBox International. Marvel also purchased Heroes World Distribution, a regional distributor to comic-book shops. Marvel’s attempt to distribute its products directly led to a decrease in sales and aggravated the losses which Marvel suffered when the comic book bubble popped, the 1994 Major League Baseball strike massacred the profits of the Fleer unit, and Panini, whose revenue depended largely on Disney licensing, was hobbled by poor Disney showings at the box office. The Marvel group of companies filed for bankruptcy on December 27, 1996, but the noteholders, led by Icahn, initially blocked this.