 Wheeler-Nicholson fell into deep debt to Donenfeld and Liebowitz, and in early January 1938, Donenfeld and Liebowitz petitioned Wheeler-Nicholson's company into bankruptcy and seized it.In early December 1937, Siegel visited Liebowitz in New York, and Liebowitz asked Siegel to produce some comics for an upcoming comic anthology magazine called "Action Comics".Siegel proposed some new stories, but not Superman.