Complex sentence: Elizabeth ran backstage and persuaded Hulk Hogan to rescue Savage to form The Mega Powers, running off Honky and his allies, Bret "The Hitman" Hart and Jim "The Anvil" Neidhart.
Split into simpler sentences: Elizabeth ran backstage and persuaded Hulk Hogan to rescue Savage. Savage and Hogan formed The Mega Powers, running off Honky and his allies, Bret "The Hitman" Hart and Jim "The Anvil" Neidhart.