Phantasm returns from his vacation in Canada and promptly finds five costumed people trying to burn their way through the wall of Mr. C's Neighborhood Loan and Pawn Shop. The hero manages to flatten four of them, but the fifth shoots him with an electro-trank gun and scampers off.

He doesn't scamper far, because Radar clobbers him. Radar has just returned from "taking care" of the terrorists who bombed the jet over Lockerbie. He casually mentions that Phantasm might wish to find some uncooperative cohorts of theirs in the next block.

Phantasm arrives just in time - the crooks are hanging directly above razor-honed blades. He does his good deed and gets them down, but pockets their ready cash before calling the cops. By the time he returns to the scene of the first crime, the five felons' heads are splattered all over the alley.

UNCLE is extremely interested, and notes that Dr. Jackal has just come back to town. He's already put up with broken suitcases and collapsing tables, so Jack's luck holds - all bad.

Knightsabre has decided to join the ranks of superheroes tonight, and heads out to see what trouble she can find. She spies a mysterious figure leaping across the rooftops, but when Knightsabre tries to pursue, a billboard happens to fall on her. Perturbed, she chases the figure into an old brick warehouse. The electrical sockets still are active - too active! Then the ceiling collapses on Knightsabre, knocking her out.

The Mist finds the unconscious Knightsabre and revives her, calling in Dr. Jackal and Phantasm to investigate the building. Dr. Jackal enters and is pummeled by a barrage from an ice machine gone berserk. He begins to suspect his old girlfriend, Felicia Hardy, the Black Cat.

The heroes meet Johnny Duncan, a security guard at the Lion's Den who is a bona-fide hero worshipper. They pump him for information about the place. In his rather long monologue, he mentions that a person who sounds a lot like the Pied Piper was working on those big speakers in the pit.

Not exactly devotees of the society pages, the heroes learn that tomorrow night President Mubarek of Egypt will wed local socialite Glenda Markov, heir to the Markovian throne. Also expected are entertainers, Senators, corporate bigwigs and President Reagan.

The heroes discuss what, if anything, to do about this situation. The debate is put on hold when a trio of villains attack the downtown office of stockbrokers Bateman, Eichler, Richards: Powermaster, "The Most Powerful Villain in the World", the heavy-handed Sister Sledge and the Israeli martial artist and renegade super-agent, Sabra.

The villains are interrupted before they can do much damage; however, the ensuing fight does a lot of damage! Especially since Powermaster and Sledge are in the habit of knocking heroes clear out of the building. For Sabra's part, it's block, block, block, block.

After a nice, satisfying punch-out, the heroes find a tape addressed to them. One Professor Maxwell Ravenscroft announces his presence, but dispenses with the usual villainous threats and ominous utterings.