In the previous issue, Captain America swore to serve the Red Skull for a full 24 hours, in order to stop the Skull from destroying New York City. By now the time is almost up, and the Skull asks Captain America where the world's newest atomic submarine is, since the Avengers were told the location. Cap reluctantly gives the location, before being ordered into a chair as the 24 hours finishes. Straps lock around Cap's wrists, and the chair then gets sent along a track, where Cap is placed before a laser beam. Cap manages to flex his muscles enough to move his shield, so that it reflects the beam back and destroys the ray. The Red Skull's ship then stops moving, and Captain America guesses that they've reached the atomic submarine. He then leaps out the window, planning to warn the sub about the Skull.
Unaware that Captain America lives, the Red Skull uses a hypnosis ray on the submarine to put the crew under his control. He orders the sub to surface, and Captain America manages to get onboard it. The crew attack him at first, but Cap manages to cancel out the hypnosis by adjusting the reactor's energy output. The Red Skull then orders the crew to abandon ship, not knowing that they're no longer under his control. Cap leaves with the crew, and the Skull boards the submarine alone. However, once he's on the submarine, he gets a message from Cap saying that he's adjusted the sub so that it's about to explode. The Red Skull then panics and starts looking for escape, just as the submarine explodes.
Last issue, Iron Man was captured by the Maggia whilst his transistors are on low energy. When he started to defeat them, the Maggia sent in a man named Whiplash to take care of him. Iron Man immediately notices that Whiplash's whip is made of steel fibers that are strong enough to damage his armor and so tries avoiding Whiplash, to save the energy of his armor After dodging Whiplash fails, Iron Man uses an image inducer to create holograms of himself, confusing Whiplash, which gives him a moment of breathing space.
Back at Stark Industries, Jasper Sitwell has searched the whole factory and declares that Tony Stark is missing. He finds out that Morgan Stark took Iron Man away, and so checks up with SHIELD as to whether or not Morgan really is Tony's cousin. He finds out that Morgan really is Tony's cousin, but that he'd do basically anything for money. A large group of Tony's girlfriends then arrive, demanding to see Tony.
At the Maggia gambling ship, Iron Man has managed to hold Whiplash off for five minutes now, but when Whiplash tries attacking one of the images, it disappears. He then guesses that it's a trick, and prepares to kill Iron Man once and for all.