The Phantom Stranger teases the tale about to unfold. Three assassins, in Universal Films monster masks, murder Fats Ruskin. Ubric, now the top crime boss, celebrates with a night out at the opera. Ubric experiences a sharp debilitating pain. Ubric's driver takes him to see Doctor Matthew Zorn. In virtually no time at all, Zorn alleviates Ubric's suffering. During Zorn's routine examination, Ubric is placed in a hypnotic trance. Zorn compels Ubric to continue transferring a percentage of his criminal earnings into Zorn's accounts. Outside Zorn's office, Ubric is confronted by the Phantom Stranger. After speaking to Ubric in his typical cryptic fashion, the Phantom Stranger vanishes.
Zorn listens to several taped conversations he made of Ubric, while Ubric was under Zorn's hypnotic spell. Deadman rails against a cruel fate. Seeking vengeance against the man who killed him, Deadman feels a sudden compulsion. One that will, inevitably, drive him to a confrontation with the Phantom Stranger. A group of thugs rob and beat an innocent bystander. Deadman possesses the victim, and beats down the victim's attackers. The Phantom Stranger responds to Zorn's summons. Zorn leads the conversation, recording every word the Phantom Stranger says. With some clever editing, Zorn is able to splice together a taped confession, that frames the Phantom Stranger for Deadman's murder.
Following Zorn's compulsion, Deadman possesses Zorn. Deadman listens to the Phantom Stranger's taped confession. Unaware that Deadman has possessed Zorn, the Phantom Stranger confronts Zorn. Deadman attacks the Phantom Stranger, further confusing the Phantom Stranger, who is not accustomed to such physical violence from Zorn. Koo and Marzini, criminal emissaries from Hong Kong, and Rome, arrive in the city to meet with Ubric. Koo, and Marzini's arrival is observed by law enforcement agents. Ubric's driver loses their tail, en route to Ubric's home. Deadman sees through Zorn's deception, discovering that Ubric may be his murderer.
Deadman swallows several sleeping pills, to incapacitate Zorn, before leaving Zorn's body. Deadman tracks down Ubric, and takes possession of his body. Ubric's driver subdues the drug enforcement agent eavesdropping on Ubric's meeting. Koo hands "Ubric" a gun to finish the agent off. The Phantom Stranger freezes time, and confronts Deadman. The Phantom Stranger doesn't believe that Deadman will murder an innocent man, just to find out who murdered him. The Phantom Stranger is seemingly wrong, as Deadman levels the gun on the agent. At the Phantom Stranger's appearance, Koo yanks the gun from "Ubric's" hand.
The Phantom Stranger forces Deadman to leap in front of the agent, killing Ubric. The Phantom Stranger freezes time again. Deadman rails against the Phantom Stranger's interference. Deadman departs, warning the Phantom Stranger to mind his own business. Time resumes it's normal flow. The agent subdues Koo and Marzini. The Phantom Stranger watches, impassively, knowing that he will, one day, again cross paths with Deadman.