Note: This follows directly from the action in the New Mutants Special Edition #1.
In the middle of a stormy night, Shadowcat's screams woke the X-Men. They rushed to her aid and Rachel Summers purged the nightmare from Shadowcat's mind, projecting them for everyone to see. They saw images of Magik as Darkchild, Storm as an Asgardian weather goddess, and Loki scheming with the Enchantress. The X-Men recognised the psychic distress call and quickly changed into their uniforms.
Cyclops retrieved the lightning bolts from Arkan The Imperion (see the X-Men / Alpha Flight two-part mini series) and gave Madelyn a kiss goodbye. They were interrupted by Rachel who had changed into a new yellow & red costume with a large recognisable Phoenix emblem on it. She was determined to keep the outfit and the name. Shadowcat passed Lockheed to Madelyn and then they used the thunderbolts to teleport them to Asgard.
Seemingly the New Mutants were playing by the school's swimming pool. However, they were all slowly transforming into how they looked at the end of their encounter with the Enchantress. Magma couldn't understand why she was hearing their desires until Cannonball explained that a Faery's gift was to see into someone's heart. Magma woke in a sweat, with her long fearie-like eyebrows and ears. She was still an elf, and Cannonball comforted her. Together, with Eirtri's help, the two New Mutants helped to forge a new hammer that was to rival Thor's Mjolnir. Eitri gave Cannonball a gift of magical armour and a sword. The armour would protect him against any weapon and the sword wouldn't harm anything living, but would destroy anything magical. Eitri had the hammer encased in stone, so Magma would not come into the contact with the steal which would have killed her. She was needed to keep the hammer's metals in a molten state. The two New Mutants began their journey to deliver the hammer to Loki.
The X-Men arrived in a lightning storm and quickly discoverd a wolf being chased by trolls. Wolverine dived in to save the animal, who turned into a semi human-wolf. Hela appeared to claim Hrimhari, but was forced to settle for the defeated trolls. She then greeted Phoenix, praising her mother (the original Phoenix) for being a great aid in delivering many dead souls to Hel.
Meanwhile, Storm was still disguised as an eagle. As she flew, she was followed by Warlock who had disguised himself as a bird. Warlock filmed what he saw and beamed the information back to the New Mutants in the Enchantress' fortress. Magik wore a headress which had large horns that resembled those of her Darkchild persona. She demanded that Cypher continue to translate the Enchantress' tomes, and the others observed how her personality was growing dark & stricter. Loki spied Warlock and shot him down with an arrow. When the New Mutants realised that the signal disappeared Mirage & Cypher rode on Brightwing to find him. Magik was furious, leaving Karma to console Wolfsbane.
Loki removed the golden cape of feathers from Storm, reverting her back to human form. She was thrilled at being able to fly again, and he promised to restore her weather controlling powers.
Down in the forest Phoenix plucked out an image of Wolfsbane from Hrimhari's mind. Cyclops' recognised the star-crossed romance and planned how the X-Men would split into two teams. Shadowcat marvelled at meeting Norse Gods, but was terrified the adventure might kill them all. In the morning Rogue stole some Asgardian outfits. Phoenix, Shadowcat & Wolverine changed clothes. Shadowcat sniggered at Wolverine's outfit, but admitted that she was scared to die.
In another part of the city, Sunspot enjoyed the company of beautiful Asgardian women in a bar until Mirage and Cypher arrived. Everyone stared at Mirage with fear, but she couldn't understand why. Outside, they found Warlock in a sidestreet. In his weakened state Warlock didn't recognise Mirage. Instead he saw her as a figure of death, so he encapsulated Cypher and ran away. A crowd had gathered to see what the noise was, but they quickly left after a stern look from Mirage.
Led by Hrimhari's tracking, Cyclops' team of X-Men found the Enchantress' fortress. There Wolfsbane ran out and circled her wolf-prince but transformed back into a girl and hid behind Karma, ashamed of her brazen behaviour in front of everyone. When the X-Men entered the fortress, Magik was angry that she had been disturbed. Colossus was worried about his little sister. She was about to begin a spell to pinpoint Storm's location when Loki appeared and disabled the entire party with his spells.
Across the city, Warlock was too drained to pull himself together. Cypher offered Warlock his own life-glow in order to help him survive. The two New Mutants merged. Warlock infected Cypher with his techno-organic virus and Cypher was amazed by how Warlock saw the world.
Meanwhile, Wolverine's party of X-Men found Cannonball & Magma as they approached the city. Magma's elf blood was terrified of the city, but both she & Cannonball were happy to meet Phoenix, Shadowcat & Wolverine.
Loki had the other X-Men and New Mutants chained up. He forced Wolfsbane & Hrimhari to wear enchanted collars which turned them into gigantic, savage hunting dogs; Grimfang & Bleakheart. Nightcrawler made a desperate attempt to save them by kissing Rogue, while his tail was curled around Cyclops' neck. As a result Rogue absorbed the powers of both Cyclops & Nightcrawler. She teleported out of her bonds and shot Loki with an optic blast. However, she was soon confused by Storm's sudden appearance at Loki's side. Storm struggled to understand why one of her best friends was attacking her new friend. Loki took the opportunity to bind Rogue in stronger manacles and Loki eased Storm's mind with more lies.
Phoenix sent a telepathic message to Mirage & Sunspot. They joined with Wolverine's party, but Mirage observed a deathly skull appear of him. Almost immediately the whole party fell through the ground. In the sewers they were attacked by Loki's men and the monstrous wolves. Wolverine was bitten by Bleakheart's poisonous fangs. Cannonball's armour protected him, and his sword cut through one of the wolves. It cut through the enchanted collar, and released Wolfsbane without hurting her. Suddenly Warlock appeared in the guise of the Starship Enterprise, driving away the rest of Loki's forces. However, Loki's forces had snatched Magma & the hammer. Shadowcat assumed command of the party and instructed Wolfsbane to locate their other team-mates.
In the Hall of Heroes, Loki gave a speech to convince everyone that Storm would be a fitting new weather Goddess. Elsewhere Karma used her power to possess Magik in order to break Loki's hold over her mind.
Back in the Hall of Heroes, Warlock had assumed the shape of Hägar the Horrible Viking. Wolverine dragged Sunspot aside and gave him a lecture about his reasons for fighting. He was only concerned about freeing Storm and was angry that Sunspot only wanted glory. However, Wolverine was struggling against the poison in his body and could barely stand.
In Loki's home Cannonball, Shadowcat & Wolfsbane arrived to free the others. Magik's powers had a stronger effect on her brother, but Colossus was quickly zapped out of commission by Cyclops. The friends were reunited and hurriedly left for the Hall of Heroes.
In the Hall of Heroes Loki presented Storm to his audience as a new weather goddess. Phoenix telekinetically distracted Loki while Warlock snatched Magma out of harm's way. Wolverine pleaded for Storm to snap out of it, but soon collapsed. Seeing Wolverine struggle, Sunspot powered up and fought off the soldiers in the hall. Loki distracted Phoenix by animating the floor and the corpses underneath it. While he had the chance, Loki removed the hammer from it's stone casing and presented it to Storm.
The air crackled and thunder rumbled as Storm held aloft her new hammer. With her powers seemingly restored she attacked Wolverine with blasts of lightning as he walked towards her. Battered and defeated he fell at her feet and feebly reminded Storm that Loki was the God of Lies. Suddenly Hela arrived to claim Wolverine's soul. Mirage rode in the air on Brightwind and threatened to fight Hela, but the goddess claimed that as a Valkyrie Mirage should be by her side. Hela attacked Brightwind before turning to claim Wolverine.
Storm attacked Hela. Cyclops & Phoenix aided her attack, and the Valkyrior arrived to help. Hela fled as quickly as she arrived. Loki emerged from his hiding place under a table and Storm rejected his hammer, powers and love. Shadowcat approached Loki and demanded that he return the X-Men & New Mutants. She threatened him that they would scatter all over Asgard to find Balder or the Warriors Three.
In the Nornkeep, Karnilla marvelled at Loki's defeat. She had aided the New Mutants and the X-Men, orchestrating all the minor coincidences and twists of fate.
Loki finally agreed to use his power to return the mutants to Earth. Hrimhari and Wolfsbane were heartbroken. Loki announced that the X-Men & New Mutants would be restored to how they were before they arrived. He made one exception, claiming that it would be too cruel to restore Karma to her previous obese figure. Mist reminded Loki that it was not his position to separate a Valkyrie from her stead, so Brightwind accompanied Mirage back to Earth.
Loki made one final attempt to implore Storm to stay by his side. She summoned all her lightning to destroy the hammer, rejecting his affection. Angrily, Loki used his magic to return the X-Men & New Mutants to Earth. The Valkyrior left him in peace. Loki then made a miniature model of Storm as a keep-sake the remind him of her beauty.
Note: The X-Men & New Mutants re-appear on Earth in Uncanny X-Men # 200.
Note: This cover is an homage to the classic Journey into Mystery #83!