The Werewolf dangles from a streetlamp at the end of a noose wielded by the Hangman, while Lissa Russell (sister of the Werewolf's alter ego, Jack) and Buck Cowan, their friend, look on. The beast pulls himself upward, allowing him to snap the rope between his fangs. As the police arrive, the two combatants scatter. When dawn arrives, the now-human Jack passes out in an alley.
Meanwhile, Jack and Lissa's step-father, Philip, a captive of the business cabal, the Committee, is being tortured. Unable to bear the pain any longer, he finally agrees to their demands that he turn Jack over to them.
Conscious again, Jack returns to his new apartment. His catches a glance of his stand-offish neighbor, Raymond Coker, meditating by an incense jar. Within his own apartment, Jack finds his neighbors Clary Winter and Sam waiting for him.
In the Hangman's dungeon-like basement, the newest addition to his 'protectees' begs him to let her and the other women go. Thinking he knows what's best for them, he refuses, then leaves to go on patrol. He bemoans his perceived corruption of the police officers he watches, while behind him the Werewolf prepares to leap. The events of the afternoon play through the beast's mind: after swimming with Clary and Sam, Jack checked in with Lissa to let her know he was fine. Lissa told him there's still no sign of their step-father. With dusk and the third full moon approaching, Jack returned to his apartment, where he was accosted and kidnapped by two Committee thugs. As they transported him in the back seat of their sedan, Jack became the Werewolf and went into a frenzy. The vehicle careened wildly, and before it crashed and burst into flame, he leapt free, then ran to stalk his prey.
He leaps at the Hangman, who, caught unawares, panics and runs back to lair. The Werewolf easily tracks him there, and the conflict is renewed. A kick from the Hangman sends the Werewolf into one of the cell doors, bending the bars, and allowing the captive woman within to slip out. She releases and frees her fellow prisoners while the fight rages. The Werewolf throws his foe against a support pillar, and the ceiling caves in pinning the Hangman under the rubble. Ignoring the vigilante's pleas to finish him off, the Werewolf turns and leaves.