Story arc continues from FANTASTIC FOUR (Vol. 1) #336
As the story opens, the Red Skull is chastising Crossbones for his failure to obtain the Bloodstones (CAP #362) and his engaging in combat with Captain America without permission. He dispatches his minion to seek out any recent escapees from the Vault to recruit to their cause. The Skull is startled when a suave, sinister man magically appears in his office, able to easily extricate himself from all security traps. The Mystery Man (might as well spoil it—it’s Loki) has a proposition for the Nazi villain: work together with other supervillains in a plan that will defeat their enemies once and for all. He casually mentions that Dr. Doom and Magneto were receptive to the offer, and points the Red Skull to a previously non-existent doorway—before fading into the air….
Captain America, returning from overseas with John Jameson, discovers that Avengers Island is missing. He and Diamondback jet to the ground in a skymobile where they link up with Jarvis and the other Avengers support personnel. Cap asks Diamondback to leave, and she angrily complies, then he learns the details of the destruction of the island by a horde of robots (seen in AVENGERS #311). While Cap digests the information and ponders the matter of a temporary headquarters….
In the middle of the Atlantic, Namor, the Sub-Mariner, is approached by the same Mystery Man, with the same proposition, joining with other enemies of the human race to conquer the world, and providing a similar doorway. Namor, who has renounced his enmity with the surface world, and joined the Avengers, merely swims away….
Meanwhile, Crossbones has captured the Controller, recent escapee from the Vault and is delivering him to the Red Skull….
That night, Namor arrives in New York Bay and is puzzled at the absence of the Avengers’ floating base. He soon locates the wreckage underwater but is surprised by the Controller who slaps a control disc on the back of Subby’s neck and gains his underwater powers. Responding to reports of a sighting of Namor in the bay Cap heads to the site and is suddenly attacked by his former ally. The furious battle continues underwater, with Cap desperately trying to reach the surface for air. Cap, having spotted the control disc, makes it to Liberty Island where his enraged enemy follows. Cap plays possum and tricks the Sub-Mariner into hurling himself at him; Cap then leaps aside and damages the disc with a shield blow to the back of the neck, which causes Namor to spasm and collapse. Cap, concerned that he may have caused brain damage to his old friend, vows revenge against the Controller….
Meanwhile, in Washington, after much deliberation, the Red Skull opens the transdimensional door and is greeted by the Mystery Man, who is accompanied by Dr. Doom, the Wizard, and the Kingpin….
Story arc continues in THOR (Vol. 1) #411