Frigga dispatches riders to summon all the heroes of Asgard to the great Althing where a successor to Odin will be chosen. Sif and the Warriors Three are surprised that Thor is not there yet (after his trip to Earth at the beginning of last issue); Beta Ray Bill arrives and doesn’t know where the God of Thunder is either. We know…Loki has transformed him into a frog! Thor heads to Avengers Mansion and slips inside to write a message in spilled sugar but Jarvis sweeps it up before anyone can see it besides Franklin Richards.
Subplots all in one place: Volstagg’s children see a mysterious machine draining energy from the fallen Sword of Surtur and return to warn the adults. Heimdall, however, cannot see the sword as it has been enchanted. The Grand Thane is named the Lawgiver to preside over the Althing and summons Thor and Loki. To Loki’s surprise, Thor shows up….
Thor is attacked by a rat in Central Park and gives it a sound thrashing, as the Belt of Strength makes him a super-frog. He befriends a frog named Puddlegulp and joins him in aiding the frog king against their rat enemies. The frog king dies but Thor takes the sad tidings back to the princess. The frogs learn that the rats are plotting to poison the lake. Thor, playing the hero once more, descends into the sewers to find the mysterious dragons he was warned about. The dragons turn out to be the alligators of urban legend. But Thor discovers they are under the power of a Piper, who charms Thor into leaping into the monsters’ mouths….