Novice super-criminals the Plug-Uglies, alias Flame and Foam, rob the late Tolliver’s safety deposit box at a Washington bank, seeking Tolliver’s mysterious ultimate weapon. They find only computer discs inside the box, taking them as potential clues. When the bank teller presses an alarm, Flame and Foam take her hostage, shooting police who try to stop them. The fugitive Sean Dolan warns them to release their hostage, and when they refuse, he transforms into the mad Bloodwraith. As Bloodwraith, he kills Foam and his blood-hungry Ebony Blade traps Foam’s soul. He kills Flame as well, but the criminal’s own exploding fuel tanks kill him before the blade can, so the blade is cheated out of his soul. The mercenary Deadpool, another seeker of Tolliver’s legacy, tries to scoop up the computer discs, but Bloodwraith fights him. Meanwhile, Black Knight is in town visiting Victoria Bentley, apologizing for concealing his romances with Crystal and Sersi from her. When his fellow Avengers send word of Bloodwraith’s whereabouts, Black Knight joins the swordfight in progress, helping Bloodwraith defeat Deadpool. After the Knight stops Bloodwraith from killing the fallen Deadpool, Bloodwraith turns on the Knight, intending to kill him, but Victoria Bentley distracts him and takes the fatal thrust from Bloodwraith instead, her soul trapped in the blade. Thinking the Ebony Blade might be Tolliver’s ultimate weapon, Deadpool teleports away with it while the Knight mourns Bentley and an anguished Bloodwraith vows revenge. With his steed Valinor, Bloodwraith pursues Deadpool and corners him in Sarajevo, where he takes back his blade but surprisingly decides to spare Deadpool’s life, because Victoria’s spirit has reduced the blade’s bloodlust. Bloodwraith realizes that had been Bentley’s plan all along.
Achmed attacks Victoria Bentley, so Sean Dolan draws the Ebony Blade in her defense, transforming into the mad Bloodwraith and killing Achmed (Av Ann #22, ’93).
This issue has a gold foil embossed cover. Dr. Pym’s switch back to his old Giant-Man identity is explained in Av #31, ’00 fb, which recounts how he refined and improved his growth formula so he could use it again.