The Howard the Duck story of the issue is a parody of the film "It's a Wonderful Life" (1946). Howard the Duck is still depressed after Beverly Switzler ended their relationship (in Howard the Duck Magazine #9). He has also lost ties to most of his old friends. He is alone in San Francisco. Deciding to commit suicide by jumping off the Golden Gate Bridge. His suicide is interrupted by Andy the Angel.
Andy attempts to convince Howard that his life was worth living. And that he was still valuable to his friends. To do so, Andy allowed Howard glimpses of his friends' life in Earth-83234, where no Howard ever arrived. Andy's plans backfired. Three friends of Howard had traumatic events happening to them. But said events eventually granted them happiness. Something Howard was unable to offer to them:
*Beverly Switzler became a prostitute. Her boyfriend Jimmy is about to leave her to join the merchant navy. But he then has a change of heart, reconciling with his millionaire father. Jimmy immediately proposes marriage to Bev. Bev finally achieves true love and financial security.
*Arthur Winslow spend a much longer time as the Space Turnip. His long-term possession by the alien left him brain damaged. But this "damage" allowed him a new career as a script writer for hit television shows. The formerly shy Arthur ended with his own harem of women.
*There was no Howard to prevent sleepwalking artist Paul Same from slaying an obnoxious critic. He was sentenced to twenty years in prison. But all the publicity of the trial renewed interest in his works. His paintings were selling for increasingly high prices. Large corporations were vying for the book and film rights to his story. Part of the public called for his release and the governor was contemplating an early pardon for him.
Andy considers himself a complete failure as an angel and offers to join Howard in suicide. But Howard is cheered to meet someone even more pathetic than himself. He offers to buy Andy drinks.