King Jerald was ruler of the Kingdom of Grand Rapids in the North America of Earth-7511. He exists on a mystic plane separated from Earth-616.
King Jerald felt overwhelmed by his responsibilities of the crown and used the Golden Globe of Power to transport himself to Earth-616. King Jerald disguised himself as the Black Lama and opened a school for meditation. The Black Lama searched among his students for a person to replace him as ruler of his kingdom. Eventually, the Black Lama was driven mad due to a cosmic imbalance.
Raga, the Black Lama's chosen replacement, had recklessly used his powers over fire which resulted in a battle with Iron Man. The Black Lama decided to send Iron Man and Raga to another dimension to fight each other where Raga apparently died in the battle. After this incident, the Black Lama decided upon a different plan where the winner of a competition between super-villains would be his replacement. The Black Lama approached several powerful figures to join the competition with the Golden Globe of Power as the prize for the winner.
The Mandarin, the Yellow Claw, the Mad Thinker, Modok and Firebrand became involved in various battles with each other with Iron Man caught in the middle. The Black Lama also offered the Globe to the Man-Bull, the Melter and Whiplash and sent them as the Death Squad to kill Iron Man at the San Diego Comic Convention. Iron Man defeated the trio and the Black Lama teleported away. Doctor Doom, the Red Skull and Fu Manchu considered the contest petty and rejected the Black Lama's invitation.
Most of the competitors had defeated each other leaving only Iron Man who had just defeated the Mad Thinker and the Yellow Claw. Iron Man was then defeated by Firebrand who was declared the champion by the Black Lama. Firebrand received the Globe which opened an interdimensional warp to Earth-7511. The Black Lama and Firebrand entered the warp with Iron Man following them. Upon returning home, the Black Lama's madness was gone and he soon learned about a coup against his daughter, Princess Susan, who was left in charge of the throne.
Iron Man agreed to help the Black Lama defeat the supporters of the coup which included Firebrand. Iron Man was able to stop the coup and restored the Black Lama to his throne. The Black Lama returned to being King Jerald and he used the Globe to send Iron Man and Firebrand to Earth-616.