With the aid of the Crusaders, the Silver Ghost, posing as the Americommando, has defeated his hated enemies, the Freedom Fighters. Hooking the Freedom Fighters up to New York's power grid, the Silver Ghost leaves his foes to be electrocuted, upon the generator's activation. Outside, television reporter Martha Roberts revives the downed Crusader, Barracuda. Roberts tries to convince the Barracuda that Americommando is really the Silver Ghost. Unfortunately, before she can make her case, the Americommando interrupts. Discrediting Roberts isn't enough, so the Americommando slaps her across the face to shut her up.
The chivalrous Barracude immediately retaliates against his teammate. A brief battle breaks out between the two men, with the Americommando ending it triumphant. Americommando lies to the Crusaders about the Freedom Fighters true whereabouts, instead ordering them to head west in pursuit of the fleeing heroes. Once the Crusaders have departed, the Americommando forcibly drags Roberts back to the power plant, so that she may bear witness to the execution of the Freedom Fighters. Meanwhile, the Ray has revived. Unable to break loose from his bonds, the Ray desperately tries to revive Uncle Sam before the generators come online.
None of the Freedom Fighters, however, awaken. As the generators come to life, the Ray absorbs the entirety of the electrical energy output. At last, Uncle Sam awakens and uses his great strength to free his teammates. The Ray releases the stored up electrical charge he just absorbed back into the generator, ending the blackout plaguing New York City. The Freedom Fighters then depart, in pursuit of the Crusaders. Moments later, the Americommando, still dragging Roberts, arrives, and discovers that the Freedom Fighters have escaped the fate he intended for them. Deciding to keep Roberts as a hostage, the Americommando heads back to Manhattan.
The Freedom Fighters catch up with the Crusaders. The Ray releases the rest of his stored up electrical energy, and blasts the Crusaders from the sky. Using his telekinetic abilities, Doll Man gently lowers the Crusaders to the ground. He then interrogates the Americommando's sidekick, Rusty, regarding Robert's whereabouts. Upon learning that Robarts is still with the Americommando, the Ray and Doll Man immediately head back to the power plant. The remaining Freedom Fighter engage the Crusaders in combat. Uncle Sam blocks the Barracuda's trident thrust, bending the weapon backwards, before landing a haymaker that puts Barracuda out.
Fireball encases the Human Bomb in a fiery cage. The Human Bomb removes his right hand glove. As Fireball comes in close to finish him off, the Human Bomb lands an explosive punch on Fireball, that extinguishes his flame and renders him unconscious. Rusty and Sparky double team the Black Condor, but the Phantom Lady intervenes on her teammate's behalf, allowing the two heros to defeat the two sidekicks. The Crusaders are revealed to be comic book fans who were transformed into comic book heroes by the Americommando, then duped into believing the Freedom Fighters were criminals.
High in the sky, the Ray and Doll Man catch up with Roberts and the Americommando. Roberts reveals that the Americommando is really the Silver Ghost. The Ray blinds Americommando with a brilliant light flash, then decks him. To buy himself time to recover, the Americommando drops Roberts. The Ray catches Roberts, then safely lowers her to the ground. Roberts pleads with Doll Man to stay behind with her, forcing the Ray to pursue Americommando alone. With Roberts able to prove that the Americommando is really the Silver Ghost, a man believed murdered by the Freedom Fighters, the team's name can finally be cleared. To that end, Doll Man pays a visit to the District Attorney, David Pearson, and promptly murders him... or so it seems.