We start off with Tony Stark flying back from business in Paris on a commercial plane over the Atlantic. Still processing his battle with Spymaster, the assassination attempt on his life by S.H.I.E.L.D. operatives, rescuing the Helicarrier from Russian missiles, and then an approaching corporate takeover of his Stark International, we find Stark seeking comfort through alcohol. We know the quick relief that the liquor can bring, but how will it affect his navigation using his Iron Man armor -- especially against the likes of the savage Sub-Mariner!
Tony recalls recent events (which are from Iron Man volume 1, Issue 117 – 119) about how Shield has betrayed his trust. The scene shifts and we see Jonas Hale’s men come to the island to bury radioactive waste but finds Hiram Dobbs there. Dobbs refuses to leave and lucky for him Namor comes to his defence. Namor fights and beats the Hale’s men, he also physically lifts and throw a tank in the air like it was nothing (cool feat, being a battle thread guy that I am can’t help to point these out :p)
We then see Tony’s plane return to US. Suddenly, a tank flies through the air and destroys the plane’s wings. Tony rudely evicts another passenger (Uranus Bliss) from the toilet so he can become Iron Man (needless details but it was funny: p). Iron Man grabs the plane and lands it in the ocean. Boats seemingly staffed by the US Special Forces arrive and take the plane’s passenger, and they explain to Iron Man how they fought with Namor. Iron Man soon finds Dobbs and Namor, and Namor attacks him.
The issue ends with Iron Man fighting Namor under water while Justice Hammer who conveniently happens to be in the vicinity activate an un-named device which opens the water seal in Iron Man’s armour and Iron Man slowly begins to drown in the ocean.