Just when Tony thought he had enough trouble with the Ghost, Spymaster enters the battle swearing revenge.
Iron Man, back at Stark Mansion, is going over the details on how Ghost managed to escape his pursuit. Rhodes shows up wondering where Tony has been for the past few days.
Meanwhile, back at Roxxon Corporation they are in the middle of a board meeting. They are discussing how upset they are that their plan has failed--Ghost didn't prevent the acquisition from going through. Angry that Ghost has drawn unwanted attention which may lead back to Roxxon they attempt to terminate his contract. Ghost refuses and says that he's going to carry through with it whether they like it or not.
Back at Stark mansion, Tony is hard at work upgrading his armor to be better prepared for his next confrontation with Ghost. As they send for take-out food, his secretary--Ms. Williams--asks if he wants it in his living quarters. Rhodey, wonders why he would want it in his living quarters if they're both in the downstairs lab. Ghost! They rush upstairs to investigate.
Upstairs in the penthouse, Ghost is on the prowl and enters to find Tony sitting at his desk. He approaches cautiously and gets ready to shoot Tony in the back. This is when he realizes that he's been shot by an electromagnetic device of some sort and his powers are now useless. At this time "Tony" reveals himself as Spymaster. Spymaster has just been hired by Roxxon to stop Ghost from implicating them in any sort of crime and to "terminate" their contract. Just as Spymaster is about to pull the trigger on Ghost Tony Stark arrives in the penthouse.
Spymaster tells him to get lost and to let him take care of business. Tony refuses and opens fire and catches Spymaster off guard. They volley back and forth for a second buying Ghost enough time to escape once again. They both realize and give chase throughout the tower. Rhodes catches up with Tony and hands him the briefcase with Iron Man armor inside.
Tony is able to duck away for a minute and put on the armor. Realizing that Spymaster and Ghost now have a common foe, they quickly become allies and help each other escape the tower.