The teen-aged Mickey Malone is stationed on a base in England where Sergeant Flogg refuses to let him fly in the war against the Axis. Determined to fight for the Allies, he tinkers together his own fighter plane and sneaks off by himself as the Phantom Eagle.
Late in the series, he was joined by a group of youths known as the Phoenix Squadron. Representatives of occupied countries, each of the youths just happened to have his own warplane. They were confident that their people would rise, phoenix-like, from under the Nazi heel of oppression.
After the war, Mickey continued to fly in the cause of world peace. Billing himself as a charter airline, he sought the mythical "Formula for Peace," which was said to be incribed on a Golden Chalice.
The character would fall into public domain where Marvel would own the name and rights. This version of Phantom Eagle has not been published.