We pick up right where we left off last issue with a mortal Donald Blake lacking his hammer. But while Blake laments the loss of his weapon, Beta Ray Thor battles the gods of Asgard. Odin brings a quick stop to the battle and summons the true Thor to Asgard. Odin convinces Beta Ray to calm his aggression and the three go off to discuss Beta Ray’s history and why exactly he can lift Thor’s hammer.
Meanwhile, Lady Sif walks through the high seat only to see Thor kissing last issue’s edition to Asgard, Lorelei. After getting mad at her former love, she stomps off. “Thor” reveals he is actually Loki and laughs at his success with Lorelei, sister of the Enchantress.
Bill gives the history of his people and his current form. Odin declares that he must now face Thor in mortal combat to determine the true holder of mighty Mjolnir. The brutal battle commences on the barren plain of Svartheim.
We go back to the subplots as Balder and Volstagg walk through the city of Valhalla. A young warrior named Agnar stops them and challenges Balder to combat. Balder refuses combat as he now embraces only peace, but Agnar will hear none of it. He attacks, only to be stopped by the girth of Volstagg.
We still are clearly very much in build mode right now. The subplots are starting to gain momentum, if slight, as the Beta Ray Bill story continues to move in quite the opposite direction of previous Thor stories. For Thor to be beaten blow by blow was a rarity when this story came out, but Bill proved his power in this one issue by beating Thor fairly.
Next week: Something old, something new...!