Batman is on the lookout for the associates of the crimelord called Tony Falco, who has been already captured by the authorities. However, during his investigations, Batman learns that most of them are being recruited by the Squid, a former spy turned gangster.

Meanwhile, Dick Grayson goes to a circus in New Jersey, where his friend Waldo introduces him to the Todds, the circus' trapeze artists. Unknown to Dick, the circus' owner, Mr. Sloan is being blackmailed by a crook only known as Croc, who runs a protection racket.

Later, Batman has learned that the Squid is planning to get rid of all competition to become Gotham's first crimelord. Knowing this, Batman prepares a plan to save Tony Falco, who is bound to be sentenced and prosecuted in court. After the session, Falco is sentenced to prison, but during transport, the Squid releases him and takes him to his hideout. In the abandoned aquarium, Squid reveals that he already knows that the man he just released is not Falco, but in reality is Batman in disguise. With his plan discovered, Batman has no choice but to fight Squid's henchmen, but he is easily outnumbered and captured. Finally and in revenge for their past encounter, Squid throws Batman inside the tank where his giant squid will devour the Dark Knight.

The story continues in Detective Comics Vol1 #524 "Death Grip."

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