When a series of truck hijackings have been hitting the city, the police employ the help of Thor to round up the thieves by setting a trap for them, which with the aid of the Thunder God, lands an easy capture. While in the land of the Norns, Balder and the Warriors Three have recovered from their injuries and paid their leave to Karnilla. Balder and Karnilla discuss how Balder cannot give up his loyalty to Asgard and love Karnilla, and the quartet departs. Haag taunts Karnilla over her softness toward Balder and is chased out of the room.

En route back to Asgard, Balder and the others pause when they spot Mountain Giants, in the employ of Loki, who is heading to attack Asgard. Spotting Loki's involvement, Balder and the Warriors Three decide it's best to contact Thor as soon as possible. Thor, meanwhile, has returned to the office he owns as Donald Blake. However, before he can change back to his mortal guise, Thor spots Sif on a nearby rooftop and joins her. Sif tells Thor that Odin has entered the Odinsleep and that Loki is about to amass an attack on Asgard.

Thor transports himself and Sif back to Asgard, where Thor sends Sif to guard Odin while he joins the other Asgardian warriors in defending the realm. As Thor is preoccupied, Loki manages to infiltrate the palace and fight into Odin's sleeping chambers. When Sif and the warriors at guard inside attempt to stop Loki, Loki uses his royal heritage to order the warriors to stop fighting him and subdue Sif.

As the battle rages on, Thor and the Warriors Three do their part in fighting off the Mountain Giants. However, as the battle ends, there is a sudden blare of trumpets signaling a call to end the battle. To everyone's surprise, Loki, now garbed in regal attire, decrees that he is now in charge of all of Asgard, showing that he has removed the Imperial Ring of Asgard from Odin's hand and wears it upon his finger.

When Thor attempts to rally the people of Asgard to overthrow Loki, they cannot bring themselves to disobey Asgardian law that dictates that whomsoever wears the Imperial Ring rules the land. Thor himself decides to take on Loki on his own, however, is forced to back down and claim loyalty to Loki as the Trickster God has Sif as his prisoner.

Finally, at victory, Loki decrees that he will spread evil across the land.

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