The story:
The Phantom is on his way home from the Palmers' when a very unusual call for help from the entertainer Connie Lou, whose family carry the Phantom's good mark, delays his departure. Connie's boyfriend Stacy has disappeared during a dive to treasure-hunt an over 300 year old shipwreck near Deadman's Point.

Arriving just in time to save Connie from the same fate as Stacy, the Phantom does not waste any time heading into the depths of Deadman's Point to discover the unsettling truth in very murky waters...