The story:
The Phantom is on his way to see Diana when he catches sight of a newspaper article detailing Diana's skydiving pleasures with the jet set Count Pepi. Unbeknown to the Phantom (and Diana), the Count has befriended her in an effort to use her good name and the skydiving front to smuggle stolen jewels.

Diana finally becomes suspicious when the Count alters the skydiving arrangements for their next meeting, but with the Phantom caught up in a federal operation at the Palmers' house, no-one is at hand to save her from mortal danger...