The Green Hornet arrives at the mansion of reputed mob boss Phil Trager. The Hornet has been called in by Trager so they can explore the possibility of a three-way alliance between themselves and Steve Gant, another boss. Gant is opposed to bringing the Green Hornet, but Trager believes it will save them from having to compete with him in the future.
Just after the meeting gets started, Trager's gate guard and his bodyguard bring in an unconscious Mike Axford. The Green Hornet, Trager and Gant argue over who will take care of Axford, with Trager proposing that he do it since he called this meeting. The Green Hornet says that if they are going to work together in the future they should start doing it now. The trio draws cards to determine who will dispose of Axford. The Green Hornet wins the draw, but Axford has woken up. Before Green Hornet can stop him, Trager shoots Axford. Kato examines the body and says Axford is dead. The Green Hornet says he will get rid of Axford's body and the trio agrees to meet again the next night, same place, same time.
The next day, the Daily Sentinel has an article about Axford's disappearance. In the article, Britt Reid claims to have a sworn affidavit from someone who witnessed what happened to Axford. Once the contents of the affidavit have been verified, the Sentinel will hand it over to D.A. Scanlon. Later, Scanlon asks Britt why he can't have the affidavit now, and Britt shows him that Axford is still alive, only locked up and believing he is a prisoner of the Green Hornet.
Later that night, Green Hornet sprays Gant and his bodyguard with Hornet Gas, knocking them both out. At the meeting with Trager, Green Hornet plants the notion in his head that Gant has betrayed them by giving Britt Reid the affidavit. Trager believes him and says he will take care of Gant. Later still, Green Hornet and Kato nearly get into an auto accident with Gant to tell him that Trager suspects him of betraying the alliance and to watch his back. Gant thanks him for the warning and Green Hornet drives back to Britt Reid's house. Kato switches on the closed circuit camera for where Axford is locked up just before Gant and his bodyguard arrive. After Britt is convinced that Gant has seen enough of Axford, he sends Kato to scare them off by pretending to take a phone call.
After Gant has left, Green Hornet collects Axford and takes him to his apartment and tells Casey what is going on. Next he goes to Trager's house, where Gant convinces everyone to go to Britt Reid's so he can prove his (relative) innocence. While at Reid's, Green Hornet turns on the TV to see the footage and the bodyguards search the house. They find a locked room in the basement, but when Axford isn't in it, Gant and Trager's bodyguard get into a fist fight and Trager holds a gun on Gant's bodyguard. Meanwhile, Mike has left his apartment, where he was safe, to see Britt Reid.
While the fight continues, Green Hornet uses the Hornet's Sting to reveal a hidden wall safe. After he blows it open, Trager searches for the affidavit. Unseen by all, Axford arrives and hides behind a curtain. Green Hornet finds the affidavit after Trager drops it and it is revealed that Trager signed it. This causes another fight, during which Axford's presence is revealed after an errant punch knocks him out. Realizing that Green Hornet has been double-crossing them, Gant and Trager attempt to attack him and Kato, but are quickly taken care of and left for the police. The next day, Axford laments that he must read the paper to know what he has been doing for the last couple of days and expresses his desire to write the bylines and stay out of the headlines.