Simon Trent, an actor best known for his past role as "The Gray Ghost", is on the verge of bankruptcy thanks to his declining career. To save himself, he sells off all of his Gray Ghost merchandise. Immediately afterwards, a series of crimes related to the old show begin to occur. Batman, having himself been inspired partly by the show to become the crimefighter he now is, goes to Trent for help, and they team up to put an end to the crimes, and also revive Trent's career.

On the anniversary of the death of Bruce's parents, Batman accompanies Leslie Thompkins to Crime Alley to place roses on the spot where they were gunned down. Meanwhile, Commissioner Gordon is on stakeout to arrest James "The Jazzman" Peake during a drug smuggling ring. Batman had promised to be there, but arrives late to find a gun battle going on. He helps defeat the gangsters and arrest the Jazzman, but at a high cost—Gordon is severely wounded. The incident traumatizes Batman and he contemplates giving up his crime-fighting career, despite the Jazzman escaping prison to carry out his personal vendetta against Gordon (who had sent him to prison six years before). Can Robin help Batman regain his confidence in time to save Gordon?