This episode follows August Fenwick, the secretive hero known as the Red Panda, as he attends a tense meeting of Toronto's business elite. Hosted by Gilbert MacKinnon, the gathering includes Chief O'Malley and industrialists like Arthur Wells, Quincy Harrison, and Stanley Church. Fenwick internally investigates which of these powerful men might be the villainous Captain Clockwork.
The meeting opens with congratulations for Fenwick's recent escape from captivity, which he modestly attributes to luck. Chief O'Malley is pleased the newspapers highlight his police force's role in the rescue over the battle against mechanical men on Yonge Street. MacKinnon notes the absence of Ian James, who stays with his son Wentworth, injured in a blast that destroyed his power plant design. Fenwick privately envies the potential for father-son reconciliation between the distant Ian and Wentworth James. He previously suspected Wentworth could be Captain Clockwork but now dismisses the idea, knowing Clockwork is motivated by greed. Fenwick reasons Clockwork would never have revealed technical plans to a captive, believing him a fool, which Wentworth James would not do.
Fenwick theorizes that Byron Page or Arthur Wells could be faking their financial ruin as cover for villainy. He considers Quincy Harrison's public failure with an armored transport could be an engineered cover story. Stanley Church's humiliation from the Masterson Tower collapse seems too severe for him to have caused it himself. Marcus Bennett received a direct threat from Clockwork before his plane crash, which Fenwick finds uniquely significant. He wonders if Clockwork avoids killing the men he seeks to subjugate, shown by his own temporary captivity. Fenwick observes that Gilbert MacKinnon, who leads the meeting, has not yet been targeted by any "accidents."
The tone is a suspenseful internal monologue set within a formal business meeting, blending detective reasoning with character introspection. Listeners who enjoy methodical mystery-solving and rich character development in a pulp-inspired setting will appreciate this chapter. Those preferring fast-paced action or conclusive reveals might find the deliberate suspect analysis slow.
