Odin's lost Eye reveals that Odin had fathered a human son, Siegmund. Siegmund is swept up in a duel against Hunding. Frigga, Odin's wife, demands that Odin not intercede on his son's behalf because she is jealous of Odin's affair. Odin dispatches Brunnhilda the Valkyrie to strip him of his enchanted sword. She disobeys and Odin is forced to intercede directly and kill Siegmund.
Aside from Thor and the Eye of Odin, all characters appear in flashback.
Much of this issue is based on Richard Wagner's opera tetralogy, "Der Ring des Nibelungen" ("The Ring of the Nibelung"). This issue is specifically based on the first two acts of "Die Walküre" ("The Valkyrie"), the second opera.