These early issues are kind of funny and you have to appreciate how far things have come. Things kick off with Iron Man chasing a bad guy through a theater where he gets the assistance of a trained contortionist. Iron Man thanks him but also plants a seed that the contortionist could do a lot of damage as a criminal so he becomes just that. He dons a scarecrow costume and even has a couple of trained crows who help him go on a crime spree. The Scarecrow breaks into Tony Starks apartment where he’s met by Happy and Stark but the Scarecrow makes short work of Happy while Stark dons his Iron Man armor. Iron Man is duped though by a falling rug of all things and in a particularly unrealistic scene, the trained crows tie up Iron Man in the rug and that allows the Scarecrow to escape.
The Scarecrow then contacts Stark to blackmail him because he stole some secret plans while pillaging Starks apartment. Scarecrow takes the money but Starks pursues him into the ocean as Iron Man where he meets up with Scarecrow as he’s trying to give the plans to the Cubans. Iron Man gets the plans back, takes care of the Cubans then sends the Scarecrow for a swim. Things finish up with the Scarecrow heading for Cuba and Stark dupes Pepper Potts into thinking he’s going to take her out. Earlier in the comic, Potts ruined a date between Stark and a starlett so this was Stark’s way of getting back at her.