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During the battle of Cobra-La, Lt. Falcon goes one-on-one against the menacing, blood-sucking Nemesis Immortal creature. The G.I. Joe lieutenant must stop the monster if he and the rest of his team have any chance of escaping with their lives!
—Back of the packaging.
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Lt. Falcon carries a wounded Dusty out of a Himalayan battlefield full of Royal Guards' bodies, trying to escape from Nemesis Immortal. Lift-Ticket and Doc are awaiting for them in the Tomahawk. When Falcon and Dusty arrive, Nemesis Immortal appears, so Falcon decides stay and stop Nemesis Immortal so that the Tomahawk can take off.
Falcon and Nemesis Immortal battle each other in the flaming ruins until Falcon runs off down the mountain. He finds a weapons cache, throwing a white phosphorous grenade and igniting Nemesis Immortal. Nemesis Immortal retreats to a nearby cave. Falcon equips himself with supplies from the cache and follows in pursuit. He leaves his backpack with the radio's homing beacon on at the mouth of the cave and enters.
Inside, the two battle some more before Lift-Ticket returns with Duke in the Tomahawk. Falcon points to the cave, and Duke deduces that Falcon wants Lift-Ticket to use the homing device on the radio to home in a pair of missiles. He fires just as Nemesis Immortal appears, causing a huge explosion. Duke welcomes Falcon on-board the Tomahawk.
"Standing order #1 is 'Do not leave anybody behind-- Except for Snake-Eyes.'"
"How come Snake-Eyes gets exempted?"
"Well, if you were a bad-guy, would you want us to leave a wounded Snake-Eyes for you to stumble across--?"
Another theory is given by the footnote on page 3 "This happened in Battle of Cobra-La Part II", which could refer to a canceled idea of a two-parter, probably coming in packs containing new versions of Golobulus and/or a Royal Guard.
If the second theory is true, the story would have happened before issue #109 of the Marvel comic series, given Doc's appearance in the story.