Story: "The Blackhawk Act Three" (23 Pages)

Credits: Matt Wagner and Stephen T. Seagle (plot, script); Matthew Smith (pencils); Richard Case (inks); David Hornung (colors); John Costanza (letters); Karen Berger (edits)

Feature Character: Sandman I

Guest Star: Janos Prohaska

Supporting Characters: Dian Belmont, Lawrence Belmont (behind the scenes; next in issue #50), Leslie Humphries, Thomas Schaeffer, Tony Burke, Ross O'Donald (in between issue #42 and #51)

Villains: Charlton Walsh

Other Characters: Reynolds Winthrop (dies), Dupree, Rothstein; Crawford (a police officer); Richard Pacher (first appearance; a private eye)