Story: "Return of the Scarlet Ghost Act One" (23 Pages)

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

Feature Character: Sandman I

Supporting Characters: Dian Belmont, Hubert Klein (next in issue #53)

Villains: Sean Patrick Petty, Peter Petty (Sean's cousin), Colm Petty (first appearance of all three; the Petty Boys); Mr. Gamboni

Other Characters: Michael "Mike" Petty (first appearance; Peter Petty's brother and a comic book artist); Jack McCall (last in issue #30); Jimmy Robinson (a writer; behind the scenes); Shelly Darrigo, Franco Derrago (brothers and owners of the Darringo and Darrigo Publishing Company), Al Russo (an editor at the Darrigo and Darrigo Publishing Company), Gladys (Russo's secretary; first appearance of all four); Wilbur (first appearance; a young boy)