Story: "Return of the Scarlet Ghost Act Four" (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, Lawrence Belmont, Tony Burke (next in issue #54)

Villains: Sean Patrick Petty, Peter Petty (dies), Colm Petty (the Petty Boys); Cameron Finn

Other Characters: Michael "Mike" Petty, Jack McCall (in between issue #50 and #54), Shelly Darrigo, Franco Derrago; Willy (first appearance; a guard at Darrago and Darrago Publishing Co.); Dr. Martin, Nancy (a nurse; first appearance of both)