Familiar characters from the Batman mythos are adapted to fit this tale of pirates: The story begins with Leatherwing's crew pillaging a Spanish galleon, Leatherwing convinces the captain to surrender Princess Quext'chala, who was held captive while the ship was sailing for Spain.

While Leatherwing gives his share of the loot to the crown of England, he hides the rest in Vespertilio (Bat's) Cay, his secret port.

While it is stationed at Kingston, Robin sneaks onto the Flying Fox and hides while Leatherwing sails to Panama to return the princess to her father.

Capitana Felina is having an argument with some of her crew, disputing some of their share of the booty when suddenly the Laughing Man intervenes, kills the rebellious crewmembers and offers to Felina an alliance: She is to seduce and distract Captain Leatherwing and the Laughing Man will follow his ship to the secret port, where they will pillage it and become rich beyond their wildest dreams.

Seeing a woman in distress, Leatherwing leaps to save Felina, who has been thrown overboard and is about to be eaten by sharks.

Despite Alfredo's words of warning, Captain Leatherwing allows Felina to watch him sail the ship at night.