The Bund leader, Kurt, uncovers the Shadow's identity (I'm thinking who hasn't, by this time?), and succeeds in getting Lamont's lab to blow up.
Lamont has Margo check on the lacquer plant and then goes off to intercept the Bund thugs. The Shadow gets the Bund members to go to the wrong plant. They put out the lacquer cans, planning to blow the plant up, but it turns out the plant is being used as bombing practice by the US military and the planes bomb while the Bund members are still there, with a dozen Bund members being killed.
The Bund leader and his female cohort are still on the loose. Margo gets captured by the two when the Bund leader kills an informant. Later Margo and the Shadow go to a place where there are some boats that Lamont thinks the Bund guy will be interested in. Margo gets captured (yet again.)
Both the Shadow and Margo end up on a ship being taken by the Bund leader and his female cohort.
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