The Return of Captain Invincible

The plot involves the Captain America/Superman inspired super-hero called "Captain Invincible" (also known as Legend in Leotards, The Caped Contender and Man of Magnet) who is active during World War II and afterwards. Once a popular hero to all Americans he is forced into retirement in the 1950s following the government's persecution of him. This takes the form of a McCarthy-ish congressional investigation which accuses him of being a communist (because of his red cape). He is charged with violating U.S. airspace by flying without a proper license, and wearing underwear in public. He disappears from the public eye, moving to Australia and becoming an alcoholic. Thirty years later, his old rival "Mr. Midnight" re-emerges and steals a secret government super-weapon - the hypno-ray. The US government asks Captain Invincible to return, and the story follows his attempts to return to super-heroing and redeem his reputation.