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At the end of Chapter 3, the Masked Marvel had fallen into the elevator shaft from the 6th floor of the garage.  Fortunately for him, Alice had already started up with the elevator, so he only fell one floor.  Meanwhile, Mace escapes from the garage and finds the diamonds.

In Chapter 4, Sakima decides to use the diamonds as bait in a trap for the Masked Marvel.  He offers to trade the diamonds for cash.  Mace and another bad guy wait behind a one-way mirror while Alice delivers the money and takes the diamonds.

After Alice leaves, they set a bomb in a clock, set to go off at midnight.  Then they wait for the Masked Marvel to appear.

The villians taunt the Masked Marvel through a hidden speaker, but he destroys the mirror, and a fight ensues.  As the fight rages on, the clock strikes midnight.

  But wait!  This is not the cliffhanger!  The Masked Marvel (and Mace) easily escape from the house before it explodes.  When Mace radios this information to Sakima, the Japanese agent decides to find out which of the four investigators is actually the Masked Marvel.  He tells Crane to call of the investigators into the office, and the one who does not show up is the Masked Marvel.

As the chapter ends, Sakima announces "So.  Jim Arnold is the Masked Marvel."  Is this the end of the Masked Marvel's secret identity?

 You'll have to wait until next week to find out!!