It was a pretty bad idea that blew up in his face spectacularly, landing Hammer in prison where he’s been to this day.
The last time we saw the character was a cameo appearance in the All Hail the King one-shot about Trevor Slattery aka “Not The Mandarin” in prison.
Hammer was the CEO of a rival tech company that was trying to build their own Iron Man suit.
One attempt twisted a man in half, so Hammer broke Ivan Vanko out of prison so that he could build a fleet of suits for Hammer.
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