The Lost Squadron follows a group of World War I fighter pilots who, after the war ends, struggle to find work in Hollywood. They eventually get the chance to work on a film set, but tragedy strikes when one of the pilots dies in an airplane crash. The group seeks revenge and embarks on a personal vendetta against the film's producer, who they believe is responsible for the crash.
An adventure serial presented in 12 chapters. Inventor Thomas Edmunds uses a super plane, 'The Phantom,' to protect his new anti-gravity invention, the Contragrav, from theft.
Calvin the elf can't stay out of trouble. He bungles the job of making toys for Santa to deliver because he can't pay attention to his work.
A.C.Baker, advertising executive for an insurance company, approaches test pilot Terry Moore with a proposition that in return for using his picture and endorsement he will get a paid-for-a-year $1000 policy. High-risk Terry agrees. George MacAlister fires his secretary, Miss Tracy, just as she is typing up the policy and she, for spite, changes the amount from a thousand dollars to one million dollars. A.C. delivers the policy, without noticing the difference, to Terry at a party at the Frolics Club, a cheap joint wedged between a burlesque house and a flop house hotel. Three characters, an elderly hat-check "girl" known as Mother Hodges; Avery Jamieson, a broken-down actor; and bartender Harry Gargan are named beneficiaries. When the company discovers the error, A.C. is sent to get back the policy and, pending that, don't let Terry make any test flights.
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