Leatherwing's enemies, including the Laughing Man, who squeezes out the port's location out of a man called Don Vendugo by strapping a cannon to his chest. While it is stationed at Kingston, Robin sneaks onto the Flying Fox and hides while Leatherwing sails to Panama to return the princess to her father. To the Captain's surprise, he accidentally accepts a bracelet from her, and they are considered married according to her traditions. Capitana Felina is having an argument with some of her crew, disputing some of their share of the booty when suddenly the Laughing Man intervenes, kills the rebellious crewmembers and offers to Felina an alliance: She is to seduce and distract Captain Leatherwing and the Laughing Man will follow his ship to the secret port, where they will pillage it and become rich beyond their wildest dreams. While hiding inside the ship, Robin overhears talk of mutiny among the crew. He informs Captain Leatherwing, who gladly engages him as a buccaneer despite the fact that Robin is a clandestine passenger. Alfredo disapproves of the whole idea, and Leatherwing tells him that they will keep Robin until they again hit Kingston. While sailing, the Flying Fox sees a Spanish galleon. It contains Felina, dressed as a Spanish Condesa by the Laughing Man. Seeing a woman in distress, Leatherwing leaps to save Felina, who has been thrown overboard and is about to be eaten by sharks. The Laughing Man's disguised ship gets away, and the trap begins. Despite Alfredo's words of warning, Captain Leatherwing allows Felina to watch him sail the ship at night. While Captain Leatherwing shows Felina how to steer, they kiss and then sleep together. When again left on her own, Felina decides to double-cross the Laughing Man. She tells herself that if she becomes Leatherwing's bride, she will be the Queen of the Pirates, and she will not have to share any of her treasures with the Laughing Man. Leatherwing's excitement over the thought of proposing to Felina makes him forget about the princess and Felina sees her embracing Leatherwing. Felina is filled with rage and escapes from the Flying Fox determined to destroy Leatherwing. Robin follows her and is captured while Capitana Felina and the Laughing Man prepare their assault. Robin denounces Felina for betraying a man that loves her. He then reveals to her that the princess means nothing to the Captain. Felina realizes