 In 1938 Los Angeles , two gangsters in Eddie Valentine 's ( Paul Sorvino ) gang steal a rocket pack from Howard Hughes ( Terry O 'Quinn ) . During their escape , they find themselves on an airfield , where they hide the rocket pack , ending in an auto @-@ airplane accident while escaping , with the police in hot pursuit . Stunt pilot Cliff Secord ( Billy Campbell ) , whose Gee Bee racer was totaled during the accident , and airplane mechanic Peevy ( Alan Arkin ) later find the rocket pack hidden in a bi @-@ plane cockpit . Meanwhile , well @-@ known actor Neville Sinclair ( Timothy Dalton ) , who hired Valentine 's gang to steal the rocket pack , sends his monstrous henchman Lothar ( Tiny Ron ) to question the injured getaway driver , who tells him that the rocket pack is at the airfield . 
