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Because of suspicious tax dodges from the Internal Revenue System and the bodies of FBI operatives being found in a Louisiana marsh, M recruits James Bond and Cedar Leiter when Bismaquer is suspected of being affiliated with the terrorist organization, SPECTRE. Because Bismaquer is an obsessive collector of rare prints, Bond and Leiter are disguised as Mr. and Mrs. Joseph Penbrunner with valuable Hogarth prints.
After escaping the clutches of Mike Mazzard and his men, Bond, now using his Christian name, poses as an attorney for Mr. Penbrunner, while Leiter continues to pose as Mrs. Penbrunner, are called in their apartment in the Drake Hotel by a "thin, reedy, pitched very high" voice. Also on the phone, Bismaquer arranges for them to meet Luxor. Bond asks Leiter if she knows anything about Luxor. Cedar replies that Luxor was no more than a boy when Bismaquer employed him in his ice cream business, and has been serving as his partner since then. In the afternoon, Bond and Leiter are approached by Luxor who flies them to Amarillo, Texas on a Ruger Super Blackhawk .44 Magnum where Bond can place his Saab Turbo 900. Upon arriving Rancho Bismaquer, Bond turns down Bismaquer's offer to purchase the prints, but that same night, Bismaquer makes an another attempt to purchase the prints, but Bond tells them that the prints are for sale in a public auction in New York. With a relief, Bismaquer challenges Bond to a race against Walter Luxor in the Grand Prix for $1 million for the prints, and if he wins, he will pay him one million and another million "for your pains". But if he loses, Bond must pay him $1 million and give him the prints in which Bond agrees to.
After surviving two death attempts, Bond overhears a conservation between Bismaquer, Luxor, and two employees where they discuss a chemical added to the ice cream that makes a person completely submissive to orders. The next day, before the race, Luxor has a friendly spar against Bond's Saab Turbo in his Shelby American GT. During the Grand Prix, Bond has an intense race against Luxor with Luxor in the lead at first. During one lap, an object falls off from Luxor's rear bumper almost severely igniting his car. Despite the setback, Luxor is still in the lead until Bond catches up during the last two laps, and eventually defeats him. Keeping to his word, Bismaquer pays Bond his owed $2 million, and after dinner that night, he orders Bond to leave the ranch in the morning of a delegation conference. However, Bond stays on, and overhears from below Luxor addressing the delegation of "Operation Heavenly Wolf". The operation involves infiltrating the North American Aerospace Defense Command (NORAD) Headquarters in the Cheyenne Mountains in Colorado through feeding the workers the chemically filled ice cream. Having accomplished that, they will gain control of the Space Wolf satellites.
Bond catches up with Leiter, and both make an attempt to leave the ranch to warn the authorities. However, on a loudspeaker system, Luxor tells Bond that Leiter "will not get away", and releases an unpleasant gas making Bond fall unconscious. Through a dose of Haloperidol, Bond is hypnotized as General James Banker, the inspector general of NORAD Headquarters in Colorado, with Mazzard posing as his adjutant, "Major Mazzard". Luxor himself poses as "Colonel Luxor". Upon arriving to the military satellite base, a NORAD colonel guides them to the control room where the satellites are being operated, and where any non-American satellites can be observed on screen. When the colonel prepares to show the men the Space Wolves, Banker suddenly overcomes his hypnosis remembering he is James Bond. After Bond kills Mazzard, he finds Luxor has escaped.
When Luxor comes to warn Blofeld of the incoming authorities, he throws himself within firing range, and is accidentally shot from a bullet intended for Bond.