I think this is supposed to be a murder mystery. Someone is killing Golden Age heroes, and they’re all at a reunion together so it’s a “closed room” murder mystery.
The killer turns out to be Everyman, who is going by Zeitgeist now. He kills a bunch of dudes and then is killed himself–by his own sword.
Honestly, I didn’t even know who that Vormund guy is until I looked him up and realized he is Hauptmann Deutschland. But the guys who die include Blitzkrieg, Machete and Defensor.
While this story is happening, side characters Free Spirit and Jack Flag, who are terrible, meet Madcap–the first villain created during Gruenwald’s very, very long Captain America run.