I guess I could call this an "in progress" drawing.  Interesting concept, having so many villains going up against the Avengers (though the idea is a montage of separate battles).  It could've been a classic Avengers run, with the Mandarin and Ultimo thrown in for good measure.

   Come to think of it, I don't recall any appearances of the Mandarin and Ultimo outside of Iron Man.  You had others (the Black Knight and the Living Laser from IM's comic, the Enchantress and the Executioner from Thor), but these two apparently didn't do much "crossing over".

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As noted in my initial post, this is based on the story in the first AVENGERS ANNUAL (KING SIZED SPECIAL), altho Ultimo, as you can see, did not make it onto the cover…

Full sized @ 200dpi en route to Dan!

(As usual, something I missed until I scanned it -- the wrist band on Hercules' left arm. Missing its decorative seams. Fixed on the original.)

And, to save you having to flip back to the first page of the thread to compare…

I was actually in this thread when the name changed. I feel all squishy. lol.

Love the finished piece JB!!!

OK, that looks just amazing . I love it .