Issue 1: This is the storyline where Wanda Maximoff made a world called the House of M. The M standing for Mutant or Magneto. Setting up Magneto has an Emperor or King like being ruling over the Earth.
Tony Stark is a Homo Sapien (an oppressed minority who fights in these gladiatorial games with an Iron Man suit against others in armor or ultimately against Sentinels. These are games where mutants can watch the humans as entertainment.
The first issue, Tony in his original golden armor defeats all the enemies only to be crushed by a Sentinel operated by his father, Howard Stark. Stark Enterprises creates this entertainment for their Mutant masters.
Issue 2: This issue Tony Stark has been working on an upgraded Iron Man armor and heads out in a test flight and finds a group of people being held up. He stops the people in his suit. Then the Sentinels show up, and he is confronted by his father operating the Sentinel. His father gets along with the Mutants by being security against the Sapiens. He attacks and kills the humans. Tony confronts him about it.
Back at his room, Tony is pressured to sign over his new developments to the House of M for use in their service.
Later Tony flies out and the Sentinels come after Pym. Tony rescues Pym, and the Sentinels attack. Pym releases a gene bomb and kills them. He has them all over.
Issue 3: This issue, Johnny Storm in armor and Iron Man search the city for Pym's gene bombs and begin destroying them one by one before they go off.
Mass produced robots are commandeered by the Sentinel program and Forge and Beast send them to help. But, Howard Stark's code have them attacking Iron Man. Iron Man blasts his way free. Johnny had contacted Flash Thompson, and he contacts Iron Man.
They are able to set up a signal where Iron Man can broadcast to the city both Sapiens and Mutants that there are 78 bombs left to destroy them. So, everyone begins working together to destroy them.
The community destroys them, then Howard reveals himself to have been the one controlling the robots and the bombs. He has one left for Magneto who shows up and crushes Howard who is dying in Iron Man's arms. Magneto's powers don't work on Iron Man.
Iron Man destroys the bomb meant for Magneto, and Iron Man saves the city and the leader of the Mutants. He begins cleaning up the city. Everything else has to wait.
