So mysterious was the original Spymaster that even today, years after his death, no one knows who he really was!  He was the consummate industrial spy and saboteur, a master of disguise who wielded an amazing array of high-tech weaponry supplied to him by his principal employer, Justin Hammer. Spymaster took on Shellhead many times, first as a member of his Espionage Elite and later solo.

It wasn't IM who finally made Spymaster pay for his wicked ways, but the Ghost -- the rival industrial monkey-wrencher. The Ghost made SM intangible, only to revert him to solid form -- in the middle of a wall!! (IM #220.) However, before he kicked the bucket, SM had nabbed schematics of Iron Man's armor and sold them to Justin Hammer thus precipitating the first "Armor War!"

Since then, a student of the Taskmaster's Academy has taken on the role of Spymaster. He most recently came into the employ of Hammer once again, having his minions beat Stark nearly to death (IM vol. 3 #8) and injecting Tony with "rogue cells" which altered his body chemistry making him violent (IM: Bad Blood #1-4).