So yeah, Odin (and one of his ravens) apparently gets offed by some Dark Elf assassins, then Loki arrives bloody and battered on Thor's boat, but SURPRISE! it was actually Malekith, who teleported him to Jotunheim. Thor shoulda listened to Thori, who tried to warn him that wasn't actually Loki. Then the invasion of Earth begins for real, many shots of Dark Elves, Trolls and Frost Giants running amok in the streets of New York. (and Aaron writes a really good Spider-Man, it turns out) At which point, Malekith apparently returns from Jotunheim, with the rest of his lieutenants in tow, and in the ensuing confrontation, Laufey picks up Freyja and is about to kill her... when there is a flash of green magic, and Laufey's hand, with Freyja still in it, falls to the ground. Loki's standing there in the air with a big ass magic green sword, and confronts Laufey. Malekith attacks Loki, they fight, Loki says he turned Malekith's assassins into toads, etc. then Dr Strange comes along and says "...I'm going to have to ask you to leave this dimensional plain." and Loki falls to the ground, but Malekith isn't seen for the rest of the issue... Loki tells Freyja that Thor is their only hope and where to find him, she asks why she should believe him this time, at which point he says "because of this, mother" and has some not so kind words with Laufey, after which Laufey.... uh... bites him in half....
So, yeah. they killed Loki. """killed""" I doubt they'd kill him off just like that, for real, it could be an illusion and there was some weirdness with his death. As mentioned, after Dr Strange banished them from the plain, Malekith actually was gone, but Loki wasn't, so that was weird. Why was Malekith banished but not Loki? My bet is that there is an illusion happening here, created at the moment Strange cast his spell. Possibly Strange himself is an illusion being worn by the real Loki, Strange had not appeared in the issue before that unless you count one panel of the Sanctum Sanctorum. Also we have Squirrel Girl to consider. Now, some of this may just be down to making things work for Squirrel Girl's story, but all the same there is one odd detail in the Squirrel Girl pages. Cap walks/flies right past Loki and Doreen and doesn't comment about Loki being there at all. Doreen was in civvies and had already tucked her tail away, so him thinking she's just an average citizen is understandable, but Loki was wearing his whole outfit, horns and all, Cap would have noticed that, I'm sure. Unless Loki was hiding his true appearance from Cap. So there is some precedent in the same scene of Loki hiding behind illusions. Obviously we have already seen that he does come back in Thor #12, though I guess that may be the afterlife, I'm thinking there has to be more to it than that, they wouldn't show that, and have it take up at minimum 4 pages, probably a lot more, if it didn't contribute something to the larger story, so Loki must have more to contribute. Also, we know Loki gets reincarnated when he dies, so at worst we get a new Loki. Another thing I noticed, which may be nothing, but could explain the time travel aspect of things, is that when Odin was killed (? again, i doubt that's the end of him) one raven was killed, but we saw the wing of his other raven flying away. If the surviving raven is Munnin (memory), that may be how Loki sees the past. But that one is not based on much. the issue did say he was spending some time with his father, and well, it seems doubtful right now that it means Laufey, so if Odin and Muninn survive, it could be that. Or they meet in the afterlife. Either way, I doubt they're out for good.
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