Most of the action takes place backstage in Midnight Phantom. Enjoying one of his few talking-picture leading roles, Reginald Denny plays a lecturer who turns amateur sleuth when a murder occurs. The killer appears to be a ghost that strikes only at midnight. We don't think so, and neither does Reggie. Midnight Phantom was produced by Invincible Pictures, a company whose logo (an enormous eagle, illuminated by searchlights) was more impressive than any of its films.