Answer by taking a quote from the following article:

Loki is a fictional character appearing in American comic books published by Marvel Comics. Created by writer Stan Lee, scripter Larry Lieber, and penciller Jack Kirby, a version of the character first appeared in Venus #6 (August 1949). The modern day incarnation of Loki first appeared in Journey into Mystery #85 (October 1962). He is the adopted brother and often the enemy of the superhero Thor.

In the reality of Earth-982, Loki kidnaps several major superheroes including Thunderstrike (Kevin Masterson), The Stinger, Jolt, Jubilation Lee, Speedball, J2 and Mainframe after sending a fake distress call from the former Avengers mansion. He ties them up and takes them to Asgard where he wants to use Thunderstrike's mace's powers for himself, but Kevin disrupts the spell, absorbing the mace into himself and transforming into a new Thunderstrike in the process. Loki and his army of Trolls are defeated by the heroes, with help from Thor, now the King of Asgard, and Loki and his army retreated. Thunderstrike, Stinger, J2 and Mainframe decide to stay together as the new Avengers. The adult heroes decline to stay with the reformed team because of personal reasons.  Years later, Loki is bitter about the fact that he was the cause of the Avengers formation and wants to get his revenge. He starts kidnapping heroes, holding them prisoner in life sized crystals when Captain America, J2, Thunderstrike, Spider-Girl and Wild Thing show up through a portal they found in another universe. The heroes are quickly outnumbered by Loki's robots and he vows to end The Age of Heroes.  J2 and Spider-Girl escape but Captain America and Thunderstrike are chained and Loki plans to brainwash the heroes to send them back to Earth where they will become violent and turn against each so they will eventually destroy all the heroes. His plan is ruined by Thor when he shows up after figuring out why certain superheroes are acting so different. Together, Thor, Captain America, Hulk and Spider-Girl get Loki to surrender. Captain America notices a gem hanging on Loki's neck, and smashes it with his shield. Loki was using this gem to help turn the heroes evil but once the gem is destroyed, the heroes revert to normal. A furious Loki releases a deadly blast on Captain America, killing him. Thor uses his hammer and sends Loki into Limbo forever and the Hulk decides to join him to make sure that Loki remains there. After Captain America dies, Thor uses his hammer to grant Captain America's soul immortality. His soul floats into the skies, and creates a shiny new, bright star in the sky in the form of Captain America's shield, meant to always inspire the heroes and future generations to come.  In this universe, Loki has a daughter, Sylene. She seeks revenge on the Avengers especially Thor for her father being sent to Limbo.

What happens after the spell is disrupted?
absorbing the mace into himself and transforming into a new Thunderstrike in the process.