I've watched THE PHANTOM twice now, and both times fallen asleep during the film. It's possible I've seen it all, in fragments, out of order, or perhaps not. It starts off in solidly Old Dark House territory, with a threatening note to a rich lawyer. But somehow it ends up in an insane asylum where someone is, I'm pretty sure, intent on performing a brain transplant. Unless I dreamed that. I'll get back to it shortly, as the second feature to some other Old Dark House feature on an upcoming 30s horror night. In the meantime, I think it is safe to say it is impossible not to love a film whose title card looks like this:

There are some amusing tricks here such as this two-shot in which the men engaged in conversation are intercut with scenes of a courtroom in preparation for a trial. Never do you see either of the men in the courtroom. The courtroom footage is likely a stock shot from a silent film. There's some aerial stunt work earlier in the film which has a similar borrowed pedigree.