*spoliers* do not read any further if you haven't seen this movie
Picking up after the depressing "Phantasm II" ended; The Tall Man kidnaps Mike, while Reggie and new kid Tim spend most of the rest of the movie trying to get him back, and not end up as slaves on the Tall Man's "Red Planet". This one gets really silly: the trio of thieves in the bright pink hearse were only there for comic relief, and the black karate chick (can't remember her name) was so irritating I couldn't wait to see if the Tall Man killed her character. This one sets it up to almost look like it was going to be Tim's character, who comes in late and ultimately is the hero, but ... it doesn't quite work out that way. By the very end of this story Liz is beheaded by the killer midgets, Mike gets a silver sphere implanted into his skull, the spheres get Reggie and the dwarfs get Tim, and there's no one left to stop The Tall Man. The bad guy wins - now how's that for a surprise twist at the end?
This was filmed in 1993 and unreleased until '95, and the ending of this one was at the time final, and although it's disappointing and anticlimactic it was also a fitting and appropriate ending for this weird little series. But the fourth one changes this ending and adds nothing new but more bad jokes, and an even worse and more nonsensical ending ...
*1/2 out of ****