There's nothing really wrong with this movie. There just isn't much of interest. It's a stereotypical story of three nobles who are holding the queen of an obscure small country hostage with the hope of replacing her and her son and taking over the throne. (To do what? We're led to believe that there's nothing much to the country.) The queen's daughter meets a reformed jewel thief, the Lone Wolf of the title, and enlists his aid in getting back some royal jewels that the three evil nobles intend to use to force the queen to abdicate. (She sold the jewels to them to help the starving peasants in her bankrupt country, but needs them now that her son is about to be crowned, and they, baddies that they are, won't sell them back. Nasty nasty.) The Lone Wolf agrees to come out of retirement, so to speak, because he's attracted to the princess.
Things work out as you would expect.
As I said, there's nothing wrong with this. It's just all pretty much movies by the numbers, and not interesting.
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