He's still around. Last I heard he was found suspended in space; something like that. Jack of Hearts is a rich heir, much like Kyle Richmond a.k.a. Nighthawk. He met an accident and half his body became irradiated, making for a unique powerset and interesting visuals. His planned kidnapping by the Thing is an extension of corporate maneuvering.
So what does the Machinesmith do with an unconscious Thing? He rigs up a mind control device and makes Ben his pawn. What follows next is both predictable and exciting: The Thing vs. Jack of Hearts. Bring it on!
Unfortunately the whole fight is a let down. I keep comparing it to the Jack of Hearts vs. Hulk fight and this one doesn't even come close. This double panel is pretty much the best of the fight.
Jack of Hearts is eventually able to destroy the mind control device attached to the Things head. Back at Machinesmith's place, the Yancy Street Gang is able to stage a successful rebellion. Culminating in the discovery that Machinesmith isn't quite human.