What If? Volume One

'Panty & Stocking with Garterbelt: What If? Volume One' (パンティ＆ストッキングwithガーターベルト: ホワット・イフ? Vol.1 Panti ando Sutokkingu wizu Gātāberuto: Howatto Ifu? Vol.1) is a seinen manga that was published by Gainax on November 12, 2010 to supplement the anime series. It is set in an alternate fantasy-themed universe, with a focus on courtly intrigue and secret plots.

The manga was poorly received in Japan, and Gainax cancelled plans for both an English translation and later issues in the series. Fan translations were the only way for English-speaking audiences to read the series, where it achieved some underground popularity. Gainax published an official English translation in 2013, where it achieved modest success overseas. Some in the fanbase praise its unorthodox plotlines and fresh takes on characters, while detractors say that it is a disappointing departure from the main series' tone and lack of conventional fanservice.

Synopsis
In an alternate universe, Judgement appoints Panty and Stocking as co-rulers of Daten City in an effort to teach them responsibility. However, Stocking deposes her sister and seizes absolute power for herself at the suggestion of her advisor Corset. A hundred years later, Panty convinces a fat and corrupt Queen Stocking to see she's been manipulated, and the two overthrow Corset and his lackeys.

Plot Summary
The first chapter starts with a narrator, Suspender the Disbeliever, explaining that he is the keeper of the royal chronicle of Daten City. In another world, Daten City would have been ruled by a mayor to keep the ghosts in line. However, they are fated to be under the command of a monarchy appointed by Heaven.

A flashback shows Judgement chastising Panty & Stocking for their unruly behavior, before they are unceremoniously ejected from Heaven as punishment. When they arrive in Daten City, which looks more like a medieval fantasy city than a modern one, they find themselves welcomed by a parade and cheering crowds. Corset explains that he is the royal vizier, who has been ruling as regent absent a monarch. By the city's laws, only an angel may rule the city, and so they are proclaimed its new rulers. Stocking speculates that this was intentionally set up by their mother as a way to teach them responsibility, but Panty seems more interested in enjoying the perks of royal life.

In the second chapter, Panty and Stocking have been crowned co-queens of the city, and settle in to their routines. While Stocking is tasked with holding court and managing finances, while Panty enjoys daily feasts and sex with any knight in her court. Stocking's annoyance is intensified by the fact that her subordinates—royal vizier Corset, captain of the guard Scanty, and royal spymaster Kneesocks—all seem to be incompetent. Corset frequently begs to be arrested and punished for his failures, implying that he is intentionally failing in hopes of being tortured. The only competent one in the court is the court chaplain Garterbelt, who unsuccessfully tries to rein in Queen Panty.

As Stocking grows increasingly irritated with Panty's recklessness, Corset reveals that Garterbelt has committed unspeakable acts against the squire Briefs, so the priest is banished from the court. From then on, Corset grows steadily more influential in Stocking's court, and he eventually encourages the Queen to cut her sister out of royal affairs. He also stokes Stocking's ego and constantly plies her with food and wine—Stocking grows chubby, as has Panty from her constant partying. Convinced by Kneesocks that Panty is plotting against her, Stocking orders her sister arrested and thrown in the dungeons for a hundred years.

When Panty emerges in chapter three, she is surprised to see how the palace has changed. The decorations and furniture are far more gaudy, and it is filled with statues and paintings of a visibly fatter Stocking. Panty is brought before her sister, who is surprisingly even fatter than her artistic depictions. Stocking has become a lazy, gluttonous megalomaniac, who eats massive feasts while holding court and listens to whatever Corset recommends. She initially plans on releasing Panty into society, but after Panty calls her "Your Wideness," she flies into a rage and orders her to serve as a maid.

While as a maid, Panty understands more about how Daten City has changed. Stocking has won the respect of the ghosts through her cruelty and obscene gluttony, so they act as her enforcers in collecting tributes of food from the people. The common folk all despise her for it, and they see Corset as just as much of a victim. However, this is hardly the case: Corset conspires with Scanty and Kneesocks to keep the Queen distracted and docile, while the three of them share power among themselves. Stocking also takes great delight in bossing servants around, and makes great messes while eating to give them more to clean up.

There is a ray of hope, however: Garterbelt and Briefs, who have correctly determined that Corset is corrupting the Queen, are revealed in the fourth chapter to be leading a resistance movement against the monarchy. They get in contact with Panty, who agrees to sabotage the demons. She delivers extra-fattening meals to Scanty, while switching out her clothes for bigger and bigger sizes so she doesn't realize she's gaining weight. For Kneesocks, Panty shrinks her clothes, causing her to become convinced she's gaining weight and go on a crash diet.

In the fifth and final chapter, the resistance springs into action and launches an attack on the royal palace. Panty personally fights Scanty and Kneesocks, but they prove to be an easy challenge: Scanty is now fat and easily tires in combat, and Kneesocks is so weak and fatigued from her diet that she faints mid-fight. She then goes on to fight Corset, but he transforms into a hulking form and defats her. He admits that he is keeping the queen fat and accruing power behind her back, unaware that Stocking is listening from a balcony above. The Queen throws herself from the ledge, the weight crushing Corset and pinning him to the ground beneath her fat ass. Realizing that his jig is up, Corset surrenders (though not begging for Stocking to sit on him again).

In the epilogue chapter, Stocking decides she must remain fat in order to keep the ghosts in line, but takes a more active role in ruling. Garterbelt is returned to his role as court chaplain, and Briefs is knighted and made the new captain of the guard. Panty is elevated to co-ruler once again, and the two queens celebrate with a great feast. Stocking jokes that Panty's appetite may make her as fat as herself one day, to which Panty replies that she could probably carry the weight better, and orders another course of food.