I think the idea here is Tracy has his chance now that Jack is so distracted. Note the gun is now pointed up instead of at Tracy. Or am I giving Locher too much credit?
The last panel looks as if the right arm on Tracy’s overcoat has been torn off.
I think the guy draws this bad just so he can come to this site to read all the critical comments!
For a funny coincidence, see Calvin and Hobbes 5/10/2009, panel 6!