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Old King Thor w/Necrosword:

https://thelatestpull.files.wordpress.com/2014/06/3888849-thorgot2012023_int2-page-004.jpg

vs.

Monarch:

https://static.comicvine.com/uploads/original/11114/111142536/5197258-5279219665-Prime.jpg


Who wins?

I think Monarch would win a fight eventually, but I believe his suit would rupture and kill them both before any such decisive outcome.

Thor survives the blast, IMO.