The registered superhero known as Blue Shield makes his presence known to Spider-Man and Jackpot and explains that he’s there to arrest Spidey because he is not a registered under the Superhuman Registration Act. Spidey pokes fun at Blue Shield, prompting him to attack him. Spidey dodges his attack and calls attention to Jackpot but Blue Shield is quick to respond that Jackpot is registered with the government and can therefore play superhero. Having said that, he manages to punch Spidey in the gut. He then tries to karate-kick Spidey but the wall-crawler leaps above him, performs a series of summersaults and flips, landing in front of Jackpot, his back to her. Jackpot apologizes to Spidey and grabs hold of him in a tight not-so-nice embrace. Blue Shield approaches and says that, per section 53-A, subsection I of the Superhuman Registration Act, he is unmasking him. Even in the middle of a tense moment such as this one, Spidey jokes about having some kind of facial deformity/sickness that is contagious. Just then, hysterical laughter echoes through the night, and someone, or something, flies above the trio. Taking advantage of the distraction, Spidey frees himself from Jackpot's hold with a well-placed elbow to the nose and kicks Blue Shield in the noggin. He then leaps upward and grabs hold of none other than Menace's glider, who was the one that flew by seconds earlier. Menace, some kind of devilish-looking goblin, is exasperated with Spidey being on his glider and tries to shake him off. But Spidey holds on tight and attempts to take Menace’s mask off, as they fly erratically. For that, Spidey receives an elbow on the chin, but he doesn't stop trying. He grabs the mask once more and pulls with all his might. Menace retaliates by sending an electrical discharge through Spidey, causing him to be knocked off the glider and falling into the river. Spidey slowly gets out of the water and hangs onto the side of the docks. Menace glides down to the harbour and pulls Spidey halfway out of the water, telling him that it was a non-lethal charge and that, should they cross path again, he'll put Spidey in the ground. To show that he's not bluffing, Menace cuts Spidey across the chest with one of his wrist-blades. He then takes off. A hurting Spidey passes out.
When Spidey awakens, Jackpot is standing above him with a cup of hot coffee. Spidey asks about Blue Shield and Jackpot responds that he's probably off to fill some paperwork. Jackpot mentions that Blue Shield actually just ran into them by pure coincidence. Spidey remarks that he was wondering what he was doing there and thought it was his eternal bad luck that he showed up. Jackpot comments that it was good luck that Blue Shield can't fly because he would have taken off after Spidey and Menace. Having said that she asks Spidey if he ever considered registering, as his life would be so much easier, and other heroes wouldn't try to beat up on him. Spidey replies that she can trust him and that it wouldn't work out too well. With that said, he asks if she's been with him all night or if she just showed up to bring him coffee. Jackpot replies that she came back so she could try and find clues in Menace's hideout; she simply waited for the daylight. Spidey sarcastically remarks about them having a "team-up" later and goes on asking what her real name is, as she reminds him of someone. Jackpot asks Spidey if he'll tell her his name. Spidey replies that his name is Flash Thompson and asks what hers is. She hesitates for a moment and then blurts out that her name is Sara Ehret, not Mary Jane, which is what Spidey thought her name was. Looking through Menace's hideout, Jackpot comes across a set of blueprints of the Apollo Theatre in Harlem. They wonder what Menace wants with the blueprints.
A short time later, Peter Parker is home in Forest Hills, Queens. Trying to figure out Menace's identity, and thinking that perhaps it is Harry Osborn, Peter calls Lily Hollister, Harry's girlfriend to find out where Harry was the previous night, while trying to sound too stalker-ish. Lily replies that Harry was with her and before Peter can ask her to keep his call a secret, she reads his mind and says exactly that.
At Mt. Sinai Hospital, J. Jonah Jameson, though the recent victim of a heart attack, is screaming madly, telling everyone who wants to hear that he wants Peter Parker arrested for causing him to have a heart attack. Nurses and orderly are trying to calm him down but Jameson threatens to have their jobs. One of the orderly comments that Jameson doesn’t have that kind of power anymore. Perplexed, Jameson is about to ask why when his wife Marla enters the room for a visit. Marla tells Jonah that he must calm down or else he'll die. Jameson somewhat calms down and asks to know what the orderly meant by his comment. Before the orderly can answer, Marla explains that what he meant was that he – Jonah – can't keep going on tirades like that anymore or else he'll die. She turns to the orderly and her eyes and overall body expression tell him to go along with her story. The orderly concurs with her story.
At the law offices of a certain Matt Dowd, an individual by the last name of Maxwell is seeking legal help because he wants to sue someone; presumably the villain known as Menace for causing him to fall off the Daily Bugle building (see previous issue). But as the conversation progresses, it becomes clear that he is not looking at suing Menace, but Spider-Man, whom he blames for the accident. The lawyer is hopeful that, one way or another, they will get something out of it.
A while later, that the offices of the DB (the old Daily Bugle), Peter is going up the elevator, trying to come up with a cover story to explain his bruises. As he comes out of the elevator, he runs into Dexter Bennett, the new owner. Seeing Peter's condition, Bennett asks what happened to him. Peter lies and explains that he crashed while rollerblading. Bennett is, in a sense, glad that Peter got hurt while rollerblading, because he wouldn’t be able to live with himself, knowing that Peter got hurt trying to take pictures of Menace. Peter makes the comment that he – Bennett – can beat him up anytime he wants, as long as he gets the ten grand bonus Bennett is offering for a picture of Menace. Bennett replies that the offer is interesting; however, he tells Peter that he cannot use any of his pictures. On some, the lighting is bad, on the others, the angles terrible, and Menace is so far away on most of them, he might as well be the Green Goblin or the Hobgoblin. Bennett knows that Peter is disappointed in not getting the ten grand bonus; he however explains that the offer is still on the table. If Peter can still get him publishable pictures, he will make good on his promise. Peter thanks Bennett and the two of them part ways.
Peter is using one of the DB's computer, to research something. In walks Betty Brant, who needs the computer to review drafts of the mayoral debate pieces to be held later that night, but offers Peter to help with his research. As she glances at the monitor, she realizes that Peter is investigating the spider-tracer murders and when asked, Peter explains that he is trying to find the name of the investigating officer. He is however, having a hard time finding that piece of information. Betty pushes him out of the chair and, after a few clicks on the keyboard, finds the name of said officer, Detective Quentin Palone. Peter thanks Betty and asks if she can leave, as he needs to send an email out. Once she is gone, Peter uses an anonymous server and sends an email to Palone and then sets up a covert phone call to him.
A short time later, as Spider-Man, Peter heads over to Palone's precinct house and meets Palone in the evidence locker, of all places. After trading some banter back and forth, Palone hands over an evidence bag to Spidey, for him to have a look at the spider-tracer inside. After looking at it for less than a second, Spidey replies that it is one of his older design, which he hasn’t used in several years. Palone asks Spidey if he is certain about that. Spidey replies that he is the only one who uses those spider-tracers, so he is one hundred percent certain. Palone comments that this revelation causes a problem. Uncovering a large map of the city, Palone shows Spidey the sites of five different crime scenes where spider-tracers were discovered in the past three months. Palone thinks that this is the work of a serial killer. As a result, he must hold Spidey for questioning.
At that exact moment in Harlem, at the Apollo Theatre, Menace crashes the mayoral debate. One guard starts shooting at him, while people in the crowd head for the doors, running for their lives. Menace incapacitates the guard and turns his attention to councilwoman Parfrey, who’s the favourite to win the next election.
Back at the precinct house, Spidey cannot believe that Palone is trying to arrest him. Palone explains that he's not arrest him for violating the Superhuman Registration Act, but as a person of interest in six homicides. Just then, an explosion is heard in the distance. As Spidey looks out the window, he realizes where the explosion took place: the Apollo Theatre in Harlem. He also comes to the realization who is behind the explosion: Menace. Spidey climbs out the window and tells Palone that he has to go. Palone apologetically replies that he can't let him go. On cue, NYPD swat team members come sliding down ropes from hovering choppers.
To be continued.