ACT 1: The issue opens up with a man being thrown through a window of a high-rise building and falling to his death. The person doing the throwing is none other than the once, and future Kingpin of Crime, Wilson Fisk. To his side stands the criminal assassin-for-hire known only as Bullseye. Fisk is vengeful and wants those responsible for his fall to pay the price of their treachery.

ACT 2: At that very moment, across from the United Nations Headquarters, our friendly neighborhood Spider-Man finds his hands full with agents of those who contributed to the erstwhile Kingpins’ fall: the terrorist group known as Hydra. The agents are part of an assassination attempt on Stewart Ward, a United States Senator, who was first introduced in Peter Parker Spider-Man #1. After dispersing the miscreants, Spider-Man approaches Ward to ask him why so many people want him dead – this being the fourth assassination attempt on his life – but Ward begins screaming, for everybody to hear him, that Spider-Man was part of the whole attack. In disbelief, Spider-Man web-slings away. Peter Parker (a.k.a. Spider-Man) comes back on the scene shortly after and meets up with Betty Brant, with whom he had been assigned to cover Ward's speech to the United Nations in the first place. They both agree that there is something more to Senator Ward than meets the eye. While there, they encounter Flash Thompson but the latter looks like he doesn't even recognize them. Betty and Peter head back to the Daily Bugle office to file the story.

ACT 3: A short time later, Peter arrives home and finds Mary Jane and her best friend Jill Stacy deep in conversation about something that "Peter needs not to know about". Peter asks to know what they are talking about but Mary Jane lies straight to his face and pretends that it was just girl talk. The three of them head into the living room, where Aunt May is entertaining the company: Arthur Stacy. Arthur explains to Peter that he requires his assistance in finding Spider-Man. Mary Jane butts into the conversation and tells Arthur that Peter has severed his ties with Spider-Man and no longer has any way of contacting him. Peter reluctantly agrees with what Mary Jane is saying, since he doesn't want her to know that he has began reassuming the guise of Spider-Man once again. The phone suddenly rings so Mary Jane goes to answer it. Meanwhile, having taken up enough of Peter's time, Arthur leaves the Parker's household, accompanied by his daughter Jill. Peter turns his attention to Mary Jane who has just hung up the phone quite violently. He asks her if everything is all right and again she lies straight to his face just as the phone begins ringing over and over again. She pushes him out of the apartment and tells him to go help out Arthur; Peter is beginning to suspect that something is not quite right with Mary Jane. As she closes the door behind him, May, who has suddenly reappeared, tells her that she must really speak to Peter about "this".

ACT 4: Arthur and Jill Stacy have been walking for only a short distance when a limousine suddenly pulls next to them. Several dark-suited men emerge from the vehicle and tell Arthur to get in the car. Arthur unwillingly accepts and tells Jill to contact her brother Paul and to get out of town. Jill is left stranded and scared on the sidewalk but Peter arrives to take care of her. He tells her that everything will be fine and takes her back home to Mary Jane. The last panel of the page shows the limousine driving away, a small spider-tracer affixed to the back bumper of the vehicle, courtesy of Peter Parker.

ACT 5: A short time later, high above the masses, Senator Ward looks over the glittering city and contemplates his future, and his past. Arthur Stacy is brought there to confront him. Ward makes reference to something that happened in the past, which involved Arthur Stacy but it is not clear as to what really happened back then; only that Arthur could have prevented it and did not or something like that. Ward tells Stacy to join him, however Stacy refuses and begins walking away. One of Ward's bodyguards begins telling Arthur that his boss did not give him permission to leave, but suddenly collapses to the ground, a playing card driven in the back of his head. The culprit behind this gruesome killing is revealed to be Bullseye. The latter disarms the several bodyguards, and Arthur Stacy, and is about to strike at Ward when Spider-Man arrives on cue and stops him dead in his tracks. Bullseye throws a multitude of ninja stars in Spider-Man’s direction but the wall-crawler flips out of harm’s way. Unfortunately, this provides an opportunity for Bullseye to sink a blade deep into Arthur's back; the blade was aimed at Ward but Arthur jumped in front of Ward so as to protect him. Finally, Spider-Man comes back and tackles Bullseye, forcing him off the roof. However, Bullseye had planned ahead for such a scenario of events and had rigged the rooftop with explosives. As he swings away into the night, Bullseye triggers the bomb and the top of the building violently bursts into flames. Fortunately, Spider-Man's spider-sense had warned him of the imminent danger and so he managed to make an improvised web parachute that allowed him, Arthur and Senator Ward to gently and slowly reach the ground. The instant they hit the ground, Ward’s men quickly hustle him off to a waiting vehicle, leaving Spider-Man and a wounded Arthur Stacy behind.