PREVIOUSLY: Several issues ago, the Arranger hired Roland Rayburn, a mutant with the ability to persuade others to do his will, and experimented on him. The outcome of the experiment was Rayburn getting his powers of persuasion amplified and being given a new name: The Persuader. In turn, on the Arranger's orders, the Persuader kidnapped and hypnotized the Punisher to assassinate the Lobo Brothers, two Latin-American crime lords operating out of Dallas.

The Arranger's evil scheme failed thanks to Spider-Man but the Lobo Brothers decided to come to New York to avenge their honor. A gang war erupted shortly after their arrival and Eduardo Lobo was ultimately killed when Hammerhead and the Chameleon's goons ambushed the Lobo Brothers and the Kingpin during a peace meeting. The Kingpin is now very upset with his right-hand man, although he hasn't dispose of him...yet.

The Beetle arrives at the Kingpin's HQ and is escorted to the Arranger's office by two of the Kingpin's goons. On his way there, he can't help but notice that the place has quite a security system. He enters the Arranger's office and after the two exchange pleasantries, the Arranger cuts to the chase and tells the Beetle that he wishes to hire him to kill Spider-Man. Immediately, the Beetle declines his offer, telling him that he swore not to fight super heroes anymore after his recent stint in prison. Curiously, the Arranger accepts his negative response and tells him that he has another job for him: a shipment of industrial grade diamonds. He hands him a map outlining the routes to be taken by the armored card containing said diamonds and tells him that in exchange for the map, he wants 50% of the gross. The Beetle accepts the Arranger's offer, grabs the map and walks out of the office. The instant the Beetle is out of the office, the Arranger picks up the phone and calls the Daily Bugle office to speak to Peter Parker.

Peter has returned home after a night of web-slinging and is bringing MJ breakfast in bed when the telephone rings. He picks up the phone; it's Kate Cushing. Kate tells Peter that the Arranger wants to meet with him and Joy Mercado specifically for an exclusive interview. Peter accepts, although he has the day off and Mary Jane also has the day off and is lying in bed half-naked.

Later at the Kingpin's HQ, the Arranger explains to Peter and Joy Mercado how his employer, Wilson Fisk (i.e. the Kingpin of Crime), is an upstanding member of the community who, to prove his good citizenship, has authorized him to expose the details of a crime planned for that very morning. Pulling out a map of the City and pointing at a certain route, the Arranger tells them that they’ve received intelligence that a costumed criminal intends to rob an armored car along that route less than an hour from now. Joy asks the Arranger why he is telling them that instead of calling the police. The Arranger explains that he chose to tell them specifically because of Peter's unique association with Spider-Man, as delineated in his Webs picture book. He goes on explaining that the Beetle, a villain too powerful for the police to handle but not too powerful for Spider-Man, will rob the armored car. He then tells Peter that it is his job as a good citizen to contact his friend Spider-Man at once so as to prevent this robbery from happening. He even offers Peter to use his phone. Peter tells the Arranger that he is not even sure if he can reach him although he will try and he quickly takes off. Joy tells the Arranger she doesn't know what game he's playing but decides to stick around to see how it all plays out.

In another part of the town, the Beetle leaves his secret hideout and makes his way across the City to intercept the armored car containing the diamond shipment. After a few minutes of flying around, he spots the vehicle and neutralizes it using one of his gauntlet-blasters. He makes his way down to street level and tears the cargo door off its hinges. What he finds inside is really not what he had intended to find: Spider-Man hanging upside down from the ceiling on a web-line. Spidey immediately kicks the Beetle in the face and sends him flying into a nearby brick wall. Retaliating, the Beetle shoots Spidey with one of his gauntlet-blasters but Spidey dodges the blast. The Beetle tries to get away from Spidey but the latter snags his retractable wings with a web-line and manages to land a punch. As the two foes battle it out in mid-air, the Beetle realizes that he was set up by the Arranger when he refused to kill Spider-Man. While wrestling to break free from Spidey, the Beetle manages to blast him right in the face, causing him to plunge towards the ground below. In an effort to save himself, Spidey snags a nearby bridge with a webline, swings back around and kicks the Beetle right in the stomach. The Beetle's wings suddenly retract back into their compartment and the Beetle plunges to his apparent death inside the funnel of a cruiser ship passing below. Spidey is stunned and doesn't understand what happened to the Beetle. Assuming that the Beetle has died, Spidey takes off (without remorse might I add), picks up his automatic camera and hustles back to the Daily Bugle.

Meanwhile, back at the Kingpin's headquarters, Joy Mercado is enjoying the Arranger's hospitality when one of the Arranger’s goons informs him that the Beetle is dead. Sweating profusely, he tells the goon to check the security measures and to report back to him. All over the building, goons ensure that the building is secure and they notify the Arranger that nobody gets in unless he gives the word. Suddenly, the floor beneath the Arranger begins to shake uncontrollably and without warning, the Beetle comes crashing through the floor right underneath the Arranger. Nearby goons take out their guns to take the Beetle out but the Beetle shoots them first. He then prepares to murder the Arranger and Kate Cushing but just then Spider-Man comes crashing through a window and tackles him through a wall. At that moment, more of the Arranger's goons arrive on the scene and begin shooting at both of them. While Spidey dodges their bullets, the Beetle flies down a nearby elevator shaft, hoping that Spidey will decide not to follow him. Unfortunately for the Beetle, Spidey does follow him all the way outside the building where he once again tackles him, while the Arranger cheers on. Worried that Spider-Man might catch him and send him back to jail, the Beetle tries to fly away and then down the smokestack of a nearby distillery, hoping that Spider-Man will fall for the same trick twice. Spidey doesn't fall for it and heads down to the bottom of the smokestack where he rips the furnace door off its hinges and pulls the Beetle out of the chimney and throws him across the room like a rag doll. Regaining his strength, the Beetle grabs a large metal pipe lying next to him and tries to whack Spidey with it. Spidey dodges the hit by leaping upwards and he lands back on top of the Beetle feet first. He then punches the Beetle hard, causing him to fall to his knees. While the Beetle struggles to stand back up, Spidey rips the retractable wings off his suit. He then proceeds to completely crush the Beetle's gauntlet-blasters and administers one final blow that makes the Beetle lose his mask and which sends him flying across the room into a pile of broken crates. As the Beetle lies half-unconscious amidst the broken crates, he informs Spidey that he gives up. Spidey grabs him and helps him stand back up. The Beetle asks Spidey why the Arranger set them up to fight each other and why he wants Spidey dead. Spidey replies that the Arranger doesn't want the Kingpin to find out about a deal he and the Arranger made while the Kingpin was at war with the Lobo Brothers. Web-slinging away with the Beetle on his shoulder, Spidey adds that he has a feeling the Arranger is in deep water with the Kingpin because of the little gang war and that after today, that water is going to get a whole lot hotter.

Back at the Kingpin's tower, Joy Mercado thanks the Arranger for the show and the story and takes her leave. As the Arranger stands amidst the wreckage of his office, he gets a call from the Kingpin via the intercom system asking him to report to his office immediately. The Arranger slowly makes his way to the Kingpin's office. His hands shaking, he opens the door and enters the Kingpin's office.

Peter/Spider-Man heads back to his apartment where he finds Mary Jane sleeping soundly (and snoring). He sits on the bed, pondering about having missed his day off with Mary Jane, when she wakes up and pulls him underneath the cover.

The end...for now.