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.

In Spectacular Spider-Man #164, the Arranger double-crosses the Beetle, recently released from prison, by setting him up to fight (and kill) Spider-Man against his wishes (The Arranger doesn't want the Kingpin to find out about a deal he made with Spider-Man while he was at war with the Lobo Brothers). The Beetle fails, obviously, and at issue's end, the Arranger must face his employer.

Back in New York City, Mary Jane is out on the town with fellow actor Jason Jerome whom she ran into at the airport in last issue. Jason invites her to ride on a hansom cab but as they sit aboard the cab, Jason tries to make a pass at her. MJ is taken aback by his advances and has to remind him that she is married. Jason's thoughts reveal that sooner or later, she will surrender to his charming ways.

In another part of the City, Thomas Fireheart, a.k.a. The Puma is on the phone with Sloan, the Daily Bugle's full-time London correspondent. Sloan tells Fireheart that Spider-Man is in London but disappeared as quickly as he showed up in the first place. Fireheart instructs Sloan to find Spider-Man or start looking for a new job. After hanging up the phone, Fireheart transforms into his alter ego, the Puma, and heads over to the Kingpin's Tower to meet with Wilson Fisk, the Kingpin of Crime. After exchanging brief pleasantries, Fisk tells Puma that he wants him to "take care" of Hammerhead and the Chameleon. Puma appears interested.

Back in Liverpool at the Castle Pub, Peter is enjoying a meal with Captain Knight when a drunken Edgar Fogg accidentally stumbles to their table. Captain Knight cannot believe how drunk Edgar is and tells him that Evelyn would not be very proud of him if she were to see the state he's in. Edgar replies that what he does with his life is none of his business and that he wonders whether he or his brother Malcolm is ever going to marry Evelyn and take her off his hands. Captain Knight replies that any fool can see who has his daughter's heart and just as he says that, Malcolm Knight and Thomas Fogg enter the pub, while Evelyn Fogg looks on. Evelyn approaches Malcolm and tells him that she wants to talk to him about something important. Witnessing the whole thing, Captain Knight tells Edgar that Evelyn wants Malcolm, not him. Edgar replies that he believes Malcolm is as cold as a suit of armor and that he's not sure if he wants her. Hearing the word "armor", Peter's spider-sense suddenly kicks in and he quickly stands up, knocking the whole table over. Captain Knight grabs hold of Peter and escorts him outside the pub, telling him that he has something to show him back on the fishing boat, while Thomas Fogg watches on, wondering what just happened. Inquisitive about the American with Malcolm's brother, Thomas asks his dad who he is and Edgar tells him how he was fished out of the Mersey River earlier that morning and how he can't remember anything. Having gathered the information he was seeking, Thomas tells his dad that he needs to tend to unfinished business and he leaves the pub. Having realized that the American was Spider-Man's alter ego, Thomas transforms into mist and flies off towards the harbor to finish him off. Back at the pub, Evelyn makes a pass at Malcolm but the latter does not reciprocate as she had expected. After this encounter, it becomes clear to her that her future does not lie with him after all.

Meanwhile at Captain Knight's bed-sitting room overlooking the river docks, Captain Knight comes clear to Peter about having hidden the Spider-Man costume in the trunk in the boat's cabin so as to protect his brother, Malcolm. Grabbing the costume, Peter tries to recall what he used it for. Captain Knight suggests that he tries it on to see if he can remember something. Peter puts on the costume and looks at himself in the mirror, feeling pretty stupid. Just then, Fogg comes crashing through the window, accusing Captain Knight of betraying his brother Malcolm. Fogg grabs Peter/Spidey by the throat and throws him outside the house and then turns his attention to Captain Knight, grabbing him in a chokehold. Outside the house, Peter/Spidey suddenly remembers everything. Just then however, Knight appears inquiring about Spidey being at his brother's house. Remembering that Knight tried to kill him, Peter/Spidey launches himself at him in the hopes of taking him down but Knight retaliates with a backhand that sends him flying back several feet. Realizing how to take Knight down, Peter/Spidey tackles him head on with all of his strength. This results in Knight being slammed into a brick wall, making him lose consciousness and making him revert back to his human self. Just then, Evelyn Fogg and her father, Edgar show up on the scene wondering just what the heck is going on. Malcolm, who has regained consciousness, tells Evelyn to get out of there, to get to safety. Wanting to prevent Malcolm of transforming back into his alter ego, Peter/Spidey prepares to take him out with a punch but just then, Fogg resurfaces and stops him from doing so. Realizing that he cannot stop Fogg, Spidey web-slings away, trying to put some distance between the two of them until he can figure out what to do to stop them. Fogg takes off after him. Back on the harbor, Edgar Fogg discovers the apparently dead body of Captain Knight lying inside the house and shows it to his daughter and Malcolm. Infuriated and believing that Spider-Man did this, Malcolm transforms into Knight and takes off after the wall-crawler.

Two blocks away, Fogg has caught on to Spidey and has hold of him in a chokehold. Trying to set himself free, Spidey shoots a webline at a power line hanging overhead, which he breaks in half and yanks down on top of Fogg. The massive power surge stuns Fogg and makes him revert back to his human form. Just then, Knight arrives on the scene and immediately attacks Spidey, accusing him of having murdered his brother Leo (i.e. Captain Knight). Spidey tells Knight that when he last left Leo, just before Fogg came smashing through the window, he was still alive. Coming to the realization that Spidey is telling the truth, Knight turns over to Fogg and asks him if he was the one that killed Leo. Fogg replies that Leo betrayed them, and hated him because of Evelyn. Furious, Knight lashes out at Fogg, just as the latter reverts back to his misty form. Witnessing the battle, Spidey decides to intervene and grabbing hold of the recently broken power line (using a webline), he throws it at the two miscreants, electrocuting them and making them revert back to their human selves in the process. As Knight and Fogg lay unconscious on the ground, Evelyn and Edgar Fogg, dragging a very much alive Captain Knight, arrive on the scene. Seeing Knight and Fogg on the ground, Evelyn cannot comprehend what just happened. Spidey tells Evelyn that Knight wanted to shield her from the truth of who he was but most of all, he wanted to shield himself.

Back in New York City, Mary Jane Parker has a hard time sleeping and wishes that Peter hurries home, as she is confused, not because Jason Jerome kissed her, but because she liked it.

To be continued.