PREVIOUSLY: In Spectacular Spider-Man #186, the Vulture makes an unexpected return to New York City. Terminally ill with cancer, he vows to take care of unfinished business and to settle scores before his impending death. That involves –among many other things – killing Spider-Man and making peace with Aunt May, as he was responsible for the death of her then boyfriend, Nathan Lubensky, which took place in Amazing Spider-Man #336. The Vulture briefly encounters Spidey but postpones fighting him as he must find Aunt May first to take care of unfinished business with her. At issue's end, Aunt May enters her bedroom and finds the Vulture perched on the windowsill waiting for her.

This is where this issue picks up.

Back at the Parker apartment, Peter and MJ are lying in bed discussing balancing their checkbook when the telephone rings. Peter answers the phone; it is Aunt May. Distressed, she retells her earlier encounter with the Vulture. Shocked and appalled, Peter tells Aunt May to stay put and he'll come right over. He then smashes the phone on the nightstand complaining that it never ends. MJ asks what's wrong and he explains what just happened to his aunt, while he changes into his Spider-Man costume. Seconds later, he is out the skylight and web-slinging towards Forest Hills, Queens.

Meanwhile, at the offices of the Daily Bugle, the Vulture comes crashing through J. Jonah Jameson's office window. Bravely, Jameson tells the Vulture to get the hell out or else he'll call the police. Unfazed and unimpressed, the Vulture grabs hold of Jameson by the collar and hangs him outside the broken window. Jonah immediately starts begging for his life and promises to do anything in exchange for him not letting go. The Vulture tells Jonah that he wants the headline of the next day's Daily Bugle to announce his intention to kill Spider-Man. Jonah instantly agrees and even offers his service. Just then, two cops make their way into Jonah’s office and tell the Vulture to put Jonah down. The Vulture complies with their demand by throwing Jonah at them. As Jonah and the two cops lie on the floor, the Vulture tells Jonah that Spider-Man is going to pay for the years of humiliation.

Peter/Spider-Man arrives at Aunt May's house in Forest Hills Queens and switches back to his civilian clothing. He enters the house and finds his aunt sitting on the couch in silence. Hugging her, he asks what the Vulture wanted. Aunt May explains that he wanted her forgiveness for killing Nathan, because he is dying of cancer and wants to settle any scores before passing on. She then goes on explaining that for a second, she almost did but then she realized that she was too old to forgive anymore. Turning to face Peter, she tells him that too many vultures have circled around her, pecking away at the people she loves. She then goes on saying that a piece of her heart died with his parents, another with Uncle Ben and the final piece died with Nathan. She then explains that maybe she died with Nathan too but was too stupid to realize it, until now. With great sadness filling his heart, Peter hugs his aunt in his arms.

A short time later, Aunt May lies in bed while Peter sits in the living room, reading a book. Suddenly, his spider-sense kicks in, just as the Vulture is seen landing on the rooftop of the house. Seconds later, a scream is heard from Aunt May's bedroom. Peter races up the stairs and storms into the room, where he finds Aunt May out of bed, standing in the middle of the room. She tells him that the Vulture was there but left through the window when he heard him coming up the stairs. Peter takes a look outside the window and tells his aunt that the Vulture is gone. Just then, a voice coming from the doorway tells Peter that he is "not gone yet"; that of the Vulture. Gun in hand, the Vulture tells Peter that he flew down and came back through the front door to see who else was in the house. He then tells Peter to get the worried look off his face, as he has no intention of hurting him or his aunt. Peter disagrees with him, pointing to his gun, while Aunt May begs Peter to calm down, fearing the worst. The Vulture admits that the gun looks bad and throws it aside on a nearby chair. As the Vulture warns Peter to not try anything against him, rage boils inside Peter's blood and he punches the Vulture with all his might, sending the later through the doorway and down the stairs to the first level, where he appears to lose consciousness. Flabbergasted, Aunt May asks Peter how he did that, to which Peter replies that the Vulture just didn't expect it. He then goes on saying that he'll go down and check on him and tells his aunt to call the police. He reaches the bottom of the stairs and leans over the Vulture, all the while realizing that he has to get a grip, or else he'll blow his double identity. Just then, his spider-sense kicks in, alerting him that the Vulture is conscious once again and making his move. Instead of fighting him off, Peter lets the Vulture grab him in a chokehold. Just then however, Aunt May appears at the bottom of the stairs, gun in hand, and tells the Vulture to let go of Peter and to get out of her house. Realizing how much more pain he's caused Aunt May, the Vulture tells her that he will leave and won't come back. Just then however, sirens start blaring, as police cars pull in front of the house. Furious, the Vulture tells Aunt May that he cannot be stopped now because his funeral arrangements are not complete. Consequently, the Vulture is forced to take Peter hostage in order to leave with a minimum of trouble. The Vulture crashes through the front door, Peter in tow, and takes flight into the night, right in front of the police, who are unable to take shots at him, fearing that they might hit Peter. Still standing at the bottom of the stairs, Aunt May drops the gun. Outside, Mary Jane arrives in a cab, just in time to see the Vulture fly away with Peter.

A short time later at the abandoned silo, which the Vulture used as a hideout in Amazing Spider-Man #241, the Vulture has tied up Peter and is trying to get his help in making Aunt May understand what his plans are. He tells Peter that he'd sooner die there and then than do anything else to hurt the people Nathan Lubensky loved. He goes on saying that Nathan was his friend and that he cared about him and never would have laid a hand on him that day if he had realized who he was. He then goes on explaining that he cannot die without her forgiveness and swears to let him go as long as he makes her understand. Peter actually starts feeling compassion for him until he sees the dead body of Gregory Bestman, whom the Vulture killed in last issue. Furious, Peter launches himself at the Vulture, or so it seems. Peter actually runs right by the Vulture and throws himself out of the silo through a small door and dives towards the ground below, where everything is dark. The Vulture is left aghast and realizes that he must go down and check up on him. Just then however, a voice interrupts his thoughts. As the Vulture turns around, he comes face-to-face with Spider-Man, who kicks him in the face and sends him to the ground. Spidey explains that he waited outside the window for an opportune moment, which happened when Peter took that dive (which is a big lie of course to cover up his double identity). Spidey goes on explaining that he caught Peter and sent him on his way, which just leaves the two of them. The Vulture concurs and throws himself at him, with the objective of killing him.

To be continued.