PREVIOUSLY: Norman Osborn, the villainous Green Goblin, returned to New York having secretly purchased a controlling interest in the Daily Bugle newspaper. At a lavish press conference/party, Osborn claimed that had fled to Europe several years ago because his life was threatened by Spider-Man. He also denied ever having been the Green Goblin – a charge which has never been proven. Peter Parker, who had attended the party, was so furious at Norman’'s lies, he later burst into Osborn's penthouse as Spider-Man and roughed up the newly returned industrialist, in an unusual fit of rage. But, the webspinner was unaware that Osborn had anticipated such a scene, and so had hidden cameras record the attack, thus reinforcing Norman's connection that Spidey had it in for him.

At the Daily Bugle, J. Jonah Jameson, Robbie Robertson, and evil incarnate himself, Norman Osborn, are looking over the front page that Osborn has commissioned and which reads as follows: "Masked Maniac! Bugle offers one million dollar reward for capture of Spider-Man". Jonah is of the opinion that it seems a little melodramatic but Robbie thinks that it is no worse than some of the anti-Spider-Man editorials Jonah has run on the front page over the years. Osborn tells Jonah that he does not have to run that front page if he does not like it and that he can replace it with something more appropriate. Osborn cares about only one thing and it is catching Spider-Man before he hurts his grandson. As he tells Jonah this, he gives him the "evil eye". Within seconds, Jonah completely changes his mind and agrees with the front page proposed by Norman. Having worked his magic, Norman takes his leave. Having witnessed what happened, Robbie asks Jonah why he continues to be Norman's lapdog when they both know that Jonah loathes the man. Trying to act all tough, Jonah instructs Robbie to stop worrying about Osborn and to focus his energy on finding dirt about Spider-Man, whom he blames for what happened to him when he was in the hospital, despite the fact that he knows full well that his son was behind the attack on his person, not Spider-Man. Robbie leaves Jonah's office, completely aware that Osborn has got Jonah under his finger.

The next morning at Empire State University. Peter Parker tells Mary Jane about how frustrated he is with himself for falling into Osborn's trap like that. MJ argues that she would have done the exact same thing under the same circumstances. Peter is thankful for her support but admits that he was wrong to let his emotions get the better of him. He is even more frustrated that Osborn has managed to convinced the whole city that he is an innocent man while Spider-Man is some uncontrollable lunatic. MJ notes that they have lived through worse and that they will live through this, as they did back then. Peter understands that and agrees with it; however, he is not certain how to protect her and Aunt Anna, because Osborn is the Green Goblin and he knows everything there is to know about them. So he could strike anytime, and use them to get to him. MJ is aware of that, but she has complete faith that Spider-Man will be able to find enough concrete evidence to put him away for the rest of his miserable life. Utterly impressed with MJ’s strength, Peter plants a "wet one" on her and takes off toward the lab, where he is due.

At the Chase Manhattan Bank in Midtown New York, a trio of robbers burst out of the bank, their guns blazing. Responding to the robbery, New York's finest are gunned down by the miscreants. Jumping in their car, the thieves prepare to make their escape only to be stopped by a shadowy figure standing in the path of their vehicle. The driver, Izzy, floors the vehicle, seemingly crushing the individual trying to stop them. Seconds later, a pair of hands comes crashing through the windshield and Izzy is pulled out of the car, which smashes into a nearby hydro pole. When the other two occupants emerge from the car, they are shocked to see Izzy lying unconscious on the ground, a whip tightly wrapped around his neck, and whose other end is being held by none other than Alyosha Kravinov, a.k.a. Kraven the Hunter. The duo opens fire on Kraven but their bullets miss the intended target. Faster than they can reload their guns, Kraven has made his move and has taken down one of the two crooks. The other one manages to escape the wrath of Kraven, but not that of his pet lion, who looks hungry. Needless to say that he begs the beast not to eat him. A short time later, a news crew is on the scene and reporting live about the capture of the three felons, who are seen hanging in a net from a lamppost. Kraven appears on a nearby ledge and tells those assembled to consider the capture of these three men a gift from himself.

At the Daily Bugle, Betty Brant is knee deep in the writing of a story when Flash Thompson shows up to talk with her. Betty tries to brush him off but Flash is insistent that he wants to talk to her right there and then. The two of them make their way downstairs where Flash asks Betty why she has been avoiding him since that night where she promised to help him with his drinking problem. Ashamed, Betty tells Flash that she is afraid of failing him and subsequently losing him, which is what happened when she tried helping her brother, Bennett Brant, and her former lover, Ned Leeds. She can simply not go through that again. Flash replies that she is not going to have to go through that again, nor will she lose him. Flash has come to realize that she cannot cure his alcoholism for him; he has to do it. And the only way to do it is to get himself into a treatment program and that is where he is going right there and then. He only stopped by the Bugle to tell her about it. Betty is so happy for Flash, and proud, that she hugs him and blurts out that she loves him. Flash is surprised to hear her say that and replies that he loves her too. He then takes off, promising to call her later. As a teary-eyed Betty stands there, Norman Osborn shows up behind her and – having overheard their conversation – tells her that he is really proud of Flash’s strength and character. He likes it very much.

Back at Empire State University, Peter and Mary Jane meet with Jill Stacy over lunch. They are about to enter into an argument about Spider-Man when Peter catches wind of the news about the bank robbery that was foiled by Kraven the Hunter. Pretending to have to go and try to get some pictures for the Daily Bugle, Peter takes his leave, dons his Spider-Man costume, and swings off into the rain.

As Spidey web-slings above the rooftops, he ponders about the real identity of this new Kraven and can only come up with the conclusion that it must be the Chameleon in disguise. With this thought coursing through his brain, his spider-sense suddenly kicks in, warning him of impending danger. Spidey turns around in mid-air, just in time to intercept a small poisoned dart similar to the ones Kraven the Hunter used to use on him when he was still alive. Realizing that the TV report was meant to draw him out, Spidey braces himself for a possible attack. On cue, rumble is heard in the distance and it is fast approaching. Standing his ground, Spidey waits patiently. Something is coming at him, leaping from one rooftop to the next. When it reaches Spidey, the something is revealed to be a large elephant, upon which Kraven is riding. Before Spidey can react, Kraven and his elephant tackle him and the three of them are sent crashing through the rooftop of a nearby warehouse. Getting back on his two feet, Spidey confronts Kraven about being the Chameleon in disguise. Kraven admits to being a Kravinov but not the Chameleon and as he says that, he throws the Chameleon's mask at Spidey's feet. Kraven then taunts Spidey with a jaundiced account of the events of Kraven's Last Hunt. Spidey readies himself to attack but is suddenly hit with a bad case of vertigo and dizziness. He then starts to hallucinate, prompting Kraven to explain that the dart he threw at him did not have to pierce his skin, as the poison it was dipped in was strong enough to affect him, even through his gloves. Gathering his last bits of strength, Spidey tackles Kraven to the ground and starts to pummel him in a fit of rage, until he falls into unconsciousness. Realizing that he is losing control once again – just like he did with Norman Osborn – Spidey pulls back, allowing Kraven to recover and send him crashing to the ground on his knees. As Spidey fights not to lose consciousness, Kraven introduces himself as Alyosha Kravinov, nephew of Dmitri (the Chameleon), half-brother of Vladimir, and last surviving son of Sergei Kravinov, the original Kraven the Hunter. Having said that, Alyosha points his rifle at Spidey and tells him that unlike his hapless father, he uses real bullets. He then pulls the trigger.

To be continued.