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.

In Spectacular Spider-Man #251, Spider-Man goes in search of the newly-returned Kraven the Hunter. On a rooftop, he is attacked by his loin-clothed enemy, who is riding none other than a bull elephant. After both combatants fall through the building's roof, Kraven gains the advantage on the webspinner after a brief struggle. Then, having just revealed his identity as the original Kraven's other son, the new Hunter fires his rifle squarely at his seemingly dazed quarry.

At the Parker residence in Forest Hills, Anna Watsontells Mary Jane that she's figured out Peter's secret. MJ wonders if her aunt has figured out that Peter (Parker) and Spider-Man are one and the same, or if she means something else. Before MJ can say anything, Anna blurts out that Peter is having an affair. MJ instantly bursts out laughing. Convinced that Peter is having an affair, Anna starts to point out Peter's frequent lateness and unexplained long absences. MJ reassures her aunt that Peter is not cheating on her and that she is reading too much into this. Despite this, Anna refuses to believe that she is wrong and she calls MJ naïve for believing otherwise. Leaving the kitchen, Anna tells MJ that she will eventually learn the hard way, like she did. Anna's last statement catches MJ's attention.

At the docks, the bearmobile is being towed out of the water (see previous issue for the details of what happened). Grizzly and Gibbon try to convince themselves that the whole thing is no big deal, until they see the three hundred dollar bill from the tow truck driver. Since they don't have any cash or credit card on them, the tow truck driver takes off with their car in tow; they'll be able to get it back once they pay the towing fee. As they whine about what just happened, an explosion is heard in the distance. Realizing that the explosion came from the bank and that they could potentially stop a robbery, and finally be the heroes they inspire to be, they race in that direction. As they get there, Grizzly is way out of breath and there is smoke everywhere, which doesn't help him catch his breath. As they both complain about the smoke, a female voice interrupts them. As they look up, they come face-to-face with the infamous White Rabbit and her gang of deadly bunnies? She threatens to kill them for interrupting her heist.

The sound of drums intensifies through the night. Spidey tries to resist the urge to fight but Calypso's enchantment is too powerful; neither can Alyosha. Pulling a knife out of a sheath on his belt, Alyosha tackles Spidey to the ground. Spidey quickly gets back on hits two feet and delivers a two-fisted punch on his enemy, causing him to lose his knife. Then, before Alyosha can retaliate, Spidey wraps him up in webbing. The drums telling him that morality is a lie, Spidey grabs hold of one of the tribesmen's spears and prepares to deliver the deathblow. It seems as if he is going to throw it at Alyosha when he suddenly turns toward Calypso and hurls the spear at her, and it plunges into her left shoulder. The drums instantly stop, causing both he and Kraven to regain control of their senses. Spidey helps Alyosha out of the webbing and the two move toward apprehending Calypso. On her order, the tribesmen protect their queen, allowing her to make her escape. Fortunately, Gulyadkin, Alyosha's pet lion, blocks her way by pinning her to the ground. The angry lion looks like he has every intention of eating her alive, until Alyosha steps in and instructs him to stand down. Alyosha then extends his hand out to the fallen Calypso and tells her that the time has come to put their differences aside. Calypso grabs hold of his hand and answers that he is right. Alyosha apologizes to Calypso for not coming to her first to learn the truth about his father, and about his heritage. Calypso asks why he want to Spider-Man instead of her. Alyosha surmises that he was jealous that his father loved her and shared his life with her and that, in essence, he gave her the very things he always denied him. Alyosha thus convinced himself that she was worthless, unnecessary. Alyosha admits that he was wrong and asks to be forgiven. Calypso replies that there is much she can tell him about his father but calls Spider-Man out as their enemy. Alyosha retorts that she is as wrong about him, as he was wrong about her. Spidey did not kill the original Kraven. The madness that is the legacy of the Kravinov family is what killed his father, and also destroyed his half-brother Vladimir. Calypso answers that she is willing to accept his interpretation of those events…for now. Spidey steps in and asks Alyosha if he is sure he can trust her. Shaking Spidey's hand, Alyosha responds that his father did, so why shouldn't he. He then turns around and walks away with Calypso and her tribesmen. Spidey has no other choice but to let them go, because Calypso did not really commit any kind of crime; neither has Alyosha.

At the Ravencroft Institute, Dr. Garrison shows the way around the facility to Dr. Mueller, introduced last issue as a collaborator of industrialist Norman Osborn. They arrive to an unmarked cell, which houses one of Dr. Mueller's patients. Dr. Garrison goes to turn the light on but Dr. Mueller stops him and explains that his patient prefers the dark. Having said that, he enters the cell. Inside the cell, a bald man sits on the floor. Dr. Mueller sits down next to him and introduces himself as Dr. Angst and it is revealed that he's an old acquaintance of his. Dr. Mueller points out to the man that, some time ago, he transformed him from a helpless victim into something far greater, but the man chose to run away before he could finish what he had started and got himself into terrible trouble. Now, however, Dr. Meuller – with the aid of his colleague, Norman Osborn – will finish what he started all those months ago. Having said that, he pulls a syringe out of his pocket, containing a greenish fluid. He then tells the man that he is going to make him more magnificent than he has ever dreamed. A majestic murderous force of nature, whose power will be respected. But first, he has a job for him – an insect to be exterminated (one can assume that he is referring to Spider-Man).

Speaking of Spider-Man, he arrives home to find Mary Jane lying in bed, sleeping. She awakens and asks how his day was. He explains what happened, tells her to go back to bed and heads downstairs to grab something to eat. Grabbing leftovers out of the fridge, he sits at the kitchen table. Just then, Aunt Anna appears in the kitchen and coldly tells Peter that she wants to talk to him. Peter is fine with that but before he can say anything else, Anna throws his food off the table and starts yelling at him for being like every other men – with no principles or morals. Confused, Peter asks what she is talking about and why she is so upset. Irate, Anna calls Peter a liar and a cheater who sneaks around and who believes that the people around him are too dumb to figure out what he is doing. She adds that MJ may be in denial but she isn't. Puzzled, Peter asks what she means by that. Just then, MJ enters the kitchen and tells Peter that Anna believes he is having an affair. Grabbing his head with both his hands, Peter comments that Anna has to stop watching soap operas. Turning to MJ, Anna continues claiming that Peter is a liar and that she doesn't want her to be hurt any more than she already has. MJ replies that she hasn't been hurt because Peter hasn't done anything. Anna yells at MJ to stop denying the truth. Furious, MJ rhetorically asks Anna if she wants to know the truth and if she can handle it. Realizing what MJ is about to do, Peter tries to stop her. But, before he can say anything, MJ blurts out the reason for Peter's frequent lateness and unexplained absences: "Peter Parker...is Spider-Man!".

The Kravinov Mansion. Inside the century-old estate that Kraven the Hunter so loved, lies the bloody bodies of Calypso's tribesmen. Bloody lion paw prints cover the many floors; leading up the stair to the main room, where Calypso seemingly lies dead at the feet of Alyosha Kravinov and his pet lion Gulyadkin.

The end...for now.