We begin with the Vulturians regoruping from their battering in issue one. They want to have another pop at Spidey and have an all-new secret weapon... poisonous blow darts!
A week later and Pete stops off to buy a hat for Aunt May's birthday. After dropping in at the Bugle, JJJ (who recently stepped down as editor) is bad- mouthing Spider-Man again and says he has new plans over what to do now he's no longer editor. He tells Pete he's going to need some Spidey pics.
While there, a report comes in about the Vulturians robbing a bank and Pete rushes off. They have heard that Kingpin is looking for a new assassin and so plan to kill Spidey in front of the Kingpin's building.
Spidey battles them ... whilst also trying to keep hold of Aunt May's hat! Our hero defeats the gang relatively easily but while doing so, the Vulturians' noise disturbs Kingpin's wife Vanessa (who is very ill).
The Kingpin isn't too happy at this and is quite happy to watch Spider-Man win.
Spidey has dropped the hat but as a sign of gratitude, Kingpin gets a helicopter to retrieve it and dangles it back for Spidey to get. There is a note attached from the Kingpin saying they are equal again.