The book starts with a quick recap of events so far. On Christmas Eve 1973, Daredevil has knocked out Beetle who was trying to steal some money printing plates. Suddenly there's a explosion of gas that temporarily disorients Daredevil while a group calling themselves Black Spectre steals the plates. When the smoke clears, soldiers accuse Daredevil of being in cahoots with Beetle and stealing the plates.
Beetle comes to and attacks the soldiers and DD. Daredevil and Beetle battle to a nearby rooftop where Beetle loosens a chunk or roofing and sends it plummeting down towards a young couple walking along the sidewalk. Daredevil swings down to save them and though he's successful, Beetle gets away.
Fast forward two month later, Matt is discussing Black Spectre's recent activities with Foggy Nelson. Foggy describes photos from recent Black Spectre crime scenes (instigating a race riot at the statue of liberty, placing a swastika on the top of the Washington Monument, draping Independence Hall in black and adding Adolph Hitler to Mount Rushmore) and notice that there's a strange airship in each of the photos. They are interrupted by a nurse who tells them that someone's throwing money off the rooftops down on Wall Street. On his way to Wall Street, Matt bumps into Candice Nelson who invites him out on a date.
We're then treated to a great two page splash panel showing Matt dressing as Daredevil while we're given a great breakdown of the inner workings of his billy club.
We cut to Black Widow in San Francisco. She's pining for DD but she tries her best to put him out of her mind. As she swings across the city, he line snaps and she starts to fall. She luckily grabs a nearby ledge, but her hand is stepped on immediately by none other than Nekra. Nekra asks BW to join Black Spectre. Widow refuses and she throws her all against Nekra, but Nekra knocks her out and carries her away.
On Wall Street, Matt is swinging to the scene of the chaos. He sees Black Spectre throwing cash off the rooftops and notices that they are filming the chaos. He grabs a dollar bill to examine it and then daydreams about Candice. He quickly forgets about her and drops in on Black Spectre. As he fights them they prattle on about him joining them and he starts think that there's something odd about these Black Spectre Soldiers. He's about to reveal his thoughts when Beetle shows up to pay Black Spectre back for knocking him out months ago. Daredevil and Beetle fight side by side until Daredevil mentions that they are fighting side by side and Beetle knocks him out.
When Daredevil comes to, Police Commissioner O'Hara is standing over him. Cut to later, Commissioner O'Hara, Foggy and Matt are looking over the blown up photos pondering the blimp and wondering who's behind Black Spectre, when they are interrupted by someone who knows...Shanna The She-Devil!
Continued in Marvel Two-In-One #3 - Thing & DD track down the blimp and then in DD #110