Last we saw our hero from 2099, he faced the much anticipated return of Thor...only to be greatly disappointed and tossed into Downtown by his mighty hammer. The story continues in other 2099 comics under the banner "The Fall of the Hammer".
Miguel is upside-down, tied up, and surrounded by angry Fenris gang members. He thinks to himself how much he hates his mother.
The story rewinds to the end of the "Fall of the Hammer" storyline, where Spider-Man, Ravage, Doom, and the Punisher take their leave of the floating city of Valhalla after defeating the Aesir. Doom notes that the city's engines will fail in four hours since there's nobody to maintain their jury-rigged repairs. As Spidey and Punisher depart on a hovercycle, they realize Doom lied to them. Doom took control of the city. Punisher insists on going back to fight Doom, but Spidey's more pragmatic, realizing that it would be a hopeless fight. Punisher considers Spidey a coward for calling it quits.
Dropped off in Downtown, Spidey sees a crowd gathered. In the absence of Thor to provide the downtrodden with leadership, Bloodsword the idiot, wielding Thor's hammer, preaches to the crowd of his ascension to assume Thor's place among them. Worst of all, Miguel's mom is in the crowd! This looks like a job for Miguel O'Hara.
Back at Mig's apartment, Gabe is getting filled with Lyla's crullers. Dana comes to the door in shock, believing Miguel to have been killed by Thor. She should know the rule of comics - if you don't see the body, the boy ain't dead!
Bloodsword recounts to the masses how he was ordained to be the "standard bearer for the Aesir", as Thor's hammer fell from the sky and clobbered his lieutenant, Hogun, during a fight for leadership. Miguel reaches his mother, and tries to convince her to leave. Conchata screams for help, and Bloodsword summonds Miguel to the stage. Miguel tries to reason with Bloodsword, (now Bloodhammer), but is denied. He sentences Miguel for execution.
Miguel is hung upside-down and tied up (where the story first begins). He requests final prayers to Thor, begging for a sign from above to be spared. Clawing his way out of his bindings, Miguel drops to the floor proclaiming his prayers to be answered. Bloodhammer senses it was a trick. Miguel pulls the old "Look over there! It's Thor!" trick, and lands a right hook across Bloodhammer's jaw. "Bloodclot has fainted! Overcome by the majesty of what he has witnessed!", he says to the crowds. A fight breaks out giving room for Miguel to escape with his mother. In the car, Conchata begins to cry. Miguel assumes she's touched by her rescue. Rather, she's upset that she was taken for a fool. "I'm crazy, but I'm not stupid," she says.
Meanwhile, in Downtown, and old man once again has found the hammer of Thor, and walks away with it.