Peter is frustrated by Spider-Man’s unfair treatment in the press, particularly in connection to Norman Osborn’s death. Plus, Man-Wolf’s first appearance! Why is Man-Wolf targeting J. Jonah Jameson? And what are the mysterious forces behind his transformation?
At the start of this issue, Spider-Man reads a newspaper which reports that he might have killed Norman Osborn, but is curious as to why no one has found out that Norman was the Green Goblin yet. He then looks at the Daily Bugle's version of the story whilst thinking of how J. Jonah Jameson is accusing him for killing Norman Osborn when there isn't any evidence.
Meanwhile, at the Daily Bugle, J. Jonah Jameson tells Robbie that the reason he's blaming Spider-Man for the death of Norman Osborn is because he can't hire anyone to capture Spider-Man (as he tried with Luke Cage in the last issue), and so his newspaper is the only other way to get Spider-Man captured. At this point J. Jonah Jameson's son, John Jameson comes in, ready to take Jonah to dinner to meet his fiancee. As Jonah and John leave, Jonah notes that John looks sick, to which John replies that he's been under a strain recently.
Spider-Man stops his web-swinging, then heads home and changes to Peter Parker. He then heads to Empire State University, since he hasn't been to class for a while, but can't concentrate when Gwen Stacy died so recently. Mary Jane tries to talk to Peter, but he refuses to listen. As Flash Thompson comes over, Peter tells them both to leave him alone, and walks off on them.
Later that night, a man bursts out of his apartment into the rain, panicking because his special outfit isn't working like it's supposed to. A moment later, he turns into a Man-Wolf creature, which his outfit was supposed to stop. The Man-Wolf then runs around the city, looking for someone. After a lengthy search, the Man-Wolf leaps through the windows of the Daily Bugle, about to attack J. Jonah Jameson.
Back a few minutes ago, Peter Parker notices a copy of the Daily Bugle calling Spider-Man a menace. Since he's sick of how Jonah treats him, Peter changes to Spider-Man and goes to intimidate Jonah into leaving him alone. However, by the time he reaches the Daily Bugle, Spider-Man has cooled off a bit, and reaches it just as the Man-Wolf leaps through the window. Spider-Man then goes inside the Daily Bugle, and starts fighting the Man-Wolf, but has his chest slashed and is temporarily taken out of action. The Man-Wolf is then about to leave, but before it does, J. Jonah Jameson notices a gemstone around its neck, just like the one his son had on earlier that night. The Man-Wolf then leaps out the window and leaves.
Spider-Man regains consciousness shortly afterward, but J. Jonah Jameson refuses to let him go after the Man-Wolf, and that he'll report that Spider-Man attacked him should Spider-Man attack the Man-Wolf. Afterward, Spider-Man goes out and is sitting on a rooftop, when the Man-Wolf leaps at him from behind.