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At the start of this issue, Spider-Man is hurrying to the hospital, where Aunt May is about to be transferred to a nursing home. After reaching the hospital before Aunt May is transferred, Peter manages to wish her good luck before she's taken away. After Aunt May leaves, a doctor comes up to Peter, and tells him that now he has no obligations to visit Aunt May, and should be happy. In anger, Peter almost attacks the man, but stops himself before he does any damage. He then goes and changes to Spider-Man so that he can work off his anger.

Meanwhile, J. Jonah Jameson is looking for news of his son, who was kidnapped last issue. Although it seems that he has no leads, Robbie tells him that word on the street is that the person who kidnapped John also wants revenge on Spider-Man. Jonah dismisses this, thinking as usual that Spider-Man has something to do with this, and leaves. He visits Marla Madison, and admits to her that he's worried about John.

Meanwhile, Spider-Man has been swinging around the city for a while now, and finds a man robbing a sporting goods store. With the help of the police he manages to stop the man, although he notices that the man almost kills the owner of the shop. He then leaves the shop, feeling sorry for himself.

In a desperate measure to find his son, J. Jonah Jameson puts an announcement on the television, offering a one million dollar reward for the return of his son, or information. A man watches this in a laboratory of some sort, whilst a mysterious bandaged form by his side watches. The man says about how much he hates J. Jonah Jameson, and then injects a radioactive trace into the bandaged figure's arm. The man then tells the bandaged figure to go after J. Jonah Jameson and Spider-Man, and to kill them both.

After Peter gets a visit to his apartment from Betty Brant, who tries to convince him that they should restart their relationship from years ago, Peter changes to Spider-Man, and goes web swinging. By complete coincidence, he passes the Daily Bugle just in time to see the bandaged figure burst in and try to capture J. Jonah Jameson. Spider-Man goes in to fight the bandaged figure, but no matter what he tries, he can't hurt him. As the fight goes on, Spider-Man rips the bandages off the figure's face, so that the can see what he's fighting. He's so shocked by who it is the the figure gets the opportunity to smash Spider-Man into a wall and knock him out. The figure then returns to J.Jonah Jameson's office and captures him, revealing to the reader that the figure is the Man-Wolf!

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