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At the start of this issue, Spider-Man is swinging around in the rain. Due to the rain, he falls and badly damages his arm. Through the rain, he thinks he sees the Vulture, but knows it's impossible since Blackie Drago (the second Vulture) is in prison and the original Vulture is dead.... or is he?
It turns out that the original Vulture is alive after all. He breaks into a museum and steals a copy of his wings, which had been taken from Blackie Drago after he was defeated by Spider-Man. The Vulture then goes and breaks into the prison where Blackie is being held, and gives him the wings so that he can break out. Blackie and the Vulture fly away from the prison, and Vulture explains how he survived when he seemingly died.
The day that Vulture told Blackie where his wings were, it seemed that he would die. But his will to live gave him the strength to overpower a guard and start a fire, thus allowing him to escape. Once he was out of the prison, he had enough time to nurse himself back to strength and build a new set of wings.
With his story complete, Vulture then explains that he has broken Blackie out of prison so that he can show the world that he is the real Vulture, not a weak imitator. With that, he attacks Blackie.
Down in the street, Peter Parker is walking by, when he hears passerbys say something about men with wings fighting. Looking up, he sees the two Vultures fighting and runs into the Daily Bugle, which is nearby. J. Jonah Jameson makes him run outside and take pictures of the Vultures, since there's no staff photographers nearby.
During the Vulture's fight, the original Vulture manages to smash Blackie into a balcony, breaking the balcony. A kid who was on the balcony is about to fall to his death, but luckily Peter Parker changes to Spider-Man and save the kid. Whilst he's saving him, the original Vulture manages to beat Blackie, who says "I'm through! I'll never put these wings on again!". Vulture then turns to Spider-Man, ready to defeat him too.