The team is originally put together by Daredevil to kill the Kingpin. The originally consisted of Daredevil, Moon Knight, Dr. Strange, Spider-Man, Iron Fist, and Shang-Chi.
Someone known as Shang-Chi pretends to be interested in a job as the bodyguard/assassin of Wilson Fisk, the "Kingpin of Crime". He fails and narrowly escapes form his "interview" for the job. But just as he gets to a safe location, he is confronted by one of the Kingpin's greatest enemies, Daredevil. Daredevil informs Shang-Chi of a team he is putting together for a strike on the Kingpin.
After Shang-Chi, Daredevil tries to recruit Spider-Man, but Daredevil is turned down. In case Spider-Man decides to change his mind though, He is told to go to the rooftop across from the street from St. Patrick's Cathedral at eight o'clock that night.
When Spider-Man arrives, everyone is already there discussing what will be done. But when Spider-Man realizes that they really are going to kill him, he tells Daredevil that he will run to Nick Furry and tell him what they plan to do. So they revise their plan.
Moon Knight will create a new identity for himself, and set up an interview for position of the Kingpin's bodyguard. He will get close enough to find all of the dirt on him, then the Knights will turn the information over to the authorities, but they may have only said this because Spider-Man was present.
After the first meeting of the Ultimate Knights, Iron Fist arranges an audience with the Kingpin, he tells him the entire story that transpired in the above text. The Kingpin replies, "If this is true......... then you have certainly earned my friendship.