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After Pete and Betty have departed Ned's funeral, Richard Fisk (Alfredo Morelli in disguise, aka Rose) is laying flowers at the grave. For those who don't know, Rose was employing The Hobgoblin (Ned) at the time so they are connected. Lance Bannon and Joy Mercado are there also. Fisk doesn't want to talk to the reporters and races off in his car. While there, he tells his girlfriend, Dina, what happened between Rose and Hobgoblin.
Elsewhere and there's a fiery conversation between Roderick Kingsley and police captain Keating. Kingsley thinks he might go to jail and says that if he does, he will take Keating down with him. Keating knew Ned was the Hobgoblin all along and set Flash up. Apparently Ned was an informant. Suddenly, two of the Rose's associates burst in and shoot Kingsley. Keating escapes through a window.
Back with the Rose and he finds two of his associates dead. The Hobgoblin (a different one) has murdered them and leaves a bomb that Rose narrowly avoids. Fisk vows to stop being the Rose (this scene is also in ASM 289).
Down on the docks and Pete is quite unhappy. He blames himself for Ned's death and wants to give up being Spidey. Wolverine shows up though. Some thief tries to steal his wallet and ... I think you can guess how Wolverine reacts.
After a pep-talk from Wolfie, Pete decides to go into action as Spidey and he and Wolverine take out the gang. Spidey then gets his message to go meet the Kingpin (this happens in ASM289).
Meanwhile, while all this is going on, Alfredo - the Fisk jr's best friend - is being hunted by the new Hobgoblin. His car plunges into the sea but Spidey pulls him free. The Rose, thinking all his friends are now dead, rushes off in a panic.