|Cover Art:||Mike Zeck|
As the Hobgoblin reminds himself that battles with the Punisher are not in his game plan, and as Spider-Man thwarts another hit by the Punisher, the Kingpin's son Richard Fisk visits his ill mother. He is concerned about the deadly game he is playing, he tells her, but he feels it will all be worth it in the end.
Ned Leeds tells Robbie Robertson that his mysterious undercover assignments are about to pay off. He has discovered something big about the cold war activities of the early sixties, but refuses to divulge any thing more. "When I give this to you, it'll be bullet-proof!" Meanwhile, Hammerhead has plotted the assassination of the Arranger, currently running the Kingpin's gangs. The Rose and the Arranger meet to discuss the war, but are interrupted by an explosion outside. Unbeknownst to them, Spider-Man has just prevented the Punisher from blowing up the room they are in with a bazooka. Under cover of the confusion, the assassin pulls his gun, but is stopped by the combined forces of the Hobgoblin and Jack O'Lantern. As the two enforcers shake hands, the Rose proposes an alliance.
Outside, the battle is not going well for Spider-Man. He has the Punisher dead to rights when the Punisher releases a hidden gas bomb. Unable to react fast enough, Spider-Man passes out. Dragging himself away, the Punisher vows to continue the fight.