Our story opens with a quick recap of Amazing
Spider-Man #2, showcasing how Spidey used the anti-magnetic inverter he built
to stop the Vulture in their first encounter. While Spider-Man thought that
that was the end of the Vulture, we see that he has been spending his months
since in prison, secretly building a new flying device. While not as strong as
his usual device, it’s enough for him to get over the wall of the prison during
an exercise period and fly to freedom. We then cut to Midtown High, where Peter
Parker hears a radio report of the Vulture’s escape, and fakes a headache to
get out of volleyball, much to the derision of Flash Thompson. Back at home, he
switches to Spider-Man, making sure to check all of his equipment, thinking
that catching the Vulture will be a cinch, as he still has the anti-magnetic
inverter he used last time.
Meanwhile, the Vulture takes to the skies once again,
evading police helicopters and robbing a jewelry store, escaping with ease due
to his wings. Spider-Man finally catches up to him and lets the Vulture get
close so as to use the inverter he built. The Vulture pretends to fall, but
little does Spider-Man know that the Vulture’s new modified wings are immune to
the inverter that defeated him before. The Vulture swoops around and although
Spidey’s spider-sense warns him, he thinks there can’t possibly be any danger,
leaving the Vulture to be able to sucker punch him. The Vulture then
capitalizes on the opportunity, while Spider-Man is temporarily stunned, to lay
into him, unleashing a savage barrage of attacks, knocking Spider-Man toward
the ground. Still stunned, Spider-Man attempts to snag his web on a building
but misses, landing hard on a rooftop, defeated.
The Vulture revels in his apparent vanquishing of his
foe as the public mourns in shock. Spider-Man, however, is still alive, though
his arm is seriously injured. He makes his way home but almost gets caught by
Aunt May and is forced to hide on the ceiling to avoid her. That night, Aunt
May takes him to a Doctor, who tells Peter that his arm is only badly sprained
and that he shouldn’t use it for a while. The next day, Peter’s current state
earns him some teasing from Flash and Liz Allan. We then cut to the Vulture,
planning his next heist, deciding to hit J. Jonah Jameson’s office at the Daily
Bugle, in order to steal the pay envelopes that will be there.
Peter stops by the Bugle to try and sell
J. Jonah Jameson a photo of the Vulture he took, when suddenly the real thing flies in
through the window! The Vulture pulls a gun and demands that Jameson pony up
the money in his safe. Jameson argues back against the Vulture, saying it would
ruin him, which gives Peter the chance to slip out of the room and change into
Spider-Man. Spidey jumps back into the room and webs up the Vulture’s gun, who
then hightails it out of the room, leaving Spider-Man to give chase.
Betty Brant takes refuge behind her desk as Spider-Man chases the Vulture down the
stairs, until they end up in the press room. There, Spider-Man is able to take
the Vulture by surprise and jump on his back, leading the Vulture to fly up and
hit Spider-Man against the ceiling to knock him loose.
The Vulture takes the opportunity to fly out of the
window and Spider-Man jumps out after him. Spidey’s spider-sense warns him that
the Vulture is waiting to trap him but lets himself get grabbed by the Vulture,
who then flies the both of them high into the air. While the Vulture stops to
gloat over his apparent victory, Spidey webs his wings to his sides, causing
them to fall and for Vulture to panic. Spidey spins a web parachute and
attaches it to the Vulture, to send him down to the ground in style. Jameson
then yells out the window that he’s holding Spider-Man responsible for all the
damage done to the Bugle, prompting Spidey to web his mouth closed. The issue
ends with Peter finding Betty still behind her desk and the two share a nice
moment as Jameson runs around with his mouth all webbed up.