After a recap of the end of FEAR ITSELF and a brief look at the Tanarus saga in the current issues of Thor, the narrator takes us away to a wasteland where stand Loki and the Disir. The vicious reavers demand that Loki keep his promise and set them free-which he does. As they prepare to take their vengeance against him, the Disir learn they are now in the service of Mephisto, and his minions drag them down to Hell just in time. As he watches them go, Loki feels sorry for them because he gets an undeserved second chance….
Young Loki then reports to the All-Mother and brings the news that the Disir are with Mephisto and he asks for pardon of Hela and her restoration to her domain in Asgard. The All-Mother grants this, and they chat briefly about Loki’s schooling and dismiss him. But as he turns to go, Freyja asks, quite casually, why he released Surtur from his imprisonment. Caught flat-footed, the trickster stammers out a fairly accurate account of his scheme to weaken the Serpent—but he will not betray who animated the Destroyer (reminder: it was Volstagg) even if it means being flayed alive. The All-Mother decides on leniency but reminds him the matters will have to be settled someday….
Loki then escorts Hela back to Asgard and assures the Goddess of Death that he will take care of Hela’s handmaiden Leah. Her new "home" turns out to be a cave near Broxton and she is quite distraught. Loki manages to evoke some sympathy in her for his plight—and he proclaims they will be BFFs—which utterly confuses her—and departs, laughing. (For those reading this in a future century—or a past one—, BFF is an abbreviation for "Best Friends Forever.")
In Hell, Mephisto prepares a warning for Loki etched into the skin of one of the Disir and torn off for delivery….
Hela arrives back in her Hel and proclaims the warrior Tyr her chief general, with a hint he may someday be her consort-king….
The All-Mother again interviews Loki and informs him that they need him to be their secret operative among the Aesir. When he assume that if he fails them, they will let slip who it was that set Surtur free, they are offended and he is dismissed….
Surtur returns to his realm, lays aside his sword and takes up his position at this forge once more….