Synopsis
This issue is mostly flashbacks concerning the Hood and his organisation.
It begins with the criminal called Jigsaw trying to persuade a night watchman to open a safe, until he's stopped by Tigra. But policemen who interrupt the scene don't recognise her as a member of the Initiative, and in the confusion Jigsaw gets away. When he gets home he finds an invitation to a meeting.
The meeting has been called by the Hood, and it's attended by lots of super-criminals. He proposes that they get organised as a criminal group. Now is the best time ever for it. Wilson Fisk is gone, so there's a vacuum to be filled. Captain America and Nick Fury are gone, and the remaining heroes are split - some are fugitives while the rest have to wait for Iron Man's go-ahead before they can take any action.
Hood is going to lead the gang. They can still pull jobs individually or as smaller groups but he should be notified 1st to avoid clashes. And if they have problems then others in the gang can help solve them. He'll also resolve any disputes between them.
When asked why he should be the boss, he 1st of all gives them 25 grand each as a sweetener. They can take the money and never come back, but he promises them much more. He says he'll keep the heroes off their backs by threatening their families, and killing them if necessary. He chooses Jigsaw's recent problem with Tigra as an example.
Greer Nelson returns home angry to discover that she's been assigned to the Arkansas Initiative team - she wanted to stay in New York. But she also discovers that Hood has used his invisibility cloak to get inside her apartment. He beats her up and shoots her in the leg. Then he phones Greer's mother, and tells Tigra he'll kill her unless she stops harassing his men. He beats her up some more, and Jigsaw films it all. Then the 2 go back to the meeting and show the film. Everyone now wants to join Hood's gang.
Hood introduces them to John King who will be their point of contact with him. During the ensuing celebration Chemistro approaches John and tells him about an auction to be held by the Owl. Owl declined his invitation to this meeting, and Hood decides to make an example of him.
In between this section and the next is Hood and John King's appearance in #33-34 where they break up Owl's auction of a Deathlok cyborg and shoot him. Then Wolverine overheard them planning to use Deathlok to attack Avengers Tower, and Hood and Wolvie fought.
Now we've reached the present, where Hood presents Deathlok to his gang (which now includes some of the attendees at Owl's auction). They figure Wolverine will tip off the (Mighty) Avengers, so instead they rob a bank. While Deathlok deals with the guards the Wrecking Crew (Bulldozer, Piledriver and Thunderball and their leader Wrecker) make off with the loot. They lose the cyborg but it's a large haul.
Back at their hideout Hood divvies up the money, with a bonus to Chemistro for leading them to Deathlok. Then on TV they see Iron Man and some of the Mighty Avengers fighting symbiotes, among them some of the New Avengers (MAv#8 and next issue). Hood sees this as an opportunity for them.