A new costumed being known as the Jackal has appeared and has hired the Punisher -- a costumed vigilante that loves death -- to destroy Spider-Man. The wall-crawler, is meanwhile web-slinging through the city, he stops to take some pictures of a robbery and busts it up as well. He takes the photos to the Bugle, where Jameson has a fit that Parker has not been able to get any photos of the Punisher, and that all the competition is snapping up photos of him in action.
Peter leaves and changes back to Spider-Man, and soon finds himself attacked by the Punisher, who thinks that Spider-Man is a common crook just like everyone else he kills. The vigilante doesn't have much of an upper hand against Spider-Man, and the Jackal (hiding near the battle) decides to strike out. When his claws rake the back of Spider-Man's head, the Punisher calls the Jackal on his "unjust" methods of killing Spider-Man. The wall-crawler manages to get away when he stumbles off the edge of the building they are fighting on, gain control, and swing away. When the Jackal and Punisher depart, Spider-Man returns to the scene and collects on the Punisher's weapons that was left behind and sees that it was made by Reiss Armories.
As Spider-Man returns to his apartment, as Peter Parker he mends his costume, unaware that Harry Osborn is listening and suspecting that Peter may know that he's decided to become the Green Goblin. While at ESU, Miles Warren has sought out Mary Jane to see if she can pass along an apology to Peter over their brief run-in while he was trying to get help for her when the Vulture had captured her. And at the secret hide out of the Jackal, the Punisher lashes out at the Jackal over their methods of elimination. The Punisher leaves to go the Mechanic, his gun supplier to resupply.
This brings him to the Reiss Armories, where he finds Spider-Man who just stumbled upon the Mechanic's dead body. Thinking that the wall crawler had killed the Mechanic, the Punisher attacks him. During their fight, Spider-Man manages to get the upper hand and bind the Punisher. He then makes the vigilante see that the Jackal's trademark clawings were the cause of the Mechanics death. Realizing that the Jackal had been manipulating the Punisher to do his dirty work and then intended to frame the Punisher for murder. The Punisher vows to get revenge against the Jackal and storms out. When Spider-Man hears police sirens he leaves as well. The Jackal, watching on vows that he will eventually destroy Spider-Man.