We open with the return of the Two in One news show, which basically talks about how it's 36 hours before the mayoral election, and that J. Jonah Jameson will be on as a special guest.
The scene then goes back to the Statue of Liberty right after Harry proposed to Lily. Lily tells Harry that she needs time to think about it because they've only been going out for a few months and with Harry's "history" she wants to be sure. Harry, at first, doesn't take it well, and angrily grabs her arm then retreats once he realizes he lost his temper. Lily finally gets a phone call from her dad about the poll results, in which we learn Hollister and Crowne are in a dead heat. Lily leaves Harry, and we see a shot of his shadow shaped like the Green Goblin (oooh, foreshadowing)
After the recap page, we return to Carlie holding the bag of spider-tracers when Vin returns to the apartment. Both Carlie and Vin ask what each of them are doing in the apartment, when Vin's partner, Al, arrives, telling Vin that Menace is attacking a Hollister campaign rally (Dang it! I was so hoping Menace would be Carlie). Peter, still hiding in the bathroom, overhears this and, even though he still hasn't fully recovered from his bullet wound and his arm is in a sling, suits up to fight Menace.
Meanwhile, Vin and his partner are leaving to go the rally when Carlie stops them by showing them the bag of spider tracers and demands to know from Vin what is going on (Oh well done, Miss "I'm a super smart forensic scientist but don't have any common sense whatsoever." Confront the guy you think is a crazy serial killer directly why don't you?). Vin tells her that Carlie really doesn't think he is the Spider Tracer Killer, otherwise she wouldn't be talking to him in the tone she's taking (funny, Carlie never mentioned anything about the Spider-Tracer Killer. Hmmm...)
We then cut to Spidey arriving at the Hollister campaign rally where Menace is throwing his bombs around and causing all kinds of chaos. This is briefly interrupted by Jameson on the Two in One news show, going on another anti-Spider-Man tirade, saying that the tracers are definitive proof Spider-Man is the Spider-Tracer Killer. One of the commentators points out the obvious that the tracers could be counterfeits, that just as she could go down to Tribeca and get a watch that says "Rolex" doesn't mean it's an actual Rolex. Jameson dismisses this as "liberal media-biased claptrap" (So, Jonah is basically Bill O'Reilly now?

)
Anyway, at the rally, Spidey quips that he would have thought Menace was a Hollister supporter (oh how ironic), and Menace says that he purposefully attacked the rally to lure Spidey out in the open to take out his frustrations on him. He repeated hits Spidey in his wounded shoulder and thus makes him fall into a building under renovation. As a result, the scaffolding is about to collapse, but Spidey's quick thinking and some webbing prevent it from falling on the Hollister supporters. However, Spidey passes out and falls with the scaffolding.
Cut back to Carlie demanding an explanation from Vin, who is trying to appeal for his partner to back him up. Al, however, pretty much confirms Carlie's suspicions that Vin is the Spider-Tracer Killer. Vin gets upset at Al, but doesn't deny the allegation, while Al tells Vin that he shouldn't have been so foolish to hide such incriminating evidence under his bed and that "we gave 'em to you to take care of." Carlie asks "What do you mean 'we?'" That's when Al tells Carlie that Vin isn't the only Spider-Tracer Killer. That's right my tinfoil hat wearing Spidey fans--The STK killings are part of larger conspiracy! And both Vin and his partner are in it up to their eyeballs. (Oh, and nice going, Carlie. Way to put yourself foolishly in danger yet again. Seriously, has Lois Lane taught you ANYTHING!

).
Meanwhile, Menace begins to beat Spidey up some more as he tries to recover, and Menace tells Spidey that since the police want him dead or alive, he's going to give him to the cops--dead, of course. Spidey tries to fight back by trying to web Menace's face, but misses, and gets pounded in his wounded shoulder again and is about to be choked to death (similar to what's on the cover). Fortunately, the cops show up just in time, and Menace then says that he's made a citizen's arrest and then takes off on his glider, laughing like a loon. Unfortunately, the cops are with a squad of capekillers, who then shackle Spidey to heavy duty restrains and read him his rights. (That's right folks--Spidey goes to jail, doesn't pass "Go," and doesn't collect $200 dollars!)
We then cut to Menace returning to...Hollister campaign headquarters (hmm, can you see where this is going?) and once inside, begins to wince in pain (so it seems Menace physically transforms into a "goblin," which explains why no one could remove his mask...because it WASN'T a mask.) Oh, and notice Menace's bag looks an awful lot like...(Oh, no. No. Surely that's just Romita Jr. pulling our leg, right? RIGHT?) Five minutes later, Harry shows up hoping Lily will accept his marriage proposal or that he can make her see realize that she wants to marry him where he finds...
[BLACKOUT]LILY HOLLISTER WEARING THE MENACE COSTUME!!!![/BLACKOUT]