At City Hall, one of the employees races to the mayor's office to see if he's seen the White Rabbit's ransom message. As he walks into the office, he is stunned to find the mayor rolling on the ground, roaring in laughter. It is obvious by his demeanour that they are not considering paying the ransom.
Across town, Peter Parker and Mary Jane are out on a stroll, discussing the new secret identities they have created for Spider-Man. For one of the identities, they are getting help from Hobie Brown, a.k.a. the Prowler (as seen in Sensational Spider-Man Volume 1 #27). Another persona they created was by using Peter's costume upon returning from the Negative Zone (as seen in Peter Parker Spider-Man Volume 1 #91). MJ thinks it is a great idea to have these different identities, especially since there is a bounty on Spider-Man's head. Peter couldn't agree more and is thankful to MJ for having thought about the whole thing. He is glad to have her support in this matter as well as overall encouragement. MJ admits that she is not a fan of him nearly getting killed as Spider-Man but she knows why he has to do it and loves him for that. With that said, she shows Peter sketches she's been working on for a new costume and identity. She has also come up with a few ideas for names but Peter nicely shoots them all down, citing that they do not have enough pizzazz. As they try to come up with a new name, they hear people laughing nearby. Wondering what is going on, they head over there to investigate. The cause for laughter quickly becomes apparent when Peter and MJ see on the news the White Rabbit's announcement about how she captured Gibbon and Grizzly and is demanding money for their safe return. Realizing that he is going to have to help them, Peter ditches MJ and heads to their rescue. He doesn't have his Spider-Man on underneath his clothing, however, so he's going to have to come up with some kind of disguise.
At the Daily Bugle, Norman Osborn is wallowing over the success of his recent campaign to damage Spider-Man's reputation, eventually forcing him into hiding. As he looks over the most recent edition of the Bugle newspaper, J. Jonah Jameson storms into his office, demanding to speak to him. Jameson is absolutely livid about a memo he received from Norman asking him to meet with the writer of Norman's memoirs to sing his praise. Remaining calm, despite Jameson's angry tirade, Norman explains that he simply wants to clear the Osborn name of the spurious image Ben Urich's libellous book created in the public consciousness. He hopes these memoirs will tell his side of the story, in passionate detail, and clear his family's sullied name, once and for all. All he is asking of Jonah is for him to share a few memories of his warmth and generosity. On the verge of a cardiac arrest, Jonah replies that Norman has the warmth and generosity of a snake. Unfazed, Norman tells Jonah that he doesn't have to do anything if he does not want to. Having said that, Norman shows Jonah the book of poem he has been reading lately. It happens to be the same one Jonah's wife is reading. This is Norman's clever way of threatening Jonah to do as he is told. Admitting defeat, Jonah turns around and starts to walk out of Norman's office. Before leaving the office completely, Jonah not-so-subtly threatens to kill Norman if he hurts his wife. Having witnessed Jonah's exit from Norman's office, Flash Thompson enters his boss's office and asks Norman what was up with Jonah. Norman gives his own short version of the confrontation and goes on asking Flash what is next on the agenda. Flash gives Norman a rundown of the day's activities and reminds him that the car will be picking him up in twenty minutes. Norman rhetorically asks Flash if he really enjoy what he is doing. Flash comments that Norman gave him a second chance and he will never forget that. If it weren't for his AA meetings, he would stick with Norman night and day. Norman replies that there is no need to go that far and suggests that Flash continue on his path: "Make yourself proud m'boy...and make me proud too!".
At the White Rabbit's secret lair, which looks like a page out of the book "Alice in Wonderland", Gibbon and Grizzly are trying to break free from the chains holding them upside down; but to no avail. The White Rabbit, followed by her posse, suddenly returns, gloating about her effectiveness at being a master criminal. The Mad-Hatter, inquisitive about his new colleague, asks how she started in the business. The White Rabbit explains that she used to be married to a multi-billionaire that could not provide the thrills and excitement she so craved, so she cleverly killed him and turned to a life of crime, only to have her plans constantly thwarted by Spider-Man. Dormouse points out that she was only defeated by Spider-Man twice in her so-called evil career, which he questions. Insulted by his statement, the White Rabbit kicks him and sends him flying into a nearby giant teacup. Just then, one of the White Rabbit's minions races into the room to tell his boss about the mayor's counter-offer of two dollars and fifty cents! Furious for being ridiculed by the mayor, the White Rabbit summons her men to follow her and get some kind of weapon called the "Flying Hare".
At the Parker home in Forest Hills, Queens, MJ is working away on the new costume for Spider-Man when her aunt, Anna Watson, walks into the room. Quickly tossing the costume out of view, MJ asks her aunt why she bears such a grim look on her face. Aunt Anna explains that she is still embarrassed about accusing Peter of being unfaithful (in Spectacular Spider-Man #253) and shockingly reveals that she too was once married and that it ended very badly. Realizing that her aunt's then husband must have cheated on her, MJ asks if that is the reason why her aunt went crazy about Peter, when she thought the same thing could happen to her. Anna makes the surprising revelation that it wasn't her husband that cheated on her; it was she that cheated on him!
Across town, a large bunny-shaped dirigible hovers above City Hall, driven by the White Rabbit and her henchmen. On the White Rabbit's command, carrot-shaped bombs are fired from the blimp, causing the crowd below to scatter. Speaking through a megaphone, the White Rabbit calls out to the mayor and informs him that her asking price has just gone up to five million dollars, which doesn't make much sense since she originally asked for a billion dollars. As the mayor ponders what to do, a shadowy figure is seen leaping from building to building, and then makes his way onboard the dirigible.
A few minutes later, the White Rabbit and her gang return to their secret lair, where she prepares to drop Grizzly and Gibbon down the hole where her genetically mutated killer bunnies are drooling in anticipation of their next meal. Just as the White Rabbit lets go of the lever that holds the dynamic duo in place, a man comes crashing through the skylight, wearing nothing but a pair of pants, boots and a paper bag covering his head. The man, whom the reader can deduce is none other than Peter Parker in disguise, commands the White Rabbit to release the prisoners and surrender. When asked who he is supposed to be, Peter replies that he is the "Bombastic Bag-Man". Before the White Rabbit can even process the absurdity of the whole thing, Peter lunges at her. The so-called "Mistress of Mayhem" ducks for cover while her henchmen open fire on Peter. As Peter takes his opponents out, one after the other, he recounts how he obtained his super-powers and became the "Bombastic Bag-Man". After knocking out the last of his adversary, Peter goes after Dormouse and the Mad-Hatter. Terrified, the two of them beg Peter not to hurt them, as they are simply out of work actors that were hired by the White Rabbit to serve as her partners-in-crime, because she couldn’t get any real super-villains to team-up with her. Just then, the White Rabbit reappears, standing atop a giant rabbit-shaped robot, armed to the teeth. Calling the Mad-Hatter and Dormouse "traitors" she unleashes a barrage of ammunitions at Peter "Bag-Man" Parker and her ex-colleagues. When the dust settles, the three of them are passed out, lying on the floor. The White Rabbit is about to attempt taking Peter's bag off his head when Grizzly and Gibbon reappear, unscathed from their fall inside the pit filled with killer-bunnies. Completely stunned, the White Rabbit asks how they managed to survive the deadly fall. Grizzly explains that Gibbon's natural affinity for the animal kingdom saved them; her killer bunnies were eating out of his hands in a matter of seconds and gnawed through their bonds afterwards. Before the White Rabbit can say anything, Grizzly whacks her umbrella-gun out of her hands and prepares to smack her more. Gibbon stops his ally, telling him that action figures will never be made of them if they hit a woman. Grizzly replies that because they are the nineties, they would be called sexist if they didn't smack her around. With that said, he punches her and sends her flying into a wall, rendering her unconscious. The dynamic pair then grabs hold of the bunny-robot and proceeds to destroy it. Just then, Peter reappears, pretending to have just regained consciousness when in fact he was awake the whole time, but pretended to be knocked out so Gibbon and Grizzly could take care of the White Rabbit. After a funny encounter between Peter, Gibbon and Grizzly, the trio parts ways. A newspaper later reveals that Gibbon and Grizzly have signed a deal with a toy company to produce action figures to their effigy.
Later at the Parker home in Forest Hills, Peter and MJ are having lunch on the bed, discussing the events of that day. MJ tells Peter she finished working on his new costume and proceeds to have him wear it. The costume, yellow and silver in color, has built-in fake muscles and Peter must wear a fake nose and yellow make-up on his face to conceal his identity. The name of this third persona: Prodigy.
The end...for now.
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