In Amazing Spider-Man #529, Tony Stark, a.k.a. Iron Man, gives Peter Parker the new costume he designed for him. The costume has mesh webbing that can allow Peter to glide for short distances, heat resistant Kevlar micro-fibre that can resist small-calibre bullets, built-in fire, police and emergency scanner, audio and visual amplification, including infrared and ultra-violet, carbon filters in the mouth area to keep toxins out, and a short-range GPS microwave communication system, all routed through a computerized control system in the titanium chest piece. Finally, the costume is red and golden yellow.

ACT 1: The wrestler known as El Muerto, which means "the death", has Spider-Man in a full nelson. In the stands, J. Jonah Jameson is cheering on El Muerto, while Flash Thompson, having recently emerged from a coma, is cheering on Spider-Man. Meanwhile at Avengers Tower, Mary Jane watches the same wrestling match on TV. Spidey manages to break free from El Muerto's grip by back flipping over him and throwing him to the mat. As soon as El Muerto hits the mat, he is back on his feet and he starts bouncing around Spidey from rope to rope. In the stands, Jameson is ecstatic.

ACT 2: Flashback to a few days earlier. A man and his buddy are holding Jameson and his son John hostage because one of them blames one of Jonah’s editorials for the death of his father by execution. A gun pointed at his head, and thinking that his son John is Spider-Man (see Marvel Knights Spider-Man #8 for further details), Jonah implores him "to do something". John begs the two men not to shoot them and offers money in exchange for their freedom. Jonah tells John that he was thinking something other than pleading and bribery. John answers that he honestly does not know what he is talking about. The man pointing his gun at Jonah's prepares to shoot him when El Muerto comes crashing through a window and quickly and easily takes down the two attackers. Jonah is impressed with him and asks to know his name and how he knew that they were in trouble. El Muerto introduces himself to Jonah and explains that he has been watching him for some days to try and figure out the best way to approach him, as he needs to ask him a favour. Jonah asks what the favour is and El Muerto explains that he needs to humiliate Spider-Man and defeat him, because his life depends on it.

ACT 3: Back in the present, the wresting match rages on between Spider-Man and El Muerto. In the stands, Jameson is annoyed with Spidey's amazing resilience. Robbie Robertson, who is sitting next to him, asks Jonah why his behaviour towards Spider-Man has changed so much, because for a while, Spider-Man could do no wrong, but lately he has been back to hating him, even going as far as setting up the aforementioned wrestling match – as a charity event – in hopes of humiliating Spider-Man. Jonah explains the whole thing about him believing that Spider-Man was his son John and blames Peter Parker for talking him into it. A few seats over, Flash Thompson continues to cheer Spider-Man on.

ACT 4: Flashback to a few days earlier at Midtown High School. Peter Parker intervenes between two teens caught in a scuffle. One of them is a jock, while the other is a geek. Peter asks the jock why he shoved the geek into a locker and the jock replies that he was in his way. He then explains that his coach has told him to get into a "good headspace" and to not let anybody get between him and where he wants to go. Peter comments that it does not mean he can manhandle whomever he wants and tells the jock that he is going to make his coach explain that to him. On cue, the coach, none other than Flash Thompson, arrives on the scene. Peter is completely taken aback, as he thought Flash was still in a coma, and asks him what he is doing there. Flash explains that he is the new gym coach and that if he wants to talk tough to a kid, it better not be one of his because the two of them are going to have a problem. Flash then tells Peter that if he does not like it, then he is welcome to do something about it.

ACT 5: Minutes later, Flash and Peter are in the principal's office, arguing their case. Peter tries to convince the principal that Flash has brain damage and that he does not even remember that the two of them were friends, good friends. Flash refuses to believe that he and Peter were friends so, for some unknown reasons, Peter tosses a picture he took out of his wallet at Flash. The latter grabs the picture and asks who the "babe" is. Peter replies that the "babe" is his wife, Mary Jane. Flash assumes that Peter is joking and sarcastically asks Peter if he is Spider-Man too.

ACT 6: A short time later, Peter catches up to Flash in the school halls and explains to Flash that the students are not divided amongst teachers and tells him that he would really like it if he could remember that they were friends. Flash offers a sarcastic reply, to which Peter comments that, though years of his memories have been wiped out, his worship of Spider-Man appears to still be intact. Flash replies that Spider-Man is the man, which is how he knows that Spidey will agree to take on the Mexican wrestler nobody has ever head of, with Jonah putting up a million buck prize for charity. Peter asks Flash if he thinks Spider-Man will agree to that. Flash replies that, for a million bucks for charity and a chance to make Jameson look like a chump, Spider-Man will do it, not that he – Peter – would understand that. With that said, Flash leaves.

ACT 7: The wrestling match goes on, with El Muerto getting the upper hand on Spidey by trapping him in a chokehold.

ACT 8: Flashback to several years ago. Marcus Estrada de la Garcia has to surrender his El Muerto mask or his son's life. A shrouded man, called the Gilded One, tells Marcus that the time has come for him to fight to keep the mask of El Muerto and the powers it entails, or rather, his son, Juan-Carlos, must do so. Marcus replies that his son is indeed ready, as he has trained him his whole life for that moment. Having said that, he pushes his son towards the Gilded One. The Gilded One tells Marcus that his nose must be clogged, because his son smells the stink of fear. Juan-Carlos argues that the Gilded One is wrong. The Gilded One replies that he is right and that he wants him to try and defeat him, to show him his moves. Juan-Carlos pulls back, not wanting to fight him, and falls to the ground. He tells the Gilded One that he never wanted to be part of this and begs his father to let him out of the whole thing. Marcus tells his son to stop because he's humiliating him. He adds that it is the price of the power of El Muerto, which is something he's always known. Juan-Carlos replies that he's spent his whole life scared to death because of it. The Gilded One speaks up and tells Marcus that his son has failed and that, as such, the life of his son has been forfeited. Not wanting his son to die, Marcus lunges at the Gilded One, but to no avail. The Gilded One quickly rips off his head and hands the El Muerto mask to Juan-Carlos, telling him what will have to happen now. The Gilded One explains that he is giving him ten years to train, to travel and to find his bravery, if such is possible. At the end of that time, Juan-Carlos will have to find a masked hero and humiliate him and unmask him publicly. If Juan-Carlos does so, the scales will be balanced, and his cowardice expunged; if he fails, his life will be forfeit.

ACT 9: Flashback to a few days after Jameson challenges Spider-Man to take on El Muerto. Peter is still in the process of considering the challenge issued by Jameson. Mary Jane and Aunt May show their support and help him make up his mind. After Peter and MJ leave the kitchen, Jarvis, the Avenger's butler, invites Aunt May to a function. She gladly accepts.

ACT 10: Wolverine and Mary Jane are watching the wrestling match live on TV. MJ asks him if he knows why El Muerto said that the match would be "mascara contra mascara" at the beginning of it. Wolverine explains that it means "mask against mask", which signifies that the loser of the match is unmasked and his identity revealed. MJ replies that it doesn't matter because Peter can take El Muerto and would never have agreed to it, if he weren’t positive. She adds that she is not worried at all.

ACT 11: Spider-Man briefly gets the upper hand on his opponent, but El Muerto suddenly gets a surge of energy and he tackles him to the ground. Spidey struggles to push him off of him. In his fury, El Muerto reveals that he intends to unmask him. As Spidey's body suddenly reacts instinctively to El Muerto's threat, a stinger pops out of one of his wrists and impales El Muerto in the leg. In the stands, Jameson screams that Spider-Man cheated and that he has a knife in his sleeve. Starting to feel numb, El Muerto apologizes to his father for failing him and he falls to the mat. The Gilded One watches on from the rafters and mentions that "Alas, poor Juan-Carlos, the time has come to collect his mask, and his life".

To be continued.