OK. I will do my best.
It starts in the office of the Daily Bugle with Jameson holding up a picture of Spider-Man beating up a guy and it looks like he also beats up an elderly woman. We then get the full story from Ben Urich that reads from the police report. The woman had shoplifted a pair of sneakers from a store and get cought when she walks out on the streets. She screams that she is pregnant and a big guy shows up to help the woman from the store employee. From nowhere a blond young guy appears and "suggests" that he get his hand off the man. A fight between the big man and the youngster starts, in which the man gets his ass kicked with a few simple moves. When he still don't give up the young guy powers up his right hand (his hand looks like its on flames) and the guy gets scared thinking he is a mutant.
Before the young Iron Fist (well duh) can do anything, Spider-Man swings down knocking him out.
The next scene showing the cops rounding up the involved people and interigating the young Iron Fist and we get to know his name is Danny Rand.
The rest of the issue takes place in the Daily Bugle office Jameson and the rest of the staff is discussing if they should run the story to discriminate Spider-Man or not (the only one that argues in Spider-Mans favour is Ben Urich that has got an witness report from Spider-Man himself).
Everybody leaves Jamesons office and he locks at the picture and smiles. The end words comes from Jameson "Run it. It's good art."
The last pages showes sketches from Mark Bagley including Green Goblin, Gwen Stacy, Spider-Man, Electro, Kingpin in a real super villain outfit
, some woman (can be Elektra or Black Cat), another woman in a black dress, Rhino (616 version), Kraven and on the last page some sketches of Peter and (stand alone) MJ in a tiny swimsuit with the text "Man, M.J. is like 15. I'm such a perv".