Appearing in "Threat Level: Red - Part 2: The Favor"
- Spider-Man (Peter Parker) (Main story and flashback)
- Several Fire-Wasps of the Faltine (First appearance)
- Carnage (Norman Osborn) (Bonds with the Carnage Symbiote) (First appearance as Carnage)
- Carnage Symbiote
- Mr. Babcock (First appearance)
- Alchemax (Name only)
- Mysterio (Quentin Beck) (Referenced)
- Parker Industries (Mentioned)
- Uncle Ben Foundation (Mentioned) (Defunct)
- Ben Parker (Mentioned) (Deceased)
- Daily Bugle
- Rubylyn Bato
- Colin (Science Section's writer)
- Numerous unidentified others
- Doctor Strange (Stephen Strange) (Mentioned)
- Zelma Stanton
- Wong (Mentioned)
- S.H.I.E.L.D. (Mentioned)
- Humanitech Robotics Inc. (Mentioned)
- Loki (Drawing)
- Cher (Mentioned) (Topical Reference)
- The Jackal (Ben Reilly) (Only in recap)
- Mephisto (Only in recap)
- Odin (Invoked)
- Unnamed New Yorker (Only appearance; death and restoration)
Races and Species:
- Humans (Main story and flashback)
- Frost Giants
- Pigeons (Mentioned)
- Demons (Only in recap)
- Gods (Mentioned)
- Fire-Wasps of the Faltine (First appearance)
- Spider-Totems (Mentioned)
- Faltine (Mentioned)
- Trolls (Mentioned)
- Earth (Main story and flashback)
- United States of America (Main story and recap)
- New York (Main story and recap)
- New York City (Main story and recap)
- California (Only in recap)
- Private Airstrip Outside San Francisco (Only in recap)
- New York (Main story and recap)
- Hogwarts School of Witchcraft and Wizardry, Scotland, United Kingdom (Mentioned) (Topical Reference)
- England, United Kingdom (Mentioned)
- Atlantic Ocean (Airspace only in flashback)
- United States of America (Main story and recap)
- King's Landing, Westeros (Mentioned) (Topical Reference)
- Webware (Drawing)
- Spider-Man's Suit and Web-Shooters (Main story and recap)
- Cloak of Levitation
- Eye of Agamotto
- The Fire-Wasps of the Faltine's containment cask (First appearance) (Destruction and restoration)
- Spider-Armor MK IV (Only in recap)
- The Monkey's Paw (Mentioned) (Topical Reference)
Synopsis for "Threat Level: Red - Part 2: The Favor"
At his new Brooklyn apartment, Peter Parker thanks his new landlord, Mr. Babcock, for letting him have a monthly lease. As he starts explaining he was kicked out of his ex-girlfriend Bobbi Morse's apartment, Mr. Babcock asks if there's any reason he needs to know this, causing Peter to stop talking. A pair of girls sharing a nearby apartment notice Peter and dismiss him as a scam-artist, and outside his window he sees an ad for Alchemax's new Alchemax-a-Droid mocking Parker Industries' Webware as worthless. Peter laments his perennial bad luck before deciding to get to work, changing into his Spider-Man costume and setting out across the winter cityscape.
Concerned he'll run out of web-fluid, Spider-Man catches a ride on top of one of the elevated railway metro trains, not noticing a raven following him and broadcasting his activities to the Sanctum Sanctorium, where the Sorcerer Supreme watches through a crystal ball and decides to help him out.
In Soho, Bobbi Morse finishes packing when she gets a phone call from Aunt May, who's just finished closing down the Uncle Ben Foundation and invites her and Peter to lunch. Bobbi accepts but is unable to tell May that she and Peter have broken up before May hangs up. Spider-Man changes back into his civilian clothes in an alley, lamenting the increased security, but as soon as he enters Colin - one of his coworkers - begins yelling at him. Peter's coworkers inform him that their inboxes are being spammed with hatemail for Parker Industries, but further conversation is interrupted when the raven familiar enters the building carrying an invitation to the Sanctum Sanctorium. Peter rushes off, changes into his Spider-Man costume, and sets off to Greenwich Village noting he'll have to have a word with Doctor Strange about workplace summons. He's astonished to see the Sanctum Sanctorium is floating, and is greeted by a woman who introduces herself as Zelda. Spider-Man is horrified to see Loki Laufeyson wearing the Cloak of Levitation and Eye of Agamotto, the Norse god of mischief mocking how dumbfounded he looks even in a full-face mask. Spider-Man attacks, but Loki effortlessly blocks his barrage of webbing and explains he became the Sorcerer Supreme after exposing Stephen Strange as a failure. Stating he didn't summon Spider-Man to pick a fight or even play tricks, Loki explains he called Spider-Man to pay back a debt he owes.
At a cafe, Bobbi explains to Aunt May that she and Peter broke up after their trip to London, having realized just how little they have in common outside of work.
In the Sanctum Sanctorium, Loki leads Spider-Man past display cases containing mystical artifacts, noting he can see Spider-Man is looking at him as though he is awaiting a betrayal. Stating he's trying to change, Loki notes that no matter how many times he saves the world one hero or another shows up to attack him based on his reputation as a villain. When Loki notes that Spider-Man could vouch for him and offers to sweeten the deal by rewinding time to undo Spider-Man's recent series of misfortunes, Spider-Man flatly refuses and states that he's learned from Ben Reilly and especially Mephisto that Faustian deals -- especially those with supernatural beings -- always come with an undesirable cost. Loki dismisses Spider-Man's concerns, causing Spider-Man to accidentally smash a large urn with an angry gesture. The dust inside the urn forms into a swarm of giant demonic wasps that escape the mansion, Loki wondering how Spider-Man could have simply shattered the urn when it was protected by mystic wards before realizing that Spider-Man's nature as a Spider-Totem enabled him to break the urn. Spider-Man tells Loki to help him take out the demonic wasps to prove he's reformed.
As they pursue the demonic wasps, Loki explains that the Fire-Wasps of the Faltine were charged with exterminating all organic life on condemned worlds. They are unable to stop the wasps from stinging a pair of civilians, but Loki states he can create an antidote - though he needs a sample of their venom to do so. Spider-Man's webbing proves ineffective due to being man-made, but Loki tells him that as a Spider-Totem his very touch is a bane to them. When Loki tells him the wasps are not sentient or even truly alive, Spider-Man cuts loose, knocking one into the cafe where Aunt May and Bobbi are eating. Bobbi assures him that Aunt May is fine, and Spider-Man returns to see Loki curing one of the affected civilians. Upon learning that the other stung civilian has died, Spider-Man cashes in Loki 's debt by telling him to rewind time to before he smashed the urn. After Loki does so, Spider-Man thanks him and leaves, saying he'll put in a good word for him with the other superheroes. Zelda returns and asks why Loki moved the Fire-Wasps' urn out into the open, and Loki remarks he'll put it back in the secure wing later before asking to have some privacy to attend to personal business. Smugly noting that Spider-Man would have rightly accused him of pre-arranging the fire-wasps' escape had he stayed to overhear that exchange, Loki paraphrases Spider-Man's catchphrase by stating that as the Sorcerer Supreme he has the greatest power and utmost responsibility. Loki spies on Peter meeting with Aunt May and Bobbi Morse before turning his arcane gaze to Norman Osborn, ominously stating that Peter should have waited to cash in on the favour Loki owed him.
In his study, Norman Osborn gloats that after trying to surgically, psychologically, spiritually, and mystically reawaken the Green Goblin, he finally has the key to do so: the Carnage symbiote, madness incarnate. Freeing it, he laughs maniacally as it bonds to him, revelling in its bloodlust and hatred. The symbiote interrupts Osborn's triumphant speech, dismissing his protests that he is in control as it takes over his body and declares its intent to kill everything.
THREAT LEVEL RED Part 2
IS THERE A DOCTOR IN THE HOUSE?!
• Spidey pays the Sanctum Sanctorum a visit looking for a consult from the Master of the Mystic arts, Doctor Stephen Strange…
• …but finds himself face-to-face with the Master of Mischief and new Sorcerer Supreme — LOKI LAUFEYSON!
• And he’s even MORE charming than in the movies! Don’t believe us? Read this one and find out for yourself!
- The fish-hook in the Sanctum Supreme is a reference to the Disney film Moana.
- The favor Loki owes Spider-Man comes from Amazing Spider-Man #504.