The story starts off with Thor, in the presence of two other gods, attempting to remember the events of THOR ANNUAL #10. He simply recalls that the Demogorge is a threat from beyond time and space, and that the gods who opposed him fell before his power. The weakened state of the gods prevents them from remembering anything about themselves.
Meanwhile, Loki confronts Don Blake about Thor, but Blake is oblivious, so Loki steals his cane. He claims he did it as a 'prank on a gimp', but it ends up being a vital occurrence.
In Asgardia, the All-Mothers speak to representatives of various Nine Worlds races about the early stages of the new republic. A small brigade of frost giants object and launch an assault on the goddesses, but are quickly mowed down.
On Earth, Tanarus (Ulik) and the Avengers battle and kill Terminus (Tanarus opens up his protective helmet, Iron Man gives him a 'lobotomy'). After brief words with Captain America and Iron Man, Tanarus returns to the trolls. The slain giants were actually assassins working with the trolls and were intended to fail. The Nine Worlds is full of chaos without Odin's imposed order, and Karnilla and Geirrodur are trying to stir the pot.
As Karnilla confers with Geirrodur, her Earthly projection (as a Weird Sister) is overheard by Kelda speaking about the assassination attempt. Kelda is unaware of Karnilla's involvement, and thinks that the Weird Sister is trying to bring Bill back from the dead. Karnilla manages to ease suspicion for now.
In the desert, the Silver Surfer is observed by Loki feeding his guts to vultures in an attempt to experience a life/death cycle. Loki asks the Silver Surfer about his brother, and is again informed about Tanarus. However, the Surfer notices that Loki is carrying an artifact which exists in two places (Blake's walking stick). The Surfer grabs the stick and slams it on the ground, releasing Mjolnir.
In another dimension, Thor's spirit surges with power. He vows not to be eaten by the Demogorge.