Madame Masque has gone to her father (Count Nefaria) to get help for her and her boyfriend, The Hood, now that he is powerless and they are on the run following Norman Osborn's fall from power.
Still on the scene following the end of The Siege of Asgard the Avengers realize The Hood is missing, and they are not about to let that loose end remain. They track him to Nefaria's place and the fight is on.
Back home, they are informed the Superhuman Registration Act has been revoked and Steve Rogers is the new "Top Cop".
The date on the cover, "May 2010," is not the cover date for this issue. It is the date of The Heroic Age advertisement.
The events of this story take place between the final pages of Siege #4 and should be read after that issue.