Dani is trying to make a long-distance phone call (at least someone in this comic knows how trunk dial!) to her parents. She tells them about the horse she recently acquired, but not about its wings or about the fact that she can see culturally-appropriate figures of death over everyone's head. She bolts, only to catch her reflection in a window, of her in full Valkyrie getup. Sam comes looking for her and is able to talk her down. Quite what this all means for her is a little confusing. She seems to matter-of-factly accept that it's possible, while still being upset by it.
Bobby is in Manhattan, and comes across a construction accident. Aha! Excellent! He transforms into Sunspot, and is barely able to keep aloft some of the wreckages before it crashes down and is stopped by She-Hulk, who saves the day and then does a press call. The bloke he saved thanks him - those few seconds were important. When Magneto was training him at greater strengths in #36 - he was right. But Bobby, being Bobby, can't admit that, and decides to abandon the New Mutants and go to his family in Rio.
Back at the mansion, the Beyonder has turned up, with predictable certainty (it's like he's got a rota). Illyana offers herself up as a sacrifice (seriously, get another personality trait, Rasputins), but the others won't let that good grief he just killed her. Suddenly. there's a big superhero fight. Well, if that's what you can call some kids futilely trying to lay a finger on the Beyonder, anyway. He kills them, one by one, vowing to make it as if they had never existed. And that's it. No New Mutants. They never existed. How are they going to get out of that one, eh?