Issue opens in darkness and then the following: "But that's the thing about Batman. Batman thinks of everything." We get a shot of Batman awakening, dressed in his normal costume, tied up in a straitjacket, and sealed in a coffin. Cut to a flashback of Nanda Parbat, where Bruce is discussing the Thogal ritual with one of the priests. Apparently during Thogal, Bruce discovered a hole in his mind waiting to swallow him, and questions whether it might be possible to create a backup personality as a defense. The priest confesses his admiration for Bruce, then admits he has poisoned his tea... the priest is working for the Black Glove. Cut to Gotham, where Robin is still fighting Mime and Swagman; the Club of Heroes shows up and saves his butt just in time.
Flash back to Nanda Parbat, where the priest discovers that HE is feeling the poison's effects; Bruce reveals that out of habit he switched cups with the priest when he BLINKED. Flash forward to Arkham, where Hurt, Jezebel, and the other "fingers" of the Black Glove are standing over Batman's grave; the plan is to wait until the air runs out, then dig Bruce out to torment a drooling vegetable. Back inside, Joker wants to place a bet of his own, and kills one of the "fingers" to stake his claim. He wants to bet they have no idea what they're dealing with, and that Batman is going to pop out and kick their asses any second. As proof of this, he hands them the busted radio that Batman believed to be the Bat-Radia, which on further inspection has been rewired... to send a signal to the Bat-Computer that will lockdown security at Arkham.
In the operating theater, a disfigured Bossu finally arrives to carry out his delayed lobotomy on Nightwing. But the delay gave Nightwing time enough to recover, and he attacks Bossu and the other Club of Villains rejects. Flash back once again to Nanda Parbat, where Bruce administers an antidote to the priest, but not before telling him to relay a message to his master. Bruce had undergone Thogal to experience death, to know it, and to destroy the last vestiges of fear and doubt in his mind. Now, he is ready to face whatever the priest's master might throw at him.
Yep, Batman knew someone was out to get him long, LONG before the events of "RIP" even began, and that gave him -- say it with me -- prep time.
Back in the present, Batman has successfully managed to pick the locks, loosen the straitjacket, and bench press the coffin lid through the dirt, emerging from the grave like a man reborn. Inside Arkham, Joker explains to Hurt and the rest why you can't beat the Bat, then beats a hasty retreat just as the Dark Knight emerges from the shadows. Jezebel and Hurt sic their goons on him, and while he's beating them down he reveals to Jezebel that his love for her was an act and that he knew she was involved almost from the very start of their romance. Nightwing fights his way to Batman, they meet, and Dick takes on the goons leaving Bruce to go after Hurt.
Elsewhere in Gotham, the Club of Heroes splits up to take on the Club of Villains' goons, telling Robin to find Batman. Joker's escaped Arkham in an ambulance, but it's run off a bridge by the Batmobile... driven by Damian Wayne, with Alfred as his passenger.
On the rooftops of Arkham, Hurt and Batman face off. Hurt pulls a gun and shoots Batman while (possibly?) uttering another trigger phrase: "I must put away my Batman costume... and retire from crimefighting." Then Hurt claims that he is Dr. Thomas Wayne, that Martha and Bruce were supposed to die that night "but Chill lost his nerve." Removing his cowl, Bruce dismisses this revelation as another lie, claiming Hurt is the actor Mangrove Pierce instead. As his getaway helicopter approaches, Hurt says that the Black Glove has ruined the Wayne Family, that documents and photos will portray them as degenerates... unless Batman agrees to serve the Black Glove.
Bruce refuses, and leaps onto the chopper. As the chopper spins out of control, Bruce's black glove smashes through the windshield... and then, the chopper crashes in Gotham Bay with a fiery explosion. Everyone converges on the shore nearby; Robin informs Commissioner Gordon that Batman was going after conspirators trying to ruin Bruce Wayne for his business rivals. Talia talks of retribution, as her assassins roll up their sleeves and stick needles in their arms. And Nightwing stands on the rooftop of Arkham, the cowl of Batman in his hand.
Cut to a private jetliner, already miles away from Gotham. Jezebel Jet is making her escape from Gotham, back to her own country. As she sips her champagne and gets debriefed by her assistant, she gets a call... and then hears a noise. Outside the jet, we see the winged forms of Talia's bat-ninjas descending on the plane. Retribution indeed.
Six months later, Le Bossu and his men are torturing a policeman in Gotham. Claiming no one can save the cop, that the Dynamic Duo are dead, Bossu moves toward his victim. But then, a light shines through the window, and a Bat-Symbol appears. Cut to... well, cut to the very first page of the Batman RIP storyline.
Epilogue: the Wayne family is leaving that fateful showing of "The Mask of Zorro." As a shadowed figure looks on, young Bruce goes on about the movie, how awesome it would be to be Zorro, or have a real-life Zorro riding through Gotham. Humoring their son, the Waynes (who are both wearing black gloves, btw) tell him that Gotham probably wouldn't look too fondly on a masked vigilante. In fact, "they'd probably throw someone like Zorro in Arkham."
"Zorro in Arkham" "ZORro IN ARkham."
The last panel is the word "ZURENARRH" written backwards.