First off, I really enjoyed this issue. It manages to capture the feel of the original New Mutants without feeling dated, which is quite an accomplishment. Even the art feels like an update on Art Adams style. By some of what happens, it has to take place between issues 44 and 46 of the original series, but there's no way to tell if it happens before or after 45.
It opens before the preview pages with the team facing of against the Brotherhood of Evil Mutants. Every member of the team gets a good moment. (Except maybe Rahne, who really wasn't qualified to go against the Scarlet Witch.) Magik gets a really corny line, but it sounds like something a 14 year old would say.
Then we get to the preview pages where Magneto isn't too happy with the team's attitude towards their opponents and sets the Sentinels on them.
Later, Magneto has a conversation with Rahne about the past. She wants to understand why he was the way he was, but he doesn't want to talk about the Holocaust, especially with someone so young, I think. This leads into a flashback to X-men #1 from Magneto's point of view. It may be a bit of a retcon, not in events, but in Magneto's thinking. I think it works, though, and helps reconcile who he was in those appearances with who he became once Claremont got a hold of him -- and with Krakoa, for that matter.
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The next day, he goes out shopping for the holiday party he promised his students. He's actually happy, for once. That doesn't last, though. When he gets home, he finds the New Mutants unconscious sending him into a bit of a panic. Then the new girl attacks.
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Irae is someone from his past, but he doesn't remember her, probably because she was just a kid. (She's in her late teens, now.) I think some fans thought that Magneto got his helmet from her, but she's actually just copycatting his original look. It seems her power feeds off others, so when Magneto fights back she gets more powerful. She knocks him cold and flies off with him.
The team wakes up, to find Magneto missing. Warlock has the video footage to show what happens. I thought there was some nice character work with Dani here. Her immediate reaction is to lash out with sarcasm, but she apologizes as soon as she's called out.
We end with Magneto waking up in some sort of machine. Irae introduces herself as the Queen of Wrath. And behind her are her Sisterhood of Evil. Seems she wants Mags to go back to his old ways.
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Overall, a really good issue. Some great insights into who Magneto was at this point in time. I don't even mind him going by the name Max, anymore. After this issue, it really seems like a sign of him accepting his past.