
Lots happens this issue. Lots. Also not lots. It’s a very particular kind of comic, where the heroes find out what the villains have been plotting. A revelation issue… but for the characters. There’s probably a term for it. Sort of a diegetic revelation issue.
Anyway, it also has Frank getting his head straight—courtesy a shotgun blast to his chest (and vest)—which means he’s an active character not a passive player for Ennis to move through the events. It’s nice to have him back. You got worried about him last issue, as did O’Brien; this issue has a wonderful conversation between O’Brien and Frank. She does most of the talking. Fernandez and Hanna do the talking heads well, all things considered, though it’s hard not to notice the only time Fernandez can pace out a conversation is when the people are naked.
This issue has—probably for the first time, but who knows—Frank making the beast with two backs. It’s a great moment. Ennis has really got Frank down at this point. He’s comfortable writing him, not restricting the kinds of scenes Frank gets to be in. I guess if you’re writing Frank Castle playing kindly grandpa, it’s not too difficult to roll him in the hay.
Speaking of rolling in the hay, Nicky—who survives the showdown (all of the main cast does, there’s another issue after all)—gets the wrong roll in the hay offer, which ties directly into the issue’s cliffhanger. The plotting is shootout and resolution, escape, Nicky following, Frank and company interrogating a captured bad guy (Frank getting results thanks to it being a MAX comic), some shagging, then the cliffhanger. It might be the best art in the arc so far, just because Fernandez doesn’t screw anything up majorly enough to notice it.
It’s real impressive how Ennis has plotted this arc; he’s got all these threads he can wrap up in the fifth issue and prime the arc for a great finale. Especially when you consider Frank’s been on autopilot for most of the arc so far. He wasn’t even in the Nicky issue. The Frank narration, sparing as always, jars the comic’s narrative focus back onto him. Great character development on O’Brien too.
Up is Down and Black is White isn’t pulpy; it’s a straight Punisher MAX comic, much more in common with the first and second arcs than the third, but Ennis has definitely learned from doing the pulpy, long present action arc; it informs this one. So good.
Lots happens this issue. Lots. Also not lots. It’s a very particular kind of comic, where the heroes find out what the villains have been plotting. A revelation issue… but for the characters. There’s probably a term for it. Sort of a diegetic revelation issue.

The issue opens with one of those good Ennis ideas not explored; two guys breaking into a closed jewelry shop and terrified by the thought The Punisher, who’s (apparently) never cared about the non-violent street criminals, now does cares about them. Since he’s gone spree. Spree-er.

Every once and a while I wonder if I’m too liberal in my use of the term “bridging issue” to quickly describe how a writer uses an issue to set up the second half or next part of an arc. Then I’ll read a comic like Punisher MAX #21 and it’s exactly what I’m talking about. There have been a couple other bridging issues in Punisher MAX, but this one is the first where it feels like Ennis is writing for the trade. Makes sense as it’s the fourth arc and they’d have seen floppies versus trade sales.

It’s the Nicky Cavella origin story, complete with his original crew (from the first Punisher MAX arc) appearing again in fun little cameos. Well, as fun as a Punisher MAX cameo is going to get. Because Nicky Cavella has a very rough origin story. He’s the psychopath born to the family of sociopaths who don’t understand why he doesn’t have any compunctions about killing (anyone) while the family pretends there should be compunctions. It’s disturbing (mostly because Ennis doesn’t do any comedy relief with it, save the pragmatic violence of Cavella’s sidekick in the present) and it’s a lot, over a lot of pages.

The issue opens with Nicky Cavella, returning from the first story arc—it’s hard to believe Up is Down and Black is White is only the fourth arc in Punisher MAX—at the Castle family headstone. He’s digging up the bodies, talking to a henchman with a camcorder. Whatever he’s got planned, it’s not 1) going to be bad and 2) going to piss off Frank. But Ennis delays any follow-up with Frank (or even what Nicky does) and skips to the prison showers, where former CIA agent O’Brien (she has a first name, but it’s not important), also back from the first arc, is fending off an attempt rape.