Somewhere else, Black Arrow takes off his hood. It's John Barrowman! John Black-arrow-man! I know that's an obvious pun! I don't care! If you want a subtle joke, go find the Aqua Teen Hunger Force reference I buried somewhere in this recap!
Walter talks business on the phone, but he ends the discussion with, "I'm stepping into an elevator so I'll probably lose you." There's someone else in the elevator, so this is probably it for Walter. Oops! Needle in your neck! (That's a Sealab 2021 reference, so it doesn't count)
John "Malcolm "Black Arrow" Merlyn" Barrowman promises Moira that Walter won't be harmed and he'll never find out about Moira's involvement. He reminds her that she had Oliver kidnapped and tortured, but I'm not sure what his point is. This is the important part: "In six months, the organization's vision of what this city should be will be complete." That's when she'll get Walter back. She's bothered about thousands of innocent people being dead. I like how they combine the ability to tell each other things they both already know with the reluctance to actually say what they're talking about.
Oliver does some physical therapy in front of Diggle because he has to recover from all these latest injuries. He says that he likes to tell people they failed the city, but today it was him who failed. Diggle reminds him that the hostages are home with their families, which seems like at least a bit of a victory. Oliver says they might have a bigger problem than the other archer. Because he just learned that the list was compiled by someone, rather than just being a list his father wrote down. So his new goal is to find out who created the list and why. It's about time! Maybe he can go to Felicity Smoak with a flimsy story about his buddy Steve.