Okay, so this storyline is way too complicated to explain. JM DeMatteis juggles multiple storylines, in fact, juggling the return of The Elf With A Gun, The Overmind, and the disbanding of the old Defenders. Yes, it’s all designed to bring back together the least famous of the original X-Men: Beast, Iceman, and Angel, in The Defenders #125. The move was designed in part to capitalize on the popularity of all the X-books (X-Factor, X-Men, etc.), and marked the beginning of Marvel’s “put a mutant in every book” mandate.
I’m not saying it was a bad move, at least not altogether. The New Defenders, as they would be called in #125, were still good. Just not as good.