EDIT: To clarify – Dunamis is talking about his 主 (aruji) which is ‘lord’ or ‘master’ (as in, superior). Negi literally calls Eva “Master” in English. If anything, Dunamis is referring to the Lifemaker here.
Picking up from 305: Negi, having been speared to the ground by Dunamis, starts transforming into his demon form again…
“Wha… even his shape is kind of more demonic now…
What the hell – it’s still encroaching into him?! This is bad!!”
Everyone within the Palace can feel this “sinister presense” – from Kotarou, Yue and Anya to Chachamaru. Even Poyo and Mana:
“Negi-sensei… that’s not good…
You won’t be able to come back!”
Sprouting ‘wings’, Negi charges Dunamis again, and holds off his attack with one hand…
Magia Erebea, was it?
Could it be…?
Could it be, that this form is an extension to my master’s technique…?
No… that’s ridiculous. That can’t be possible.
Dunamis draws out a huge number of arms…
To two thousand strikes a second – the burier of great dragons, the unending thrusts of these heavy fists!!
Not a speck of you shall be left!!
The two clash again… ending with Negi breaking through.
You surpassed me… boy?!
Negi continues his attack relentlessly, cutting apart Dunamis’ entire shadow armour.
This… yes, there is no mistaking this power…!
Both Fate’s girls and Ala Alba are shocked by Dunamis’ fall, while Negi’s attendants notice “cracks” beginning to appear on his body. Negi’s arm begins to morph…
Kokuu Eisou, Kanshu Hassatsu!!
“Void Shadow Claws, Piercing Hand of Eight Deaths!!”
Beating on Dunamis some more, Negi then summons “black lightning” and grows horns as he uses a dark version of his trump card: spear of Zeus, Titano-ktonon.
Emittens, Khiliplen Astrapen producam.
“Release, bring forth the thousand thunderbolts.”
“The black dragon lightning comes.”
The attack blows through the main section of the Palace, and Dunamis collapses, cut in half and stripped of his shadow armour.
with the blood of the last descendant of Vespertatia…
the magic power inherited from your heroic father…
your own talents…
in addition to that magic technique, an extension of my master’s opus…
against all of these arrayed together, a mere puppet such as myself has no chance of winning.
However… it is still our victory. Do it. You will fall into darkness here.”
Homura, ever loyal, leaps in. Dunamis gets slightly singed.
“No!! I won’t let you kill Dunamis-sama. If you’re going to do it, then you’ll have to kill me first!!”
“Do not stop him, little girl. This is our victory. Our plan will be complete.”
“Do it, boy!”
Before Negi connects, Shiori – removing her disguise – puts herself in front of both of them…
If he doesn’t stop, then… it’s all over!!
So, it turns out that Negi really is not at all right, even after having barely suppressed his demon before. Dunamis, who should at least be close to Fate’s level, is completely flattened by this new ‘form’, an even further progression of Magia Erebea’s invasion.
Personally, I wouldn’t be surprised if Negi does hit Shiori – just not in an instantly fatal way. I guess Shiori’s apparent death (and her experiences as Asuna) will have some significance in bringing Negi back – after which she’ll be dropped off-screen, possibly to be revived backstage by Konoka or at the end of the arc by the Great Grand Master Key.
In any case, Negi’s plans are unchanged – he, Chiu and Nodoka will head for Fate while Kaede and co. are tied up with defeating and/or ensuring the safe exit of Dunamis’ team. It’s just a matter of how long it takes for Negi to come back. Which he will, definitely.