All of the events that take place in this book occurred before the creation of Krakoa. The book picks up with Xavier and the mutant genius Forge. Xavier is discussing the possibility of whether Forge can create a new version of Cerebro. Xavier explains that he needs five backup copies for that design encase of any unforeseen events take place.
We know that Forge succeeds because Xavier wears this new iteration of Cerebro everywhere he goes. We then cut to the time shortly before Krakoa was established. Xavier and Magneto are bringing Emma Frost into the fold.
She's not reluctant to help. The last two times they've attempted to create a mutant nation it ended in disaster. She's got expertise in the field of politics but she's not willing to go through with this... then they show her the location.
Xavier and Magneto want to give Emma Frost a fifty year deal for all distribution rights for everything mutant. The Krakoan flowers and life extending herbs will be distributed by Emma Frost. She's also been given two seats on the mutant government. The second seat is for the original leader of Emma's mutant organisation the Hellfire club known as Sebastian Shaw. She just got rid of him and she can't honestly believe that they're asking her to do this. We then cut over to the message that Xavier sent to all of the mutants on the planet and primarily the villains.