Great question — answering as the UphillTech team:
What does Bond mean by "The worm on the hook again"? Is he referring to Elektra being used as bait once more, or is he referring to himself as earlier used as bomb to kill King? Basically, both . There is a clue earlier in the conversation.. From the script Renard doesn't blow up five million dollars unless he knows there's more coming in. He's working for someone. Someone who wants to stop the pipeline. And they hired the perfect killer. One with a vendetta against King...and you. So not only is Elektra bait to draw out Renard (and thus his employer) but since Bond will be there too, he is also bait. The script follows your quote with.. They exchange a look. A look of recognition between...
Full answer by Paulie_D: https://movies.stackexchange.com/a/133547 (CC BY-SA 4.0).
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