When Jay first tried to play the cassette, he noted that the tape was too dirty to get any video or audio. After cleaning it, only a few minutes in total were playable. The footage from this tape occupies the time codes 00:20 to 05:50 and 06:03 to 07:51 of Entry #67.
In the footage we have seen, the Hooded Man appears to be "rescuing" Tim from his collapse at the Hospital as seen in Entry #65. Following this, the Hooded Man wanders the halls when Alex appears. The Hooded Man grabs a steel pipe from a nearby room and attacks Alex from behind.
The next footage seen is with Alex tied to a chair, either for an interrogation or simple intimidation. Shortly thereafter, Tim has awakened and starts beating on Alex. Following this, the Hooded Man searches Alex for his gun and points the barrel directly at Alex's forehead. It seems that the Hooded Man intends to kill Alex, but the Operator intervenes before the Hooded Man can pull the trigger.
Either the interference from the Operator or damage to the tape from debris (or a combination of both) rendered the remainder of the tape unplayable except for the very end. In the final sequence, Tim is being filmed near the woods outside the Hospital from the Hooded Man's point of view. Tim awakes next to the Mask, indicating that either he slipped into his persona as the Masked Man at some point during these events or that the Hooded Man simply wants Tim to remember what he is. After getting to his feet, Tim pulls a black object out of his pocket and looks at it. This has been speculated to be Alex's gun.
It is also possible that this is when Tim makes his phone call to Jay, imploring him to meet.