The Hobgoblin Revealed!

Jason Macendale is in a meeting with the Foreigner, seeking to hire him to eliminate the Hobgoblin. Shockingly, within a single phone call, the Foreigner has Macendale's nemesis eliminated.

Sometime later, Peter Parker is among Betty Leeds and his Daily Bugle colleagues as the body of Ned Leeds is being offloaded from a plane. Ned was killed while on assignment in Germany investigating a story. Peter blames himself as he was with Ned at the time, but failed to save his life. After the plane is offloaded, customs begins searching the coffin for contraband, much to the upset of Betty and earns the ire of J. Jonah Jameson. Jonah then berates Peter Parker for not having his camera to phorograph the security agents. When Joe reminds Jonah that Parker was there when Ned was murdered, this prompts Peter to think back to that moment, when he and Ned were in Berlin investigating a group of spies. While they were there, Peter was tracked by the mutant hero known as Wolverine who told Parker that he needed to talk. Peter recalls how he returned to his hotel room he found Ned tied to a chair with his throat slit. Even though Wolverine told Spider-Man not to get involved, Spider-Man did what he could to avenge the death of Ned Leeds. Peter wonders why, especially after he decided to give up being Spider-Man.

As Peter comforts Betty his spider-sense kicks off, warning him of the presence of the Hobgoblin. Peter recalls how he vowed to capture the Hobgoblin and clear Flash Thompson's name. Peter partially blames the Hobgoblin for what happened to Ned. Had he captured the Hobgoblin, he would never have gone to Berlin and he figures Ned would still be alive. Jonah admits to Joe that he is lashing out at everybody because he blames himself for Ned's death. For years he found it so easy to blame everything on Spider-Man, but for the first time he can't because, as far as he knows, Spider-Man was thousands of miles away. Peter overhears this as he walks away with Betty and winces.

Later, at the headquarters of the Kingpin, the crime boss meets with his associate, the Foreigner for a game of chess. The Kingpin is not happy with the news that the the Foreigner had the Hobgoblin killed. This is because the Hobgoblin kept the Rose busy allowing the Kingpin to continue his operations uninterrupted. The Kingpin warns that such a move, without informing him, could be disastrous. The Foreigner wins the chess game by putting the Kingpin into a checkmate. He then tells the Kingpin that he was hired to do a job and his elimination of the Hobgoblin was business and nothing personal. After he leaves, the Kingpin orders his secretary to bring him the life he has on the Hobgoblin. He also asks to put the word out on the street that he wants to speak with Spider-Man to give him all the information on the Hobgoblin he has, including his secret identity. The following day, Peter Parker is among those attending Ned Leeds' burial. Everyone is shocked when Betty begins thinking that Ned might not be dead, and asks that the coffin be opened up just to make sure. That's when Peter rushes Betty home, where she seems to have not only blocked out the fact that her husband is dead, but also that they ever had any troubles in their relationship. She assures Peter that she will be fine because her mother is coming to visit soon.

Satisfied that someone will be coming to look after her, Peter heads out. He begins to think about all the losses that Betty has had in her life, when he suddenly remembers that Betty's mother is dead. Realizing that he's out of his league, Peter decides to call Mary Jane to see if she will come and keep an eye on Betty. Not far from Peter, Flash Thompson hides out in an alley. He has been hiding again ever since the Hobgoblin attacked him at Betty's home. He recalls how the Hobgoblin beat him into unconsciousness, and that both the villain and Betty were gone when he came to. Seeing a police car, Flash decides to turn himself in. However, the officers blow him off before he can tell them who he is, and then rush off to the scene where an officer is down.

Later, at the Rose's headquarters, the masked villain has found the situation with the Hobgoblin has reached its end. However, he discovers that his assistants, Mr. Varley and Mr. Johnson are dead. He vows to avenge them by eliminating their killer. It's then that the Hobgoblin reveals himself and takes ownership for killing Varley and Johnson. The Rose is surprised, as he heard that the Hobgoblin as dead. He tells the villain that his father, the Kingpin, has a file with all the information on the Hobgoblin, including his true identity and that he intends to turn it over to Spider-Man. This is the interest of to the Hobgoblin and he rockets out of the Rose's hideout on his Goblin Glider. Meanwhile, Spider-Man arrives at the Kingpin's office to ask what the crime lord wants. The Kingpin hands him the file he has on the Hobgoblin, telling him to take all the time he needs to read over it. The Kingpin then leaves his office and tells his guards that he will be leaving and to make preparations. He stops one of his minions and reveals that he knows that he bugged the room for the Rose and kills him when he admits to it. Just then, Spider-Man finds the horrifying truth regarding the true identity of the Hobgoblin.

According to the files, the Hobgoblin was actually Ned Leeds. Not long after Peter and Wolverine had left Ned alone in his hotel room, Leeds was preparing to go out as the Hobgoblin. However, before he can, Ned is ambushed by the Foreigner's men who easily overpower him. One of the Foreigner's minions then knocks Ned down and strangles him to death. When the Kingpin returns, Spider-Man asks how this could be if he saw the Hobgoblin recently. The Kingpin explains that the Hobgoblin's equipment was handed over to Jason Macendale, the assassin formally known as Jack O'Lantern, who decided to usurp the Hobgoblin's identity. The Kingpin tells Spider-Man that while he doesn't know where the Hobgoblin hides out, he knows where Spider-Man can find the Foreigner. Spider-Man knows where to find the Foreigner because of his past experience with the assassin and heads off to face him. The Kingpin then goes down to his limo when he spots a pumpkin bomb in the passenger seat. Spotting the Hobgoblin on a rooftop and asks to know what he wants. The Hobgoblin demands the file the Kingpin has on him, however the Kingpin tells him that he gave it to Spider-Man. When the Hobgoblin threatens to kill the crime lord, he discovers the folly of doing so as the entire area is surrounded by armed guards to protect the Kingpin. Seeing that he won't succeed, the Hobgoblin takes off on his glider and tosses a pumpkin bomb at the Kingpin as he goes. The Kingpin swats the pumpkin bomb.

As Spider-Man swings across the city, a powerful storm blows in. He is spotted by Flash Thompson who tries to get Spider-Man's attention, but the hero is too high to hear him. Spider-Man soon arrives at the office of the Foreigner where he strong arms a security guard and asks him where he can find his employer. After the guard points him in the right direction, the guard is killed by the Hobgoblin. The two battle it out, knocking out the lights. Needing more room to fight, the Hobgoblin blasts a hole in the wall and flies outside. Spider-Man swings up after him, where the Hobgoblin tosses a hallucinogenic pumpkin bomb at the wall-crawler. Spider-Man pretends to breath in the gas, allowing his foe to get close enough to attack. After a prolonged battle, the Hobgoblin blasts Spider-Man, setting his costume on fire. Spider-Man rips off the burning part of his costume, the pain is so extreme that the hero falls off the side of the building. The Hobgoblin sees that the file is burning up with the ripped costume, causing the villain to gloat. Spider-Man falls on the ground, leaving him open for attack from the Hobgoblin. When the villain tosses a pumpkin bomb at him. Seeing this, Flash Thompson runs to Spider-Man's aid, grabbing the bomb in mid air and tosses it back at the villain. Stunned by the blast, Hobgoblin decides to flee, vowing to get revenge against Spider-Man later.

Seeing Flash fall to the ground, Spider-Man rushes to his side. Weakened by his time on the run, and hurt by the blast, Flash is about to die. However, Spider-Man refuses to let another friend die because of him and performs CPR, saving his life. Spider-Man brings Flash to Mercy Hospital, where he visits Flash later as Peter Parker, with Flash's lawyer Sharon Banks. After he tells them how Spider-Man saved his life, they are visited by Blake Tower, the New York City District Attorney. He tells them that due to eye witness accounts of Flash Thompson facing the Hobgoblin, all the charges against him are being cleared. When the wonder who the real Hobgoblin is, Peter thinks of keeping this secret to himself, more because he is concerned what it will do to Betty. Later, the Foreigner and the Kingpin are playing chess again. The Foreigner is impressed with how he manipulated both Spider-Man and the Hobgoblin. After their match, the Kingpin hands the Foreigner and envelope and tells him not to open it until he leaves. In the elevator, the Foreigner opens the envelope and realizes that it is an explosive that will go off in three seconds. Because of his skill, the Foreigner is able to get out alive and returns to the Kingpin's office where applauds the Kingpin for the attempt on his life and agrees to meet him again next week.

Back at his apartment, Peter Parker tells Felicia Hardy that he has decided to continue being Spider-Man, recalling advice from his Aunt May telling him that Parkers aren't quitters. However, he doesn't know what to do now that his costume is in tatters, however that's when Felicia reveals that she sewed him a number of new black-and-white costumes. Spider-Man thanks her and then goes out web-slinging as Spider-Man.

Recurring Characters

Spider-Man, J. Jonah Jameson, Joe Robertson, Betty Brant, Marla Madison, Flash Thompson, Foreigner, Kingpin, Rose, Hobgoblin (Macendale), Hobgoblin (Leeds), Ben Urich, Lance Bannon, Blake Tower, Sharon Banks, Felicia Hardy

Continuity Notes

• Ned was murdered in Spider-Man Versus Wolverine #1. Although he is buried in this issue, he is resurrected years later, as seen in Clone Conspiracy #4, or so it seemed. This Ned Leeds was killed during a battle between Spider-Man in Amazing Spider-Man (vol. 5) #14-15. Not long after this, another man claiming to be the real Ned Leeds appeared. He claimed that he took the Goblin formula prior to his death here. Thus he was able to survive getting his throat slit thanks to the regenerative properties of said formula. However, these claims have yet to be substantiated at the time of this writing (December, 2021). See Amazing Spider-Man (vol. 5) #67-69.

• Peter had decided to give up being Spider-Man back in Amazing Spider-Man #275, however his sense of responsibility had prevented him from doing so all this time.

• Flash Thompson was framed for being the Hobgoblin in Amazing Spider-Man #276. He was broken out of prison in Amazing Spider-Man #281.

• Peter recollects all the people close to Betty who have died. He mentions Frederick Foswell, who was killed by one of the Kingpin's men in Amazing Spider-Man #52. Her brother Bennet, who seemingly died in Amazing Spider-Man #11. Bennet, unknown to everyone, actually survived as revealed years later in Venom (vol. 2) #21. Peter also recalls that Betty's mother is dead. Although her death was never depicted, this was confirmed in Official Handbook of the Marvel Universe A-Z #2. Peter also recalls his relationship with Betty, which lasted from Amazing Spider-Man #7 to Amazing Spider-Man #18. He also recalls Betty's affair with Flash Thompson which happened in Peter Parker, The Spectacular Spider-Man #109-110.

• Unknown to everyone at this time, Ned Leeds was brainwashed into thinking he was the Hobgoblin. In reality, the real Hobgoblin was Roderick Kingsley as revealed in Spider-Man: Hobgoblin Lives #1-3.

• Spider-Man encountered the Foreigner in Peter Parker, The Spectacular Spider-Man #129.

• The Black Cat has been crashing at Peter's apartment since her home was firebombed in Peter Parker, The Spectacular Spider-Man #123.