As firefighters work on the blaze, inside the burning building the Hobgoblin begins to regain consciousness after the explosion. Osborn's journals are nothing but ash. Climbing into the armor plated battle van he looted from one of the Green Goblin's secret hideouts, the Hobgoblin vows to leave the just-stirring Spider-Man "a bloody smear on the ground!" Crashing through the building, he scatters firefighters and police officers.
Clinging underneath the van, Spider-Man begins a torturous climb to the windshield. The Hobgoblin mocks him: "Even your incredible strength will prove useless against this windshield! It's constructed of a special reinforced jet age plastic! You'd need a concessive force equal to an exploding mortar shell before you could even--" as Spider-Man puts his fist through the windshield--"scratch it?!"
"For the first time since he has donned the mantle of the Hobgoblin, the man behind the mask knows fear..."
The Hobgoblin sends the battle van tearing through a tavern, and again assumes Spider-Man dead. Behind the gun turret on the top of the van, an exhausted Spider-Man pulls at the armor plating until a piece rips off in his hands. The Hobgoblin is astonished. "It appears that I have underestimated you once again, Spider-Man! No matter! ... I shall personally see to your demise!"
In the close quarters of the van, without his spider-sense to aid him, Spider-Man is at a disadvantage. He is being beaten when a warning tingle lets him duck under an oncoming blow. "So! It appears that your spider-sense has returned sooner had I had anticipated! A pity you are already beyond its help! ... You're finished, Spider-Man!"
Spider-Man slams the Hobgoblin against the side of the van. "Do me a favor, Hobgoblin...and shut up! "
The battle van, driver-less, heads down a pier and off the end. As it fills up with water, Spider-Man tries to convince the Hobgoblin to give up the fight so they can both escape. But Hobby thinks: "I can't let him take me alive...The disgrace would be too much for me...and my family!" He unleashes a final sparkle-blast. The van explodes.
Swimming through the dark water, Spider-Man searches in vain for any sign of his adversary. He finally sees the Hobgoblin's mask, floating by in the currents, and gives up.
Harry is relived to know his father's journals are destroyed, but Jameson's reaction is different. He publicly acknowledges his role in creating the Scorpion and steps down as editor-in-chief of the Daily Bugle. But, he tells Spider-Man, the Bugle is not going to relax its stand against masked vigilantes. "I had to make my public apologies! I won't stop hounding you until you make yours!"