|Cover Art:||Charles Vess|
|Reprinted In:||Marvel Tales #275|
|Reprinted In:||Spider-Man Annual (UK) 1991|
|Reprinted In:||Spider-Man & Zoids (UK) #14|
|Reprinted In:||Spider-Man & Zoids (UK) #15|
|Reprinted In:||Spider-Man & Zoids (UK) #16|
Liz Osborn and Mary Jane Watson finally meet their kidnapper, who announces, "I am the Hobgoblin...you are pawns in a business transaction between myself and Harry Osborn!" When he menaces Liz, M. J. charges him, but is swatted away. "Back off, Miss Watson! You are in no position to protect any one!" And Mary Jane ponders how it is a super-powered villain knows her name.
Outside the room where the women are being held, the Rose wonders if the Hobgoblin wasn't a little harsh on the women. The Hobgoblin explains that the Osborns must be convinced of the sincerity of his threats. Musing that it would be "a great tragedy" if Liz died in childbirth, the two men walk away.
Harry is tearing through his father's personal effects, looking for the journals the Hobgoblin wants. He finally finds a single one and takes it to his rendezvous with the Hobgoblin. The Hobgoblin is unimpressed with only one journal until Harry says, "The last entry is dated only a week before my father died! It contains a complete listing of all his secret hideaways!" He refuses to hand over the book until he's seen Liz and Mary Jane. The Hobgoblin agrees. Then he knocks Harry out and carries him off.
Watching from nearby, Spider-Man follows them to a well guarded warehouse. He begins to methodically work his way in. Harry, pushed into the same room as Liz and Mary Jane, pulls a hidden gun and tries to bluff his way past the guard. Mary Jane, using the direct method, simply hits the goon over the head with a shovel. When they run into another guard, Harry begins shooting wildly, attracting the attention of both the Hobgoblin and Spider-Man. The annoyed Hobgoblin threatens to kill them all, but is interrupted by Spider-Man: "You're so inhospitable! I'll bet your mother doesn't know how you treat guests!"
As the two start to fight, Harry tries to lead the women away. Instead, he finds a storage room filled with Goblin paraphernalia. Meanwhile, the battle takes an unexpected turn when one of the Hobgoblin's sparkle blasts blows up a propane tank. Reflecting that his partner will not be happy about this, the Hobgoblin races to retrieve the last of the Green Goblin's journals. There he is confronted by Harry, who proves to be no match for the Hobgoblin even when armed with some of his father's weapons. Spider-Man leaps into the battle, ordering Harry away as he pounds on the Hobgoblin. The quickly spreading flames, however, traps the others. Spider-Man is faced with a dilemma; he has the Hobgoblin on the ropes, but he needs to rescue the others. Even though he can barely talk, the Hobgoblin can't resist taunting Spider-Man: "What's it going to be, hero? Me--or them?!"
There is really no choice. Spider-Man races to save the others. Snatching up the journal, the Hobgoblin staggers to his glider and escapes to his secret hideout. Even though he is seriously injured, he reads through the journal before seeking medical attention. But: "I fought Spider-Man--suffered pain and humiliation--for this ?! I've already looted all of these places!...It appears that I've already taken everything of value left behind by the Green Goblin! I'm on my own now! It's just as well! I'm far more deadly and cunning than Norman Osborn ever was! I'm going to rest and recover from my injuries! And then, I'll settle accounts with Spider-Man! He must pay for what he did to me tonight! He will pay! So swears the Hobgoblin! "