Spidey is chased out of the club by the businessmen that Hobgoblin is attempting to blackmail. Harry tells Peter that Hobgoblin may be a club member. Spidey questions some of the club members, including "Roderick Kingsley" & JJJ, whether they may have a clue as to Hobgoblin's identity but this proves fruitless. Spidey finds JJJ writing a story about his involvement in creating the Scorpion. Spidey tells him not to publish it to save his career. Peter finds his old spider-tracer, since his spider-sense was neutralized earlier by the Hobgoblin's gas. Spidey surprises Hobgoblin in his lab. When Hobgoblin activates his automated ray cannon, he realizes that Osborn's journals are in danger of being destroyed. He throws a pumpkin bomb at the cannon, resulting in a large explosion that is seen by the people outside. JJJ sees the smoke from his window, then gives the copyboy his Scorpion story to be published in the Bugle. (Cover date: March, 1984)

[Note Stern's clue in this issue that the Hobgoblin may be a club member. This eliminates other candidates who are not.] more