(Cover Date: September, 1987)

Summary: Spidey recalls the death of Ned Leeds & the appearance of the new Hobgoblin. Richard Fisk's girlfriend, Dina, wonders what has happened to him. Richard goes to a confessional to confess his sins to a priest. He relates how he met Ned Leeds, who was trying to get information from him to write an expose about his father, the Kingpin. Triggered by his father's treatment of his mother in dealing with Daredevil, Richard decides that he needs to take down his father. After contacting Ned to get information, Ned reveals to him that he is the Hobgoblin. Ned helps him create his alter ego, the Rose, behind which to run his criminal organization. Richard tells the priest of how Ned became obsessed with Spidey & became more arrogant & evil. He recounts how badly his father treated his mother by bringing her back from Europe. He confesses that he killed a police officer that he only meant to wound. He leaves the confessional & goes to his father's penthouse HQ, where he tells his father that he'll work for him. more