Ben Urich's intern newphew, Philip Urich stumbled onto the equipment of Harry Osborn, the second Green Goblin, and stole it to become the all-new Green Goblin! But Harry's wife, Liz, claims she has a legal right to the likeness, equipment, and name of the Green Goblin! As if there weren't enough problems in Phillip's life...
In the beginning of this issue, Liz Osborn is trying to obtain information from the Bugle's number one expert on the Green Goblin -- Ben Urich! Ben is torn between his commitment to his jounralistic sources, and his desires to do "the right thing." Phil think about coming clean when Lynn Walsh invites him to an art exhibit. Phil agrees, only to find out that Lynn also invited ten other people, including a Bugle salesman pretty boy named Derrick Gratham (who also happens to be on the ESU football team). Lynn hangs all over Derrick, and ignores Phil. Our boy hangs back, behind the main group, and his pretty friend, Meredith, offers him a tour.
While the group walks through the exhibit, an armored freak calling himself "The Steel Slammer" drops through the skylight. He shoots a number of energized discs from his gauntlets, causing general havoc. Phil tries to save Lynn from a toppling column of hideous modern art, but falls to the floor as Derrick scoops up Lynn and takes her to safety. The Slammer grabs a piece of art and blazes, leaving Phil looking like the total geek. He notices, however, that the Slammer picked up a particular piece of art from the private collection of one 'Stewart Reynolds'. It doesn't take Phil long, once he's back at the Bugle, to track down two other pieces belonging to Mr. Reynolds that are currently on display in New York.
Slipping back to his pad and into his 'gear', the Goblin hovers around one of the museums. He spots Slammer flying away with another valuable piece of art. Tailing him withouth being seen proves to be a little bit harder for him than he thought. The Slammer loops around Phil and engages him in battle. The surprising thing is...Phil doesn't run away (even though he thinks it.) They tussle, and Slammer throws the Goblin into a factory window.
Slammer throws a barrage of his disks at the Goblin, including liquid nitrogen charges and gas grenades. He survives the onslaught, and recovers the stolen artifact after the Slammer dumps it. Phil leads the Slammer on through skyscrapers, and 'Slams' him head-on into a moving elevated train. That's enough to stop the Slammer in his tracks. As the police arrive, Phil chucks them the recovered piece of art and flies away. But not before giving the police a statement; "The Green Goblin Rules!"
To end the issue, Phil enters the Bugle just in time to see Uncle Ben handing all of his Goblin research over to Liz's attorney, claiming that he couldn't let his principles get in the way of his conscience. Phil agrees that Liz deserves to know the truth, but "where does that leave me?"