Peter Parker sits in school wondering what happened to the Green Goblin, since nothing's been heard on the super villain in months. Even as Parker wonders, the Goblin is using a practice dummy of everyone's favorite web-slinger to hone his skills. Meanwhile, Flash Thompson is preparing to launch a Spider-Man fan club.
After school, Peter goes out on the town as Spider-Man and accidentally halts progress on a movie when he mistakes the actors for real criminals trying to make their escape (which delights J. Jonah Jameson to no end when he hears the news). Back in his normal attire, Peter finds that Flash has put an ad in the newspaper announcing a meeting of the Spider-Man fan club...and that Spidey will personally be putting in an appearance. Flash believes Spider-Man to be such a great guy that when he sees the ad, he won't have the heart not to show up. Elsewhere, the Green Goblin has also spotted the ad.
On his way home, Peter sees a real crook...but before he can change into Spidey, the Human Torch has arrived and quickly takes care of the criminal. Returning to the Parker residence, Peter finds his Aunt May still trying to set him up on a blind date with Mary Jane Watson. Fortunately, in Peter's eyes at least, Mary Jane has the flu and won't be able to go on a date that evening.
That night, in the Grand Ballroom of the Avenue Dinner Club, almost everyone has come out for the first meeting of the Spider-Man fan club...including Spidey and the Green Goblin (who arrives shortly on the scene after the web-spinner). Thinking that the fight between Spidey and the Goblin is just a show, the crowd enjoys their battle. But one person in the throng, Johnny Storm, doesn't believe it's all for kicks and decides to get involved as his alter ego, the Human Torch.
Torch and Spidey do battle against the highly dangerous Green Goblin until Spider-Man gets swatted down to the floor. There, he overhears someone accepting a phone call for Peter Parker that brings word of Peter's aunt suffering a heart attack. Deciding that Aunt May needs Peter Parker with her in the hospital more than the Human Torch needs him to fight the Goblin, Spider-Man takes off out the nearest exit. In doing so, much of the crowd comes to the conclusion that Spider-Man is a coward who's afraid to fight the Green Goblin.
Not wanting to tangle with the Torch anymore, since Spidey was his original objective, the Goblin temporarily blinds the Torch and makes his escape. As the first - and apparently last - meeting of the Spider-Man fan club comes to a close, Flash Thompson still defends his hero's actions.