At the end of the previous issue, the Green Goblin was about to reveal Spider-Man's identity to some gang leaders, with Spider-Man listening in an air duct, helpless to do anything. However, when Silvermane asks the Goblin what Spider-Man's real identity is, the Goblin says that he won't tell him, as it's something of an ace-in-the-hole for him. He then leaves, saying that he'll come back within 24 hours with Spider-Man, and then they'll discuss him becoming a new crime-boss of the city. After the Goblin leaves, Spider-Man accidentally gives his position away in the air duct, and is forced to come out and fight the thugs. However, in the confusion Silvermane gets away. Spider-Man then heads to his apartment, and changes to Peter Parker.
Meanwhile, at the hospital where Aunt May is, Mary Jane is told that they might have to perform surgery on her, but won't be able to do it without permission from the next of kin. Mary Jane then goes out into the city to try and find Peter Parker, since he's the only one who can give permission for surgery.
At a warehouse, a man is tied up in a chair, with a hood covering his face. After a moment, he realises that this might be his best chance to escape whilst the Green Goblin is gone, and so tries to get away. However, all that happens is that he falls over, flat on his face. The Goblin comes in a minute later, gets another bag of his weapons, and leaves, setting the person upright before he does. He warns them that if they try to escape again, he'll kill them.
Mary Jane arrives at the Daily Bugle, asking if anyone's seen Peter. J. Jonah Jameson is angry at first, telling Mary Jane to find her boyfriend himself, before she explains that if she doesn't find him, Aunt May will die. Jonah then suggests that Mary Jane should try calling Peter at his apartment, and she does. Peter answers the phone a moment before swinging off as Spider-Man, and is told by Mary Jane that he's needed at the hospital in case they have to perform surgery. He then hurries off as Spider-Man, but along the way is attacked by the Green Goblin.
Spider-Man manages to knock out the Green Goblin, then hurries to the hospital. However, the Goblin recovers consciousness, and throws a ghost-like object at him, which expands until it's a net which is stronger than steel. The Goblin then flies off with Spider-Man his prisoner, before he's had a chance to go to the hospital.