The Green Goblin has returned - and he's expressed interest in taking over Lucky Lobo's mob. However, Lucky isn't too keen on that idea. The next day, Peter Parker catches word of the Goblin's new underworld entrepreneurial bid and stops in at the "Daily Bugle" building to see if he can find out more on the story.
Once there, he sees a letter from Ned Leeds on Betty Brant's desk. He also spots J. Jonah Jameson talking with Frederick Foswell, formerly known as the Big Man. It seems Jameson has given the ex-criminal mastermind another chance at working for the "Bugle" because it will look good for Jonah's public image. Before leaving the "Bugle", Pete runs across Betty Brant. After their conversation is over, Peter's surprised by the fact that Betty never once mentioned the letter she received from Leeds.
That evening, the Green Goblin has a meeting with a member of Lucky's gang...who's ready to double cross his former boss in favor of helping the Goblin. He gives the Goblin incriminating tax evidence against Lobo's operations and, in turn, the information finds its way into the hands of Frederick Foswell. Jameson finds the paperwork particularly interesting as well, and delivers it to police headquarters (knowing how big of a story the end result will be).
As the police start raiding Lucky Lobo's establishments, Spider-Man tags along to try and help out the officers. However, before he can stop some of Lobo's men from escaping through a secret exit, the Green Goblin shows up and does it for him! Spidey decides to follow the Goblin (who sees the wonderful wall-crawler out of the corner of his eye), and winds up at Lucky Lobo's personal headquarters.
There, the Goblin begins to attack Lobo and his men. Spider-Man charges in (as the Green Goblin ducks out) and has a brawl with Lobo's henchmen. They don't offer him a real challenge though; indeed, the web-head even has time to call his Aunt May and tell her that he'll be a bit late coming home. He then disposes of the rest of Lucky's gang...including Lobo himself...before resuming his pursuit of the Goblin.
Spidey and the Goblin duke it out in a tense battle that takes place inside a factory. But when the web-slinger starts to gain the upper hand (as Goblin runs out of weaponry to use against Spider-Man), the Green Goblin opts to make his escape and live to fight another day. In the wrap-up, Spidey's alter ego Peter Parker overhears that it was Foswell who was ultimately responsible for tipping off the police about Lucky Lobo. Wondering if there's a connection between Frederick and the Goblin, Parker decides it might be wise to keep a close eye on Foswell.