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We start with the Hobgoblin (Macendale's version, at least) attacking the Kingpin's office. He demands the arranger tells him why Kingpin has 'blacklisted' him from hitman assignments in the city. The arranger tells him that it is because he stole someone else's identity but that if he could prove himself by taking out someone (such as Spider-Man), Kingpin could change his opinion.
Suddenly the mysterious Tombstone storms in (see issue 36 for his first appearance) and hurls Macendale out the window. Hobgoblin just survives by summoning his glider but instead of going to get his revenge on the Arranger, he decides to go after Spider-Man (hmmm…)
Meanwhile, over at Pete and MJ's, the are throwing a party. Mrs Muggins storms in though and demands to know what's going on. She bawls Pete out as he owes her rent. Pete calls Harry to see where he is but he is stuck in traffic because of the Hobgoblin. Pete leaves the party to go after him … except that he's feeling a bit tipsy from alcohol!
He hadn't been drinking himself but tackles Hobby while half cut. He makes numerous mistakes but Macendale is pretty pathetic anyway so still comes out on top.
Back at the party and it turns out that Mr Muggins had spiked the punch. Mrs Muggins is furious but, as he and MJ are moving out soon, Pete gives her a goodbye kiss!