SPIDER-MAN: HOBGOBLIN LIVES #3

"SECRETS"
Writer: Roger Stern | Artists: Ron Frenz & Bob McLeod
Letterer: Jim Novak | Colorist: Christie Scheele
Editors: Glenn Greenberg & Tom Brevoort | Editor-in-Chief: Bob Harras

The Plot: As Spider-Man swims back to the surface of the East River, the Hobgoblin kidnaps Betty from her apartment and takes her to his lair. He finds a spider-tracer in her purse and another in her locket, and gives both to Roderick Kingsley with instructions to dispose of them. The goblin then brings Betty around and asks about the notes she claims will exonerate Ned. Betty agrees to provide the notes only if the Hobgoblin will grant an "exclusive interview".

While Spider-Man chases both tracers across town, the Hobgoblin explains to Betty that he met Ned after emerging from the Hudson River following his battle with Spider-Man years before. The goblin captured Ned and drugged and brainwashed him, using him to form a partnership with Ned's old friend, Richard Fisk -- the Kingpin's son and the man who would become the crimelord called the Rose. The goblin then worked with the Rose for some time before growing bored of his criminal life. He used Ned as a stand-in more often than not and eventually decided to retire from his life as the Hobgoblin. Setting Ned up one final time, the goblin tipped Jason Macendale off to Ned's "true" identity and whereabouts and let Macendale do the rest. The man behind the Hobgoblin's mask then retired back to his civilian life.