The Hobgoblin is about to decapitate Spider-Man, but Bella uses his MP3 player to play a song. This counter's Hobgoblin's laugh, allowing Spider-Man to move again. Spider-Man then advises everyone to escape the building while he pursues the Hobgoblin. Chasing the Hobgoblin into Sanjani's lab, Spider-Man discovers that Hobgoblin is trying to steal the reverbium, the new metal Sanjani has been working on. Spider-Man tries to fight the Hobgolin with a large tuning fork, but he is still weakened by the Hobgoblin's laugh, allowing the Hobgoblin to defeat him and escape with the reverbium.

With the Hobgoblin gone, the people return to the building. Peter takes off his costume and places it in his black box. Just as Max Modell comes in, he finds Peter in his underwear, listening to music with his headphones. Peter claims he didn't hear anything. Max accepts this and leaves.

Meanwhile, the Hobgoblin returns to the Kingpin's lair. The Kingpin and Montana find out that the Hobgoblin is not Roderick Kingsley. However, the Kingpin decides to keep the new Hobgoblin, saying that he never liked Kingsley.

In Horizon Labs, Max Modell orders the remaining reverbium samples to be destroyed, much to Sanjani's chagrin. Peter asks Sanjani if reverbium can be destroyed and she answers that the only thing that can destroy it is antartic vibranium, the anti-metal. Peter then calls Black Cat through an encrypted phone and tells her that he needs her help to steal back the reverbium the Hobgoblin stole from Horizon Labs. Black Cat accepts. Also, Peter then tells her that he will be ready when he fights the Hobgoblin again.

Phil Urich returns to the Daily Bugle. He then shows Norah Winters and Ben Urich the video of the new Hobgoblin in his camera. Norah tells Randy Robertson about this and they kiss, much to Phil's chagrin.

Meanwhile, Peter is working in his lab when Carlie and Mary Jane come in and bring some food to Peter. They eat and talk about their plans, when Peter recieves a call from Black Cat, who tells her that she has interrogated a goblin gangbanger. Black Cat says to Peter than the buyer for the reverbium is the Kingpin. He is keeping the reverbium on his building.

Unknown to Black Cat, Hobgoblin kills the thug she just intterogated earlier.

Black Cat reaches the Fisk Building and she finds a pair of goggles left by Spider-Man. She puts them on and sees Spider-Man wearing a new suit. He tells her that his new suit can warp light and sound, making him invisible and immune to sonic attacks. Spider-Man then says they have the element of surprise.