Following the funeral of Ned Leeds, Spider-man is contacted by the Kingpin who has information regarding the Hobgoblin's true identity. When Spider-man learns this information, he denies that his friend Ned Leeds was the Hobgoblin, but accepts the information so that his death is no longer on Peter's conscience. Learning that Jack O' Lantern has taken up the Hobgoblin mantle, Spidey hunts him down and meets him in battle. Will the new Hobgoblin succeed where his predecessor failed, or will he continue to look out for no one other than himself?
The reveal of Ned Leeds as the Hobgoblin has since been "retconned" out as a hoax by Roderick Kingsley to go into hiding. For further information, please see the Spider-man: Hobgoblin Lives mini-series.