Ok, I couldn't help but post that panel from Amazing Spider-Girl #18 or 19. He was so gosh darn quotable during that final arc involving him in that.
#244 starts off with Pete still at Felicia's side after she's still reeling from that beating Doc Ock gave her. They make wopey though Pete stops her from unmasking him. During all that poor Harry Osborn checks in one of his company owned building only to find:
Not long after that Spidey gets the call that there's a major heist at another Osborn owned area and his mind is on Hobgoblin. However, instead of finding Hobby he finds a gang of thugs. It doesn't take long to put the group of men on the ropes and almost beat. However, not far away Spidey's little fight is being watched.
Spidey of course elects to save the thugs who where trying to kill him earlier. However after he puts out the fire:
Again Spidey come's up mostly empty save for finding out the ring leader of this operation's name, Lefty Donovan. Alas for Spidey and us poor readers, the answer is false because we soon meet Lefty and his boss:
With the chemicals needed in Hobby's possession enter #245 with Lefty testing the formula:
As I noted in my original post back in original Scans Daily I can't help but think Stern gave us another clue to Hobby's identity here. Honestly, could Ned Leeds had afford this sort of house with only newly becoming the Hobgoblin? Even more given his reasons for being Hobgoblin and the criminal activity the original seemed knee deep how can someone like him even afford a friggin mansion? Roderick Kingsley on the other hand would no doubt have any trouble affording something such as that.
Anyway, Spidey pursues the Lefty lead only to find out Lefty has an ablibi when the Hobgoblin was seen by Spidey, thus negating the fact of his assumption of the two are one in the same. Still, Spidey pursues any lead he can and finds nothing. Days turns into weeks, and then a month passes.
Lefty as a John Doe comatose wakes up. Feeling awesome, he take's out a Doctor and steals they're clothes and car. He goes back to the wreck of the manor seemingly compelled.
Spidey not soon after arrives and the two fight. How? Pete was paying a visit to a police friend (not DeWolff) asking for any more info on Lefty or Hobby since every connection he pursuited has dried up.
Before Lefty can even say a word his glider activates and his legs are clamped onto it tight. Rising upward the glider then charges for a full speed ahead toward a building. Spidey tries but cannot save poor Lefty from this:
OUCH... And that was someone Hobby knew and employed. He really loves taking care of lackeys very openly and splashingly doesn't he?
Not soon after the story is continued on in Spectacular Spider-Man vol. 1 #85. With the necessary tests done from Amazing #245, Hobby decides to test again now with the newly modified formula.
The handicap match continues, Hobby reveals his super strength advantage and uses it on Spidey. Who evades, but still can't lay a finger given the sky advantage Hobby has. Cat ends that, by pulling Hobby down to Spidey's level and the two exchange blows.
Once again, Hobby escapes because he realizes he's no match against the wall-crawler even with said super strength. If it had been a lesser supervillain, they kept at it. But Hobby? The moment things don't look his way he pulls out.
This was the only time Hobby encounted Felcia. They're pathes don't cross ever again. Though if Roderick ever did return I could easily see him trying to put the moves or even using Felcia as a pawn in whatever game he was up too.
Anyway, when next you see Hobby I'll be reposting my scans of the EPIC brawl and showdown they have next in Amazing Spider-Man #249-251.