The Amazing Spider-Man #276 (1986)
Writer: Tom DeFalco
Artist: Ron Frenz
Spider-Man is just playing possum and jumps out of the way just in time to avoid Hobgoblin’s finger blasters. Hobgoblin escapes. Flash visits Sha Shan in the hospital then gets interviewed by a newswoman and calls Hobgoblin a coward. The Fly escapes from his mental hospital but gets shot down by some guy. Set up for a future story, I suppose. Spider-Man finds Hobgoblin again and they fight until Hobgoblin blows up a furnace. Spider-Man finds him and unmasks him only to find Flash Thompson. But the final panels reveal that the real Hobgoblin framed Flash and is still at large.